Our weekly crypto derivatives analytics report delves into macro events; the current state of crypto and trading signals from spot trading volume; and futures, options and perpetual contracts.

After mostly trading sideways at the end of April 2025, a US-UK trade deal sparked a crypto rally. BTC surged past $100K for the first time since February, but it’s ETH's performance that captured the derivatives market's attention. 

A 23% increase in ETH's spot price led to an inverted term structure and a spike in front-end volatility. The put/call skew for ETH shifted from a bearish bias to a nearly 10% skew toward OTM calls. Other sentiment indicators, such as perp funding rates and futures yield, also supported the rally. In contrast, while BTC's funding rates and skew have increased, its implied volatility remains low at 40%, over 30 points below ETH's 7-day implied volatility.

Please check out the report’s highlights.

ETH’s record performance since 2021 was propelled by positive term structure

ETH has significantly outperformed BTC and the top 10 cryptocurrencies, marking its largest single-day gain since May 2021. The options market has reflected this enthusiasm, with implied volatility for short tenors rising sharply and inverting ETH’s term structure, thus contrasting with BTC's muted, positively sloped structure. The 7-day tenor for ETH is now trading at a 33-point premium over that for BTC. 

While puts dominate BTC's open interest, ETH is seeing the opposite trend. On May 8, 2025, options volumes surged over $120M, more than double the typical monthly volume, with $60M more in calls than puts. ETH now boasts a positive futures curve and funding rates, as well as a strong skew toward OTM calls.

ETH sees exceptionally bullish put/call skew

ETH's substantial outperformance in the current crypto rally has led to bullish sentiment in its derivatives markets. Funding rates have surged, futures yields are strongly positive and the put/call skew has shifted significantly toward OTM calls, now close to 10%. This starkly contrasts with early April, when the skew was 20% toward OTM puts. Although ETH has underperformed (relative to BTC and other "ETH killers"), it has rebounded in this rally, with the ETH/BTC ratio rising after spending most of the year declining.

Open interest for Bitcoin options increased, with implied volatility remaining suppressed

The announcement of the new US administration's first trade deal, nearly 30 days into Trump's 90-day tariff pause, jolted crypto markets, pushing BTC back up above $100K. Surprisingly, implied volatility has remained suppressed, failing to invert BTC's term structure, with front-end volatility trading at around an 18-month low of 35-40%. On May 8, 2025, options volumes surged, with call volume reaching $189M, reversing last week's trend of higher put volumes. Meanwhile, open interest rose steadily to exceed $300M, the highest level this month, but remains significantly larger for puts than for calls despite the price increase.

Advanced

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Bybit X Block Scholes crypto derivatives analytics report (May 9, 2025): Ether’s put/call skew turns remarkably more bullish than Bitcoin’s

This article explores how Sign works, its flagship products (such as TokenTable, SignPass and EthSign), its native token (SIGN) and how to trade SIGN on Bybit.

Sign is an omnichain attestation infrastructure that empowers users and developers to verify real-world claims on-chain. Built for a more transparent and decentralized future, it eliminates the need to “just trust” and enables everyone to verify with cryptographic proof.

This article explores how Sign works, its flagship products (such as TokenTable and EthSign), its native token (SIGN) and how to trade SIGN on Bybit.

 is an omnichain attestation protocol designed to make it easy for anyone to verify the authenticity of any claim — 

. Whether it’s a document, credential or user identity, Sign transforms traditional trust models into verifiable, cryptographic attestations. 

Sign’s mission is to replace outdated, opaque validation systems with transparent, 

 proof — enabling a future where “verify” replaces “trust.” Through tools like schema registries and digital signatures, Sign empowers users to bring accountability and integrity to digital interactions.

Sign is developed by the team behind EthSign, a 

-native e-signature and agreement platform. Its core team brings deep experience in 

 development and cross-chain integrations.

The project is backed by top-tier investors, including Sequoia Capital China (now known as HongShan Capital Group), Mirana Ventures, HashKey Capital and Hack VC.

This strategic funding positions Sign as a foundational layer in the web3 infrastructure stack.

Sign allows users to create attestations — cryptographically signed statements that prove the validity of claims, such as credentials, achievements or actions. These digital proofs can be verified by anyone at any time, making them tamperproof and transparent.

Sign’s key technical elements include a schema registry that ensures consistent data formatting, digital signatures proving authenticity, and on- and off-chain attestations with support for revocation or updates

This system acts like a programmable layer for web3, bringing a new level of trust to identity, credentials and data exchange.

TokenTable is Sign’s flagship token distribution platform. It helps projects unlock, distribute and manage tokens transparently and securely at scale.

It uses Sign’s attestation engine to verify token unlocks, 

 and vesting schedules, ensuring traceable, auditable token flows.

SignPass is a blockchain-based identity solution that brings real-world credentials on-chain. One notable implementation is the Sierra Leone PR Card, used for the world’s first government-approved on-chain permanent residency program.

SignPass offers encrypted on-chain records for easy 

 verification, physical ID issuance for daily identity use and streamlined digital application systems for cross-border access.

It showcases the way blockchain can modernize public sector services worldwide.

EthSign is a decentralized contract signing platform that lets users create, sign and store legally binding agreements directly on-chain. It removes intermediaries and ensures documents are immutable and accessible.

EthSign reinforces Sign’s mission by bringing traditional documentation into the realm of verifiable web3 attestations.

The SIGN token is the native utility token powering the Sign ecosystem. It’s used for:

The total supply is capped at 10 billion SIGN, with 1.2 billion tokens in circulation. While the fully diluted valuation (FDV) sits above $746 million as of May 7, the circulating market cap is approximately $89.6 million. SIGN continues to gain traction across exchanges and developer networks.

SIGN is available for trading on Bybit via Spot trading and as a USDT Perpetual contract. Bybit offers up to 75x leverage for the SIGNUSDT Perpetual contract and supports secure, high-liquidity spot trading.

Start exploring the future of attestations with SIGN on Bybit today.

Intermediate

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Sign (SIGN): Web3 protocol for trustless attestation

Compliant trading means following platform rules and avoiding manipulative behavior. Learn more about how you can trade responsibly and compliantly on Bybit.

Crypto trading has come a long way from what used to be the domain of institutional players, and is now open to almost anyone with an internet connection. It’s easier than ever to buy and sell digital assets, try new strategies or build a portfolio from scratch all within minutes.

But with that level of access comes responsibility. As more people join the market, the need for fairness and accountability has become even more important. This isn’t just about price charts or profits — it’s about keeping the playing field level for everyone involved.

At Bybit, we take that responsibility seriously. We're here to offer the tools, safeguards and education you need to help you trade responsibly and to protect the platform from misuse.

This article describes what it actually means to trade compliantly, why it matters — and what can happen if things go off course.

Compliant trading means playing fair, following the platform’s rules, staying within the boundaries of what’s allowed and avoiding anything that could unfairly affect the market.

It’s not about avoiding risk: it’s about knowing what you’re doing, using official tools the right way and making sure your trades aren’t causing harm to yourself or others.

In short, compliant traders don’t just focus on their P&L — they understand that how they conduct themselves while trading matters. Responsible trading protects their accounts, keeps the platform stable and builds long-term credibility in the crypto ecosystem.

Why does responsible and compliant trading matter?

It’s easy to assume that compliance is only something platforms or regulators need to worry about. But in reality, every trader plays a part. When someone attempts to exploit the system — for example, by coordinating mass trades through off-platform channels — the consequences can ripple across the entire market.

In extreme cases, irresponsible trading behavior can:

And if the trades in question are linked to coordinated action, use of fake accounts or external bots? That opens the door to account freezes, compliance reviews and, in some cases, permanent suspension.

Bybit has a responsibility to act when the system is being abused — not just for legal reasons, but in order to protect honest traders.

Common examples of noncompliant or risky behavior

Some traders join Telegram groups or online communities in which KOLs (key opinion leaders) give out coordinated trading instructions (for example, “Buy token A now, sell it in an hour”). This practice isn’t just risky: it often involves a small number of insiders benefiting while the majority end up with losses.

When many people follow the same instruction all at once, it can artificially inflate the price of a low-liquidity token. The KOLs then exit at the top —while others are left with falling prices and unexpected liquidations.

Such a textbook case of market manipulation violates our Terms of Service and, depending upon jurisdiction, could violate financial laws.

Using bots or unverified trading strategies

Some Telegram groups may seem convincing, but trades coordinated off-platform are often unverified and may serve someone else’s agenda. 

 programmed to front-run trades, mimic pump-and-dump strategies or follow unverified signals can trigger compliance red flags and may lead to account restrictions.

Bybit does not support trading bots from unverified sources. They can also trigger flags in our monitoring systems, which may result in account suspension.

Using another person’s account or sharing login credentials — even if it’s with a family member — goes against both Bybit’s policies and global 

(AML) rules. It also opens the door to fraud, loss of funds and irreversible penalties.

Tips for responsible and compliant trading on Bybit

The good news is that there’s a better way to trade — responsibly, safely and with confidence, starting with the right tools, mindset and habits.

Use copy trading the way it’s meant to be used

 is one of Bybit’s most trusted features, and for good reason. It gives users access to professional traders’ strategies while maintaining full transparency. However, it only works if you follow verified 

These traders have been vetted and their stats are fully visible. You can view their P&L, risk settings and trade history. Bybit also provides built-in tools, such as 

 and staking products allow you to earn passive yield with minimal effort. These products are fully backed by our infrastructure and undergo regular audits, and are a compliant way to generate returns without chasing risky trades.

No matter how convincing a Telegram group may sound, remember that trades executed outside of regulated channels are unverified and often unaccountable. They may be coordinated for someone else’s gain.

 offers a wide range of articles and tutorials, covering everything from indicators and oscillators to advanced portfolio strategies. Before following any external signal, it’s worth spending 10 minutes to understand the rationale behind it. In trading, knowledge is your best form of compliance. Before you enter any position, ensure that you fully understand the asset you're trading, the current market conditions and the risks involved.

, never share your login credentials, and always enable two-factor (2FA) authentication. In addition, all trading activity should originate from your own account and remain under your own control.

Bybit’s systems are designed to flag irregular behavior. If your account is found to be engaging in prohibited activity, even unintentionally, you may be:

We take these steps in order to protect the broader user base and to uphold market fairness.

Being compliant doesn’t mean missing out on opportunity. In fact, it’s the opposite. It means you’re using the platform the way it was designed, with safeguards, transparency and trust. Shortcuts might look appealing in the short term, but they rarely end well. The most successful traders on Bybit are the ones who understand risk, stay informed and trade with integrity.

Take the time to learn and use the tools available to you. And remember: protecting your account starts with choosing how you’ll trade.

Beginner

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How to trade compliantly and responsibly on Bybit

Discover how DAI evolved into USDS under the Sky protocol—unlocking passive rewards, scalability, and a new era of DeFi with Sky Token Rewards.

In September 2024, MakerDAO, a pioneering 

 (DeFi) protocol, underwent a significant transformation by rebranding itself as 

 (SKY). This rebranding was part of the project's comprehensive strategy to enhance scalability, user engagement and regulatory compliance. The major changes that came with the rebranding include token upgrades, whereby the platform’s stablecoin, Dai, was upgraded to USDS (Sky Dollar) while the 

Let’s take a deeper look at USDS and its role on the Sky platform.

USDS (United States Dollar Sky) is the upgraded version of the Dai stablecoin, launched under the newly rebranded Sky protocol (formerly MakerDAO).

 Like DAI, USDS is a decentralized, overcollateralized stablecoin designed to maintain a 1:1 peg with the US dollar.

However, USDS significantly improves scalability, user incentives and regulatory positioning, making it a next-generation solution for DeFi.

One of the standout features of USDS as a stablecoin is that it creates 

 opportunities for its investors. With USDS, you can access the Sky Savings Rate (SSR) feature, which allows you to participate in the Sky ecosystem's governance by accumulating Sky Token Rewards (STR) (presented in the form of SKY tokens).

SSR also features a variable automated token accumulation feature, whereby you receive 

 to the SSR program. This passive earning potential offers a major advantage for users seeking yield without complicated 

Sky uses a dynamic model that adds USDS to the SSR pool every few seconds. Over time, the value of sUSDS in the particular pool increases. You can then opt to redeem your sUSDS for USDS, and receive the USDS you initially supplied in addition to the USDS equivalent you’ve accumulated.

These rewards serve as an incentive mechanism, enabling users to passively grow their holdings while supporting the health and stability of the Sky ecosystem.

Upgrading from DAI to USDS is straightforward. Users can visit Sky.money and initiate the upgrade directly through a noncustodial, user-controlled process.

The platform provides a simple interface on which users connect their wallets, exchange their existing DAI for an equal amount of USDS and instantly become eligible for yield accumulation and other Sky ecosystem benefits. There are no fees for the upgrade, and users retain full control of their assets at all times.

USDS isn’t just a stablecoin; it’s an evolution of DeFi money. With passive earning through Sky Token Rewards and a smooth, secure upgrade path, USDS sets a new standard for the way decentralized stablecoins can deliver value and financial empowerment to users worldwide.

USDS and DAI are both decentralized stablecoins originally developed under the MakerDAO ecosystem (now Sky). While they share the same core principle — overcollateralization and the maintenance of a 1:1 peg with the US dollar — USDS represents a major evolution of DAI, introducing additional incentives designed to enhance user experience, scalability and regulatory alignment.

DAI has long been a favorite in the DeFi ecosystem, allowing users to generate stablecoins by locking up crypto collateral such as 

. DAI features a savings program, the DAI Savings Rate (DSR), from which people can earn 

 (sDAI). While the DSR program is still running, upgrading to USDS lets you earn two types of rewards through the SSR program: sUSDS tokens and Sky Token Rewards (STRs).

In addition, USDS is well positioned to meet regulatory requirements, aiming for broader mainstream adoption while maintaining decentralization.

Below is a comparison table between DAI and USDS:

USDS is backed by collateral that’s deposited in Sky vaults by borrowers. In return, the reserves for these vaults are backed by three main assets: 

With a market cap of over $8 billion, USDS is the currently third-largest stablecoin after 

 is more complex than that of typical stablecoins, as it includes liquidation mechanisms and a peg-stability module. However, an audit of USDS’s smart contract in September 2024 didn’t report any significant risks with the stablecoin. Notably, S&P Global Ratings 

 of 4 out of 5, indicating constrained ability to maintain its peg under certain conditions. 

​Additionally, the proposal to include a freeze function for USDS, which bestows upon the Sky protocol the power to halt USDS transfers between wallets, has sparked heated discussions within the community, highlighting the ongoing conundrum of balancing security measures with principles of decentralization.

The evolution of DAI to USDS marks a major leap forward for DeFi. By combining DAI's trusted and overcollateralized model with additional passive earning opportunities through Sky Token Rewards, USDS empowers users to enjoy greater financial benefits with less complexity.

The streamlined upgrade process and stronger regulatory positioning set the stage for broader adoption and a more resilient future. As Sky continues to build, USDS represents more than just a stablecoin — it’s the foundation of an open, accessible and more rewarding financial ecosystem for everyone.

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From DAI to USDS: Unlocking an open Sky for a more rewarding future

Bybit Learn

If you're on the lookout for which trending and upcoming NFTs to invest in, check out this article where we cover the best NFT tracker tools to use.

In the event that you're looking to invest in 

 collections, it's highly recommended that you take steps to keep track of trending NFTs, which will help you make smart investments. Non-fungible tokens have become more and more popular over the past five years by allowing for true digital ownership.

Due to the wide availability of NFTs, you may find it challenging to invest in them. If you want to make sound investments, it's important to track the best NFT collections. While manual tracking is possible, it's also time-consuming. Here's a detailed look at 17 of the top NFT tracker tools that allow investors to track trending NFT projects.

NFT tracker tools are software programs that help investors track the top trending NFTs from various NFT collections. These tools are designed specifically to track new and current NFTs by rarity.

If you want to earn any money from the NFT marketplace, consider using NFT tracker tools that automate the process of tracking NFTs for you. Keep in mind that new NFTs are created on an almost daily basis, which is why it's important to use software that can provide you with constant tracking.

This software is able to identify and analyze NFT collections before providing you with the results. The information you obtain from these tools can help you make more informed investment decisions.

NFT trackers work by sorting through collections that are available on the NFT marketplace. From here, NFT trackers identify and analyze these collections to help investors understand which NFTs are worth the money. 

The best tracker tools will provide you with information about the protocol the collection is based on, the 

, the current NFT volume, user and sale counts, recent collection activity and NFT market overviews. Having access to this information can make you a better investor by limiting poor investment decisions. It's also possible to check 

 (DApps) that are associated with NFT collections when using an NFT tracker.

Before you use an NFT tracker, there are several advantages and disadvantages to consider.

The main benefits associated with using NFT trackers include:

The primary issues with relying on NFT trackers include the following:

While there are dozens of NFT tracker tools available to you, the following list provides you with a comprehensive guide to the 17 best NFT tracker tools in the industry.

Rarity Tools is among the most popular NFT tracking tools because of its extensive tracking and analyzing capabilities. NFTs can be sorted by their average price, collections and volume. The 

 provides users with a dedicated page for each NFT collection, as well as more specific attributes for each individual NFT. Every NFT also comes with a rarity score. And the best part about Rarity Tools is that every feature of it is free to use.

The main reasons to use Rarity Tools include:

The only downsides to using Rarity Tools are:

 is a highly popular platform that allows users to sell, trade, buy and track NFTs. While this platform was designed to be an NFT marketplace, it provides users with extensive tracking and analysis features. By using these features, it should be easier for you to determine which NFTs you want to invest in.

Keep in mind that the tracking features and NFT marketplace are available on a single website. By visiting the 

 page, you'll be able to view the activity and ranking that an NFT has in real time. Every NFT that's based on Klaytn, Polygon and Ethereum blockchains is supported. The tracking features available with OpenSea are free to use.

 is a great site that's designed mainly to help users monitor sales info from various NFT collections. A 

 was also added a couple years ago that gives users the ability to perform real-time monitoring on Ethereum wallets. All you need to do is enter the 

 name or Ethereum wallet address to obtain info on the wallet's NFT balance and total net worth.

Along with its robust portfolio tracking features, DappRadar also lets you filter an NFT collection by sales, volume or traders, so that you can track trending NFTs and monitor any sales that occur. DappRadar is free to use.

The main reasons to use DappRadar include:

The only downsides to using DappRadar are:

 is a feature-rich website for tracking many different NFT collections from the NFT marketplace. Once you select a collection, you'll be provided with ample data that allows you to gain more insights about the feasibility of investing in specific NFTs. Various filters and metrics can be applied to identify the most valuable NFTs.

When using this tool, it's possible to create a personal portfolio where you can track the NFTs you want to invest in. At the moment, BitDegree is tracking more than 350 collections from several different protocols. Keep in mind that in-depth analysis is also available, which should give you a better understanding of the market and how it's performing.

The main reasons to use BitDegree include:

The only downsides to using BitDegree are:

 is likely the most popular cryptocurrency website. It also provides users with some beneficial tracking tools. In fact, the most important information about valuable NFT collections is available with this platform. When you're tracking a specific NFT, you can obtain NFTstatistics on the volume and price.

When searching for the top NFT collections to track and invest in, you can sort by floor price, sales, collection value, total assets and volume. 

 also lists upcoming NFT collections, which allows you to prepare your portfolio for future investments. Some additional info that's displayed with each NFT collection involves data on upcoming NFT drops, asset value and minting price.

 is an effective tracking tool that places a focus on trending collections. After your wallet is connected, you can view the top trending NFTs of the last 15–30 minutes. Floor price, sales, average price and volume are available when tracking NFTs.

This tool is fairly easy to use for beginners, and allows wallet tracking. If you obtain the premium subscription, you'll be able to obtain data for each NFT collection, which extends to price charts and historical data. NFT projects can be separated by attributes and rarities.

The main reasons to use Icy.tools include:

The only downsides to using Icy.tools are:

 is a powerful platform that provides users with features which go beyond NFT tracking. You'll be given info on new NFT minting and crypto events, which makes tracking the latest NFTs easier.

Coin Rivet also helps users list each NFT, and will display the platform that the NFT is currently listed on alongside the NFTs price. When you create a Coin Rivet account, you'll be provided with alerts whenever a new NFT is launched — which can be invaluable when you're trying to invest in NFTs before their value skyrockets.

The main reasons to use Coin Rivet include:

The only downside to using Coin Rivet is:

 is a tool that focuses primarily on helping users identify NFTs when they first drop and are placed on the NFT market. The purpose of this tool is to make sure that you're able to invest in an NFT before the price becomes too high.

Alerts are available for upcoming NFT drops, events and giveaways. It's also possible to search for specific collections via an array of different filters and search tags. Some of the search parameters you can use include price, volume and minting dates.

The main reasons to use NFT Drops Calendar include:

The only downside to using the NFT Drops Calendar is:

 can be used with every Ethereum-based coin. This tool is able to track every NFT that's ERC-721 compliant, of which there are currently more than 21,000. Its NFT tool set has recently added features that include pricing data, transfers, minting and distribution. All tracking features are free to use.

The main reasons to use Etherscan Token Tracker include:

The only downsides to using Etherscan Token Tracker are:

 was first developed in 2013, and is designed specifically to be used as an analysis tool for NFT wallets. Users are provided with a scoreboard that lists the most valuable and profitable NFT wallets. The results are based on the amount of money the wallet has made over time.

You can also use Nansen as an investment tracker. The tracking tools provide comprehensive details on 

, which includes NFT shop fees and minting fees. Real-time analysis of project owners is available as well.

 is among the best NFT tracker tools in this guide because of its ability to rank new NFT projects based on overall rarity. Only the latest collections are tracked for users who obtain the free version. If you want to obtain analysis of current NFT projects and their rarity, you'll need to get a subscription through the tool's Discord channel, which costs 1.5 ETH.

The main reasons to use Rarity Sniffer include:

The only downsides to using Rarity Sniffer are:

 is designed to provide users with extensive insights about NFT investments. You'll be able to view the spending, ROI and other activity for a specific NFT or collection. You can also use the NFTBank tool for portfolio management.

The many features that users gain access to include a basic user interface, analytics and a portfolio tracker. The 

feature is highly beneficial because it can provide users with new NFT investment opportunities.

17 Best NFT Tracker Tools for Trending & Upcoming NFTs

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