Ethena Foundation has approved the activation of its fee switch, enabling revenue sharing with ENA token holders by the end of the month.

Daily Top Performer — Hedera Hashgraph (HBAR)

The S&P 500 rose 0.39%, rebounding from recent declines, driven by optimism about potential future rate cuts and expectations of a business-friendly administration. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 0.73%, with Bitcoin and Ethereum rising by 2.16% and 2.81%, respectively in the past 24 hours.

Today's top performer is HBAR, which surged 44.6% following the expansion of Hedera's governance and its advancements in AI data transparency.

Hedera Hashgraph (HBAR), launched on September 2019, is a cryptocurrency network that supports fast transactions and application deployment, overseen by a select group of business-approved nodes. This design ensures quick finality and reliability, attracting major corporations like LG, IBM, and Boeing as participants. Hedera's Governing Council has 

 to 32 members as the platform introduces new features and diverse use cases, such as using immutable records to enhance trust in AI data. The focus remains on transparency, security, and innovation for a promising future.

Check Out the Latest Prices, Charts, and Data of 

, enabling revenue sharing with ENA token holders by the end of the month. This move follows a governance vote and has already led to a significant increase in the ENA token's value. Ethena, which has achieved record-high revenues recently, generates income through various yield strategies. As one of the largest DeFi protocols by TVL, Ethena's fee switch could set a significant precedent for revenue sharing in the DeFi space.

Yesterday, BTC Spot ETF flows reached $165.5M, consisting of $5.8M from GBTC and $159.7M from non-GBTC sources.

 to drive onchain growth and reward users for trading NFTs and tokens across chains. With a total supply of 1 billion, over half will be allocated to the community through rewards, staking, and ecosystem development, with an initial 12.5% claim available at the Token Generation Event (TGE). The $ME token will power governance, staking, and user incentives across Bitcoin, Solana, and EVM ecosystems, supporting Magic Eden's goal of creating a universal onchain trading platform. The ME Foundation, a non-profit, will oversee the $ME ecosystem, ensuring security and alignment with community interests while cautioning users to beware of scams ahead of TGE.

Beginner

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Ethena Foundation Approves Fee Switch for Revenue Sharing with ENA Holders

In this tutorial, we’ll explore how you can complete a series of tasks in Derive for Bybit Web3 Airdrop Arcade.

In this tutorial, we’ll explore how you can complete Derive tasks for Bybit Web3 Airdrop Arcade. 

Task: Trade More Than $10 USD on Perps/Options, or Deposit More Than $10 Into Vaults

 and connect your Bybit Wallet by clicking on the 

button at the top right corner of the page. 

you want to deposit. Then, indicate the amount. Derive allows you to use stablecoins, such as USDC and USDT, or tokens, such as ETH, wstETH and WBTC, as collateral. Please note that deposits take between five to 10 minutes to complete.

to transfer your tokens into a trading account. This will allow you to trade with margin. 

: Trade at least $10 worth of perpetuals or options. 

 page and connect your Bybit Wallet by clicking on the 

button at the top right corner of the page.

: Select a vault based on your preferred collateral, market outlook and risk tolerance. Vaults automatically execute yield-generating options strategies on your deposited tokens.

. Please note that deposits take between 10 to 20 minutes to complete.

derive tutorial.png

How to Complete Derive Tasks for Bybit Web3 Airdrop Arcade

In this tutorial, we’ll explore how you can complete a series of tasks in KiloEx for Bybit Web3 Airdrop Arcade.

In this tutorial, we’ll explore how you can complete KiloEx tasks for Bybit Web3 Airdrop Arcade. 

Task 1: Deposit at Least 10 USDT in the KiloEx Vault via opBNB

 in the navigation bar to enter the KiloEx Vault. 

: Enter at least 10 USDT as the amount you would like to deposit, and click on 

: Approve the transaction and confirm it. 

: Check your deposit status. Please note that as you’re not able to withdraw immediately, you’ll need to wait for 1–3 epochs.

: Once the above steps have been completed, you can click on the 

button to withdraw your deposited amount.

Task 2: Place a Position With at Least 10 USDT

: If your BNB or USDT is insufficient, you can follow the bridge tutorial 

: After bridging funds, choose your desired trading pair and place an order to 

: The minimum position value for this task is $10. To minimize your risk of 

, we suggest opening a position with 2x leverage and maintaining a margin of $5. In this example, we’ve used a minimum of 2x leverage to open a position and select 

: Confirm your order and your position will be created. 

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How to Complete KiloEx Tasks for Bybit Web3 Airdrop Arcade

In this tutorial, we’ll explore how you can complete a series of tasks in Scallop for the Bybit x Sui Ecosystem Airdrop.

Task 1: Supply 500 Sui Native USDC Into the Scallop Lending Pool

 and connect your Bybit Wallet by clicking on 

: Once this step is completed, you’ll be able to see your USDC Lending position.

Task 2: Borrow At Least $500 Worth of USDC or SCA From the Scallop Borrowing Pool

 that the collateral asset cannot be the same as borrowed asset.

: Select the asset pool and input the amount you would like to deposit.

: Input the amount to borrow, and click on 

: Your borrowed asset will be displayed on the Scallop DApp.

Task 3: Swap At Least $500 USD Worth of Assets on Scallop Swap

: Input the assets to swap and receive. You can adjust the slippage and view swap rate comparison across the different supported aggregators for the best rates. Once confirmed, simply click on 

scallop tutorial.png

How to Complete Scallop Tasks for the Bybit x Sui Ecosystem Airdrop

Bybit Learn

Options

“Synthetic options” refers to the prudent use of options and the underlying asset to recreate the risk and reward of a particular options position. 

Through the combined use of multiple financial instruments, experienced traders can maximize their use of 

 while establishing a desired trade or position. For those familiar with 

 contracts, synthetic positions have always been the preferred way of going 

 on a particular asset. However, the sheer complexity of it might scare beginning traders away, given that they can incur unlimited losses. 

Keen on finding out why traders would consider a synthetic long or short position, instead of directly buying or short-selling the asset? From understanding the rationale for a synthetic options trade to explaining how to do it as a step-by-step process, here's everything you need to know when exploring synthetic options strategies with Bybit.

Before going ahead with the use of synthetic options in your portfolio, it’s key to first understand how options work. 

Put briefly, options contracts are a popular way to invest in the stock market and act on certain financial strategies. They’re primarily used by experienced traders and investors to 

 their existing positions against potential losses. For those with larger risk appetites, crypto options contracts can be used to speculate on certain coins and tokens to take advantage of short-term market movements. 

An options contract gives investors and traders the right to either buy or sell a certain asset at a predetermined price and date. This gives them control over their investments and allows them to manage their risk more effectively. Options trading also provides greater leverage than traditional 

 transactions, meaning that traders and investors can potentially make larger profits with smaller amounts of capital because they’re dipping into margin to multiply their gains or losses. 

Synthetic options for crypto takes things one step further, as it involves two parts: an existing long or short position for the underlying asset, and the establishment of an opposing position with the use of an options contract. More on this will be explained below, as we highlight the use of synthetic call and put options strategies in the crypto space.

Synthetic options trades involve the simultaneous purchase of a call option and 

 with the same strike price. The underlying security and options are both bought at the same time, thus recreating the risk and reward profile of the desired option position.

The main benefit of using synthetic options is that they allow traders to limit their downside risk, while simultaneously creating unlimited profit potential. This makes synthetic options an attractive choice for more conservative traders who want to control their capital exposure. By having two positions instead of one, traders can also benefit from insurance against a loss in value due to changes in 

Moreover, synthetic options allow traders to replicate long or short positions on an asset without investing in the underlying asset itself. This means that traders don’t have to buy or sell shares of the stock to open an option position, which can be particularly useful for those trading assets where borrowing is difficult or expensive.

A synthetic call is a type of financial instrument that involves the combination of a long stock position with a long put option. This creates a pseudo-long call option. 

, synthetic calls allow an investor to take advantage of market movements without having to purchase the underlying asset. As such, synthetic calls let you tailor your investments to your specific needs and investment objectives, ranging from utilizing less capital to receiving dividends. Furthermore, they can be used as part of a hedging strategy by allowing investors to hedge against potential losses without taking on additional risk. 

For sophisticated crypto options traders, synthetic calls can easily provide more customized opportunities than standard call options, making them an attractive option for savvy investors.

On the opposing end of the spectrum are synthetic puts, which combine a short stock position with a long call option on that same stock to mimic the essence of a long put option. While you could instead just buy a crypto put contract, synthetic puts offer something a put can't — the ability to reduce capital outlay, since you’re only paying the premium of the call option. This makes them particularly attractive for traders who need to hedge against potential losses without making huge up-front payments. 

In addition, synthetic puts also allow for increased flexibility in terms of duration and strike price, enabling traders to tailor trades to their own investment objectives. Ultimately, synthetic puts can be a powerful tool for savvy investors looking to reduce risk while managing capital outlay.

Synthetic options provide traders with a wide array of benefits in terms of both cost and flexibility. 

Reduced Capital Outlay for Hedging Strategies

One of the advantages of synthetic options is that they can significantly reduce the capital outlay required for each trade. Instead of having to buy an underlying asset, synthetic options allow traders to pay only the premium of the call option at a much lower cost. This provides investors with greater flexibility, particularly those who may want to hedge their investments but are unable or unwilling to commit large amounts of money at once. 

With synthetic options, traders have the opportunity to reap the benefits of options trading while minimizing their financial risks.

Degree of Personalization to Fit Your Needs

Synthetic options offer greater customizability than other options, allowing traders to tailor their investments according to their unique goals and objectives. By adjusting expiration dates and strike prices, traders can effectively 

 while also keeping costs low. Synthetic options also enable traders to take advantage of specific market conditions, such as anticipated price shifts, with greater efficiency. 

Given these benefits, it's not surprising that synthetic options have become an essential tool for many investors seeking to optimize and tailor-fit their investment and trading strategies.

Synthetic options can involve complex strategies and high volatility, making them potentially riskier than alternative investment and trading strategies. 

Options Time Decay & the Need for Active Management

Theta decay is a vital aspect for options traders to consider when it comes to close-to-expiration options positions. For beginners, it’s key to understand that options gradually lose their value over time (hence, time decay), which accelerates as they get closer to expiration. Therefore, actively managing open options positions becomes crucial for traders as they seek to take advantage of the hedging protection offered by options.

The Endless Complexity of Synthetic Options

If trading cryptocurrencies weren’t already complicated enough, another risk that traders need to be aware of is that synthetic options throw an additional wrench into the mix when it comes to complexity. 

Without properly understanding the complexities of these financial tools, investors and traders may suffer additional losses due to unexpected shifts in market conditions or a lack of awareness about the different factors that can affect the value of their investments. These losses can range from extra trading fees to lowered profits because of a poor 

. Thus, it’s crucial for anyone planning to set up a synthetic options strategy to understand the potential losses involved before diving in.

How to Use a Synthetic Calls Options Strategy

For our synthetic calls options strategy, let’s go with the example of trading Ether (ETH), with a reference price of $1,800. 

As a long-term investor, if you're already holding Ether and want to mitigate your downside risk, then you can proceed with the synthetic call options strategy by purchasing an 

 put option. In this case, you would be purchasing the 1800p with a month to expiration. This would require you to pay for a put contract premium of about 0.0551 ETH if the contract were to expire on Jun 30, 2023. What this does is create the opportunity for unlimited upside, thanks to your long ETH position, while protecting your downside with the long put crypto option contract.

How to Use a Synthetic Puts Options Strategy

Conversely, for our synthetic puts options strategy, let’s utilize the reference example of trading Bitcoin (BTC) and a price of $27,000. The strategy is especially handy if you’re already holding a short position on Bitcoin and want to mitigate your downside risk. This can be achieved by purchasing an at-the-money call option. 

In this case, you would be purchasing the 27000c with a month to expiration, which would require a payment for a call contract premium of about 0.0548 BTC if the call option contract were to expire on Jun 30, 2023. What this does is create the opportunity for unlimited upside, due to your short BTC position, while protecting your downside with the long call crypto option contract.

Based on our considerations listed above, crypto synthetic options strategies are certainly worth trying if proper risk management strategies are utilized. Synthetic options are similar to traditional options, yet they allow traders to create almost any type of options position using a combination of long and short positions with call and put options. This flexibility makes these trading strategies useful for experienced traders who are aware of the risks when options contracts are involved, so that proper portfolio hedging can take place.

Experienced traders can also use these strategies to manage risk and take advantage of volatile markets. Whether there’s a bullish or bearish market trend, synthetic options can help create tailor-made trading positions to suit individual trading styles. Additionally, synthetic options provide a convenient way to hedge short positions. This can be extremely useful if you're a crypto trader expecting a 

Ultimately, whether or not synthetic options trading strategies are worth trying will depend on each trader's individual objectives and risk tolerance. However, with a little knowledge and the right tools, these tactics offer a smart way for traders to gain an edge in the options market.

When trading synthetic options, it's important to have a good understanding of the terms and conditions associated with the product — and to make sure that you’re comfortable with the level of risk. Setting clear goals upfront can help ensure that you’re making decisions based on your desired outcome. All in all, synthetic options provide a flexible way for traders of any experience level to gain exposure to markets without having to commit a large amount of capital.

Synthetic Options: Understanding Synthetic Calls & Puts

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards