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.

Since hitting a local bottom on Mar 11, 2025, crypto asset prices have experienced a two-week rise, following a recovery above $87K for BTC and $2K for ETH. XRP remains stable, but BTC and ETH are still below their levels from the start of the year. SOL is also down for the year, despite reaching an all-time high (ATH) in January 2025 that coincided with the 

. While derivatives markets aren't bullish yet, they've reversed much of the bearish sentiment, although demand persists for puts on BTC and ETH.

Please check out the report’s highlights.

For most of this past week, perpetual open interest remained flat, reflecting a cautious risk-off sentiment across asset classes. This changed briefly with a partial spot recovery that allowed BTC to reach $88K (a two-week high), which led to slight increases in perp open interest and trade volume primarily driven by BTC. However, trade volumes are still significantly lower than at the start of the month when US president Donald Trump proposed a crypto strategic reserve for the big four tokens.

Negative funding rates point to bearish sentiment

Despite a week of lower realized volatility and positive performance among major crypto assets, funding rates for BTC and ETH contracts have remained mostly negative, indicating that short positions are paying long positions. This reflects a bearish sentiment not present in large-cap altcoins, whose funding rates have fluctuated between positive and negative without a clear directional trend.

Implied volatility levels have dropped by 3–5 points from last week, with 30-day options trading at their lowest level since the year's start. Realized volatility is nearing the 30% low established in late February. As is typical during periods of low volatility, options market activity has decreased, with open interest remaining low and balanced between puts and calls despite about $40M in weekly expirations.

Advanced

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Bybit X Block Scholes crypto derivatives analytics report (Mar 27, 2025): Cautious sentiment prevails despite price recovery

Learn about Mubarak (MUBARAK), the BNB Chain meme coin fueled by community hype and speculation over potential listings.

Mubarak (MUBARAK) is a community-driven meme coin on 

 that’s quickly gaining popularity, due to strategic community engagement and cultural branding targeted toward Middle Eastern investors. This guide explores Mubarak’s unique features, tokenomics, recent market performance and trading options.

Mubarak (MUBARAK) is a community-driven meme cryptocurrency built on BNB Chain. It was launched on the 

 Inspired by an Abu Dhabi company’s $2 billion investment in Binance, MUBARAK — which means “blessed” in Arabic — carries a unique appeal for Middle Eastern crypto markets. This targeted cultural approach distinguishes MUBARAK from other 

, giving it particular appeal in regions with growing crypto enthusiasm.

Shortly after the coin’s launch, its community quickly took control over it, guided prominently by the influential persona 

 on social media platform X. Users can also create Mubarak-themed avatars on the website, giving influential figures a dash of Middle-Eastern charm — from CZ and Portuguese soccer star Cristiano Ronaldo to beloved meme coin mascots 

. The meme coin quickly attracted attention, due to its engaging branding and strategic community management, amassing a total of 12,400 followers in just two weeks. 

What’s the source of MUBARAK’s popularity? 

MUBARAK stands out from typical meme coins, thanks to several major Binance-related events accelerating its market visibility. 

On Mar 12, 2025, Abu Dhabi investment company MGX made history by investing $2 billion in Binance. This represented the largest single investment in the whole of cryptocurrency history, signaling strong confidence in the industry. It was also a pivotal moment that firmly established the Middle East as a key player in the crypto space. Right after MGX’s mind-blowing investment, CZ tweeted several Mubarak-related posts, leading to the eventual birth of MUBARAK the very next day.

Binance Alpha, a dedicated platform for emerging and promising BNB Chain tokens, promptly listed MUBARAK on Mar 15, 2025, further validating the meme coin's potential. This integration enhanced MUBARAK's credibility, trust and market exposure, attracting a broader investor base beyond that of typical meme coin enthusiasts.

The second significant event that led to the greatest boost in its price and market cap took place when CZ personally bought 1 BNB worth of MUBARAK (around $600 at the time of purchase) on Mar 17, 2025. Both its listing and CZ’s purchase of the coin within a matter of two days pushed the coin to an all-time high (ATH) of $0.21 by Mar 18, 2025. While MUBARAK rapidly declined from its ATH to $0.13 just one day later, CZ’s cryptic endorsement for the coin briefly ignited more community excitement. 

On Mar 19, 2025, CZ sparked speculation in the Mubarak community by changing his X profile picture to feature himself wearing traditional Arab attire. The crypto community widely interpreted CZ’s subtle gesture as a potential endorsement or “hint” toward future Binance involvement. This led to a rapid increase in Mubarak's price (over 30%) within the same day as it reached $0.165 and briefly touched a $166 million market cap.

Mubarak’s straightforward and transparent tokenomics (below) are designed to foster investor confidence and community engagement.

Mubarak's simple token structure and availability on a reputable 

 (DEX) enhance accessibility, providing investors easy entry and liquidity options without relying solely on 

As of Mar 28, 2025, MUBARAK is priced at $0.096, reflecting a 55.3% decrease from its ATH of $0.21 on Mar 18, 2025, and a 237% increase from its all-time low (ATL) of $0.028 on Mar 16, 2025. It has a current market cap of $95 million and a 24-hour trading volume of $306 million.

MUBARAK’s price surged over 480% from the time of its launch, primarily due to strategic visibility from its Binance Alpha integration, speculative interest following CZ’s interactions and growing enthusiasm for meme coins in the crypto market. At its peak, MUBARAK achieved a market cap of approximately $166 million, reflecting significant investor confidence and demand.

Mubarak (MUBARAK) has quickly established itself as an influential meme coin in the crypto market, boosted significantly by strategic integrations like Binance Alpha, and speculative attention fueled by former Binance CEO Changpeng Zhao’s interactions. Its unique cultural branding, particularly appealing to Middle Eastern crypto circles, has further amplified its market visibility and adoption. However, investors must approach meme coins with caution due to these assets’ speculative nature, which often leads to considerable volatility and potential risks.

If you're interested in participating in MUBARAK’s growth story, you can trade 

, where you can participate in high-risk/high-reward Perpetual contract trading with up to 12.5x leverage.

Beginner

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Mubarak (MUBARAK): Arabic-themed BNB Chain meme coin

Margin Staked SOL is a Bybit product that allows you to earn SOL staking rewards and utilize leverage of up to 2x to amplify your earnings.

 can be a great way to earn yield in crypto, and 

 (SOL) is one of the most popular blockchain platforms for doing so. However, setting up and running a Solana validator node is technically complex. Additionally, financial requirements for Solana validators are high. While the official minimum stake is just 0.01 SOL (around $1.33), in reality, a typical Solana validator needs 

 staked just to break even — an investment of about $6.66 million (as of Mar 28, 2025).

Most crypto users who would like to benefit from staking rewards on Solana simply don’t have that kind of capital. And many don’t want the hassle of setting up a full validator node.

Back in September 2024, Bybit introduced 

 (LST) that lets you earn Solana staking rewards with minimal investment, and no need to manage a validator node.

bbSOL has been a major success, allowing Bybit users to earn staking rewards without technical or financial barriers. Now, Bybit is taking it a step further with Margin Staked SOL — a new Solana staking product that utilizes bbSOL and offers leveraged borrowing to amplify the rewards.

 is a Bybit leveraged liquid staking product that’s designed to help you earn Solana staking rewards with minimal hassle.

 Using it, you can invest your SOL and Bybit will allocate the funds to Solana blockchain validators, allowing you to earn staking rewards. When you stake through Margin Staked SOL, you receive bbSOL, an LST that serves as a deposit certificate and accrues staking rewards. Unlike standard bbSOL staking, Margin Staked SOL allows you to use 

For example, if you have 100 SOL and opt for 2x leverage, the total amount committed to Solana staking will be 300 SOL — your 100 SOL principal plus the borrowed 200 SOL. You’ll pay interest (which is variable and calculated hourly) on the borrowed amount.

Bybit allocates your total staking amount through 

 (CLOUD), Solana's leading liquid staking solution. Sanctum's 

 distributes staked funds across multiple validators to optimize the total yield.

The key advantage of Margin Staked SOL is its capacity to amplify staking rewards through leverage. In addition, you don't need to handle the technical complexities of running a Solana validator. The minimum investment required is just 0.5 SOL (around $70), drastically lower than the millions of dollars needed to run a profitable validator node in Solana's highly competitive staking ecosystem.

Upon committing your funds to Margin Staked SOL, you’ll receive the bbSOL LST. All staking rewards accrue in this asset, and you can redeem your investment at any time by exchanging bbSOL for your original SOL. After deducting interest on the borrowed funds, you’ll receive your SOL, along with all the accrued rewards. bbSOL accumulates rewards every time a Solana epoch is completed, typically taking 2–3 days.

As an LST, bbSOL normally allows you to keep your original SOL locked while using the liquid token across the Solana 

 (DeFi) ecosystem, and within Bybit products like On-Chain Earn, Bybit Savings and Crypto Loans. However, when bbSOL is issued via Margin Staked SOL, it must remain locked, and cannot be used in other Bybit or DeFi products. It acts solely as your deposit confirmation, and continues accruing rewards until you withdraw from Solana staking via Margin Staked SOL.

Interest on the borrowed funds within Margin Staked SOL is calculated hourly, with any duration under one hour rounded up to a full hour. The interest rate is variable, and updates every hour. You can check the current rate in your account under 

Rewards in Margin Staked SOL aren’t distributed immediately. Instead, they accumulate in your bbSOL, and can be redeemed at any time alongside your SOL principal investment. Bybit provides two redemption options for bbSOL:

If your PnL position declines beyond a certain level during staking, Bybit will send you a margin call notification via email, prompting you to either redeem your investment or contribute more SOL. If your PnL drops even further, an automatic stop-loss transaction will be triggered to redeem your funds and cover the loan and accrued interest. These measures are designed to protect you from unexpected losses.

Besides Margin Staked SOL, Bybit also offers another product for those who would like to earn yields from hassle-free decentralized staking: 

. There are three key differences between the two products: 

1) Unlike On-Chain Earn, Margin Staked SOL allows you to use leverage, amplifying your potential returns and risks. 

2) On-Chain Earn creates opportunities for staking on several blockchains, while Margin Staked SOL is a solution that’s designed exclusively for Solana staking.

3) Staked assets in On-Chain Earn can be withdrawn and utilized in their respective blockchain ecosystems, whereas the bbSOL from Margin Staked SOL is locked solely for yield generation, and cannot be used elsewhere. 

How to get started with Margin Staked SOL

Here’s how to get started with staking your SOL.

: In your account’s navigation pane, click on 

: On the left side, you’ll see the APR chart for the product, containing information on the Net APR; the trend over the past 1,7 or 30 days; and the highest and lowest Net APRs over a selected time period.

: On the right side, you can set options for your Margin Staked SOL (the leverage ratio and the SOL amount to transfer from your main account). You’ll see the amount of automatically calculated bbSOL you’ll receive, total borrowed amount and estimated daily yield.

to view a detailed breakdown of your bbSOL holdings. Then, click on either

: On the confirmation pop-up window, enter the amount of bbSOL you wish to redeem, or click on 

to redeem your full balance. Review the details, then click on

 to proceed, depending upon your earlier choice. 

to finalize your redemption on the redemption confirmation pop-up. Your redeemed SOL will be sent to your 

Until Apr 4, 2025, 10AM UTC, you can also take advantage of Bybit’s 

 campaign that’s dedicated to the Margin Staked SOL product. This campaign lets you earn up to 10 Lucky Draw tickets, each guaranteeing at least a 1 USDT 

, with a chance to win up to 100 USDT. In order to participate in the campaign, you must register for the event and complete a series of tasks as follows:

Bybit’s Margin Staked SOL allows you to earn Solana staking rewards without the hassle of setting up and running a validator node — all via your account’s easy-to-use interface. The leverage option is also a great way to multiply your rewards. Moreover, the minimum investment is minuscule, especially compared to running a Solana validator, and there are two easy redemption options — and all of these benefits without needing to interact with the underlying Solana blockchain!

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Bybit Margin Staked SOL: Unlock higher yields with less effort

Animoca Brands has partnered with Soneium, Sony’s Ethereum Layer 2 blockchain, to develop Moca Network’s identity layer and launch anime initiatives on Soneium.

The S&P 500 fell 0.33% as tariffs and inflation concerns weighed on markets, with energy, tech, and communication sectors leading losses. Gold hit a record $3,059 as Trump’s tariffs fueled trade war fears, boosting safe-haven demand. The Coindesk Indices, which tracks the broader crypto market, are down by 1.01%, with Bitcoin up by 0.55% and Ether down by 0.18% in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is CARV, up 9.2%, as it expands globally and redefines data ownership.

CARV (CARV), founded in 2022, is a modular data layer empowering users to control their data, enhancing privacy for gaming and AI systems through its CARV Protocol and ecosystem platforms. 

, advancing AI, gaming, and data ownership with its SVM Chain, which ensures privacy, scalability, and interoperability between Ethereum and Solana. With listings on Tokocrypto and Mercado Bitcoin, CARV is targeting Southeast Asia and Latin America, where users can better control and monetize their data. The $CARV token powers governance, gas fees, and incentives, fostering a user-owned data economy. Strategic partnerships with Kite AI and ARPA enhance AI intelligence, verifiable randomness, and blockchain security.

Check out the latest prices, charts, and data of 

, Sony’s Ethereum Layer 2 blockchain, to develop Moca Network’s identity layer and launch anime initiatives on Soneium. Moca Network’s AIR SDK will integrate into Soneium, enabling decentralized identity (DID) and reputation features, starting with San FranTokyo’s Anime ID. This collaboration aims to onboard anime fans to blockchain-powered experiences and enhance engagement across anime, gaming, and Web3. Sony’s Soneium, developed by Sony Block Solutions Labs and Startale Group, seeks to merge creativity and technology, while Animoca Brands’ partnership strengthens the digital identity infrastructure for an interconnected Web3 ecosystem.

Yesterday, BTC spot ETFs saw $85M in inflows, all from non-GBTC funds.

, allowing users to earn Fragments through Galxe and Zealy quests, potentially qualifying for an airdrop. Participants must complete quests, connect wallets, and use a referral code. Points update weekly, and the program may be limited in duration.

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Animoca Brands and Sony’s Soneium partner to enhance digital identity and anime experiences in Web3

Bybit Learn

Trading

Learn how to trade Bitcoin, Ether and Solana futures contracts settled in USDC on Bybit with this extensive guide.

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Crypto futures contracts are a type of derivatives product used to buy or sell a crypto asset at a predetermined price on a specified future date. The buyer of a futures contract is obligated to buy and receive the underlying asset at the moment the futures contract expires, while a futures contract’s seller is obligated to sell and deliver the underlying asset when the contract expires.

While Bybit offers various derivatives products, such as USDT and USDC perpetual futures, inverse futures and options, this article covers crypto futures contracts with expiration dates. Bybit offers weekly, bi-weekly, tri-weekly, monthly, bi-monthly, quarterly and bi-quarterly futures contracts for Bitcoin (BTC), Ether (ETH) and Solana (SOL). We’ll discuss the ins and outs of Bitcoin, Ether and Solana futures derivatives trading on Bybit, including the different types of contracts and their initial and maintenance requirements.

Crypto futures contracts are financial derivatives contracts that obligate buyers and sellers of cryptocurrencies to transact them at a predetermined future date and price. The buyer must purchase the underlying asset from the seller, regardless of the current market price of the underlying cryptocurrency at the expiration date. 

Traders use crypto futures contracts to hedge or speculate on the price movement of a cryptocurrencies without needing to own the underlying assets. Futures contracts also allow traders to use leverage, which may amplify gains or losses. Bitcoin and Ethereum futures contracts are traded on the Chicago Mercantile Exchange (CME) and on cryptocurrency exchanges such as 

Bitcoin futures contracts allow cryptocurrency traders to speculate on the price of Bitcoin without taking possession of the underlying asset (BTC). The contracts are agreements to buy or sell BTC at a predetermined price on a specified future date.

Traders and institutional investors use Bitcoin futures contracts to hedge against price fluctuations, or to speculate on Bitcoin’s price movements with greater capital efficiency through the use of leverage. Bitcoin futures contracts offer exposure to Bitcoin’s price without the complexities of managing the underlying asset itself. Bybit offers weekly, bi-weekly, tri-weekly, monthly, bi-monthly, quarterly and bi-quarterly Bitcoin futures contracts.

, each Bitcoin futures contract on Bybit comes with conditions and details, such as ticker symbol, expiration date, initial margin, maintenance margin, open interest and contract size. 

The symbol includes the underlying asset and the expiration date. For example, for the 

 futures contract, the underlying asset is BTC, and the expiration date is September 26, 2025. 

Since the futures contract is settled in the USDC 

 refers to the amount of USDC you’ll need in your Bybit account to open a futures position.

For the BTC-26SEP25 futures contract, the initial margin base value is 2.00%, meaning that crypto traders can trade Bitcoin with leverage of 50:1. Note that the regular Bitcoin futures contract size at Bybit is 1 BTC.

Just as with Bitcoin futures contracts, Ethereum futures contracts allow traders to speculate on the price of Ether (ETH) without taking possession of it.

On Bybit, users can trade Ethereum futures contracts, which are settled in USDC. Looking at the 

, the expiration date is September 26, 2025. 

A standard ETH futures contract on Bybit has a size of 1 ETH, and comes with a 2.00% initial margin base value and a 1.50% maintenance margin base value.

Just as with Bitcoin, users can trade Ethereum futures contracts on Bybit with up to 50:1 leverage. However, with ETH futures contracts, the annualized basis interest rate is higher (9%), and the settlement cryptocurrency of the contracts is in either USDT or USDC. 

Bybit also offers Solana futures contracts, giving traders exposure to Solana without owning SOL. Each futures contract is worth 1 SOL, and comes with a 2.00% initial margin base value and an annualized base interest rate of 9%.

 for SOL-29NOV24, the expiration date is November 29, 2024, at 8AM UTC. 

Please note that only weekly, bi-weekly, tri-weekly and monthly Solana futures contracts are offered.

How to Trade BTC, ETH and SOL Futures on Bybit

To trade BTC, ETH and SOL futures, you’ll first need to have a Bybit account. Luckily, this is an easy process that only takes a few minutes of your time. Follow the steps below to get started trading futures contracts on Bybit.

 for a Bybit account (or log in if you already have one). 

Once your account is funded, you can start trading

. For Bitcoin futures contracts, head to the Bitcoin futures page of the desired contract. For this guide, we’ll use 

. Learn about the difference between limit, market and conditional orders 

In this case, we’ll use a limit order. Enter the 

, which is the price you’d like the order to be executed at. Enter the order quantity (denominated in BTC, with 1 contract worth 1 BTC). The value and cost will be automatically calculated.

Once the position is open, please ensure that your margin meets the maintenance margin threshold to prevent liquidation. (Learn more about maintenance margin 

For Ethereum futures, select the desired contract, such as 

For Solana futures, select the desired contract, such as 

 that Solana futures only offer weekly, bi-weekly, tri-weekly and monthly contracts.

Initial and Maintenance Margin Requirements

With BTC, ETH and SOL futures derivatives trading, the 

 is the minimum margin required to open a position. The lower the leverage ratio used by traders, the higher the initial margin required. 

Initial margin is calculated using the following formula:

Initial Margin = Position Size × Position Average Entry Price/Leverage 

For example, a 1.0 BTC/USDT contract with a price of $60,000 per BTC with 10x leverage will require 1.0 

 refers to the minimum amount of margin that traders must maintain within their positions or trading accounts to continue holding their positions. When unrealized losses fall below the maintenance margin requirement, a liquidation of the position will be triggered.

For example, if you open a Bitcoin futures contract position with a value of 100,000 USDC, the maintenance margin rate (MMR) required for the position is 0.4%, meaning that at least 4,00 USDC must be kept in the position or your Bybit account to avoid triggering a liquidation. 

In this article, we’ve discussed how to trade futures derivatives contracts on Bybit; how to read contract details for BTC, ETH and SOL futures contracts; and the importance of initial and maintenance margin fees. 

Now that you know how to trade Bitcoin, Ethereum and Solana futures contracts on Bybit’s cryptocurrency trading platform, it’s time to put your knowledge to the test by 

, depositing funds into it and trading futures contracts. Additionally, you can sign up for a 

, which provides a risk-free simulated trading environment that replicates real-world market conditions so you can practice futures trading without risking any real money.

Please note that futures derivatives contracts are complex financial instruments. As such, they come with a high risk of losing money due to the use of leverage. It’s important to consider whether you understand how futures derivatives contracts and other products offered on the Bybit platform work before depositing any funds and opening positions.

How to Trade BTC, ETH and SOL Futures Derivatives Contracts on Bybit

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards