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

Macro headwinds are impacting the crypto market, with a sell-off that began over the weekend deepening this week. BTC, ETH and most altcoins are declining alongside equities, gold and treasury yields, though derivatives markets are showing little bearish sentiment or increased volatility expectations. Among perpetuals, there are record consistent positive rates across most markets, indicating a reset in positioning. Meanwhile, ETH retains a volatility premium over BTC, but its term structure hasn’t inverted as sharply as in earlier sell-offs this month.

Please check out the report’s highlights.

Funding Rates Largely Positive Amid Sell-Off

Despite risk-off sentiment across asset classes this weekend and early this past week, USDT-denominated perpetual contracts have shown their most consistently positive funding rates within the past month. While these rates haven't reached the bullish levels of early December 2024, most have returned to a neutral level of 0.01%, signaling a reset in positioning due to recent market movements.

Tuesday's intensified risk-off sell-off led to a significant spike in BTC put trade volume as traders hedged against further declines. Unlike ETH, which leans bullish on calls, BTC's open interest is balanced between upside and downside protection. The volatility term structure is flat again, typical during sharp market moves, but this reflects a decline in longer-dated options, rather than a rise in short-term expectations.

As the sell-off in risk-on assets deepened this past week, ETH outperformed BTC. ETH derivatives markets are showing stronger sentiment, with higher call trade volumes indicating greater demand for upside positioning as compared to puts. However, ETH's volatility term structure has inverted more sharply than BTC's, as seen in previous significant market moves since last November (2024), with front-end volatility levels 15 points above those of BTC options with a similar tenor.

Advanced

block-scholes-x-bybit-report.jpeg

Bybit X Block Scholes Crypto Derivatives Analytics Report (Feb 26, 2025): Reset in Sentiment Brewing as Fund Rates Turn Positive

Explore four essential tips to help you accumulate more points, optimize your strategy and claim the best rewards in EcoGalaxy: Mantle Surge.

With the rise of gamified crypto events, EcoGalaxy: Mantle Surge stands out as one of the most exciting opportunities for users to earn rewards while engaging with both Bybit and Mantle Network. This limited-time event offers participants a shot at a 1,000,000 MNT prize pool when they complete on-chain and trading-related tasks. 

To help you maximize your rewards and ensure you get the most out of this event, in this guide we’ll break down four essential tips to help you accumulate more points, optimize your strategy and claim the best rewards in EcoGalaxy: Mantle Surge.

EcoGalaxy: Mantle Surge is a limited-time campaign that rewards participants with a share of a 1,000,000 MNT prize pool when they complete both Bybit and on-chain tasks. Players earn "wishes" that can be used to enter Lucky Draws or climb the leaderboard for greater rewards.

This campaign, hosted by Bybit in collaboration with Mantle, blends gamification with 

 engagement, offering users multiple ways to win. Participants can choose to rely on chance via the Lucky Draw or strategically allocate their wishes to compete on the leaderboard. The event runs from Mar 6, 2025 to Mar 27, 2025, making it a limited-time opportunity to accumulate rewards while exploring the Mantle ecosystem.

4 Tips to Maximize Your Wishes and Rewards in EcoGalaxy: Mantle Surge

To make the most out of EcoGalaxy: Mantle Surge, you need to strategize your wish allocation, complete as many tasks as possible and take advantage of all available earning mechanisms. Here are four essential tips to maximize your rewards:

One of the best ways to earn high-value rewards in EcoGalaxy: Mantle Surge is by competing on the leaderboard. There are a total of five rounds, and the rewards are higher with each passing round. 

The more wishes you allocate toward leaderboard rankings, the higher your position and the larger your rewards. However, since the leaderboard is dynamic, your rank can change based on the activity of other participants.

Since leaderboard positions fluctuate, it’s recommended that you monitor your ranking regularly and adjust your strategy accordingly. Players who accumulate the most wishes by the end of each leaderboard round will receive the greatest rewards.

 that each round’s rewards and wishes are calculated independently, and any wishes spent in a round won’t carry over to the next round.

If you prefer an element of surprise, the Lucky Draw is your best bet. By spending wishes on Lucky Draw attempts, you earn the chance to win instant prizes. The Lucky Draw operates on a first-come, first-served basis, so the earlier you participate, the better your chances of securing top-tier rewards.

Since rewards are limited, it's advisable to use your wishes early before the top prizes run out.

An easy way to earn free points in this campaign is by holding Mantle (MNT) and/or Mantle Restaked ETH (cmETH) in your Bybit account. By simply keeping these assets in your wallet, you’ll receive additional wishes, increasing your chances of winning more rewards.

This passive method of earning wishes ensures that you accumulate extra points without actively completing tasks, making it one of the simplest ways to boost your rewards.

Another hidden gem for doubling your rewards in EcoGalaxy: Mantle Surge is through Layer 3. Participants who complete specific Layer 3 quests will receive extra bonuses, including double rewards on certain tasks.

By leveraging Layer 3 bonuses, you can significantly boost your total wish count, increasing your chances of securing leaderboard positions or hitting big wins in the Lucky Draw.

If you’re looking for a fun and rewarding way to engage with the Mantle ecosystem, EcoGalaxy: Mantle Surge is definitely an event worth joining. With 1,000,000 MNT up for grabs, both casual users and seasoned traders can benefit from this campaign.

The event's dual-reward system allows participants to tailor their strategy based on their preferences. Whether you enjoy the thrill of luck-based rewards or prefer the competitive edge of leaderboard climbing, this campaign offers something for everyone.

Additionally, holding MNT and cmETH provides passive earnings, while Layer 3 integration presents an opportunity for double rewards — making the experience even more lucrative for active participants.

EcoGalaxy: Mantle Surge is a limited-time, gamified rewards campaign that blends trading, staking and on-chain interactions. By completing tasks, holding Mantle assets and strategically using your wishes, you can maximize your rewards and secure your share of the 1,000,000 MNT prize pool.

This event runs from Mar 6, 2025 to 27, 2025, so now is the best time to get started. Are you ready to explore the Mantle ecosystem and claim your rewards? Join EcoGalaxy: Mantle Surge today!

Beginner

how to participate in ecogalaxy mantle surge

how to participate in ecogalaxy mantle surge.png

Join Bybit’s AI-DOL SUPERSTAR Trading Battle, vote for top AI projects and compete for a share of a $1M prize pool. Earn rewards while shaping the future of AI in crypto.

The Bybit AI-DOL SUPERSTAR Trading Battle is an exciting and innovative trading and voting event that aims to identify and support high-potential AI projects within the cryptocurrency space.

As artificial intelligence (AI) continues to revolutionize blockchain technology, this competition offers users a unique opportunity to engage with emerging AI-driven crypto projects while earning substantial rewards of up to $1 million.

 (AI) and cryptocurrency is reshaping blockchain and 

 — autonomous programs powered by machine learning — are revolutionizing the sector by automating trading strategies, optimizing portfolio management and executing on-chain decisions with minimal human input.

These intelligent agents analyze vast datasets, identify market trends and execute trades in real time, significantly enhancing efficiency and reducing risks in the volatile crypto market. Their role extends beyond trading, influencing DeFi protocols, NFT markets and blockchain governance.

Bybit is at the forefront of this AI-driven transformation, launching the 

 to spotlight high-potential AI projects. This event provides a launchpad for groundbreaking AI applications, connecting innovators with a global crypto audience.

What Is the Bybit AI-DOL SUPERSTAR Trading Battle?

Bybit is launching a unique AI trading event designed to highlight the most promising AI-driven crypto projects.

AI is revolutionizing crypto markets, with automated trading bots now executing over 60% of all crypto transactions. The integration of AI and blockchain is unlocking new trading strategies, DeFi innovations and web3 applications, making the AI sector one of the most promising in crypto.

Bybit’s AI-DOL SUPERSTAR Trading Battle bridges AI and blockchain, providing a global stage for emerging projects to gain exposure to a global audience. Participants play an active role in shaping the future of AI in crypto while earning rewards.

How to Participate in the AI-DOL SUPERSTAR Trading Battle

Campaign Period: Feb 28, 2025, 10AM UTC – Mar 27, 2025, 10AM UTC

Bybit users can support AI projects and earn rewards by participating in this AI-powered trading competition. Here's a step-by-step guide to joining:

Projects earn voting points from the following ways:

By actively trading and voting, participants not only have a chance to earn from the $1 million prize pool, but will also play a crucial role in shaping the future of AI in the crypto industry.

Bybit's AI-DOL SUPERSTAR Trading Battle offers an exciting $1 million prize pool, with multiple ways for participants to win rewards.

The breakdown of how votes are allocated for Bybit Spot is as follows:

The breakdown of how votes are allocated for Bybit Web3 is as follows:

The maximum number of daily votes that a user can receive is 100,400 (50,200 for Bybit Spot and Web3 respectively).

By trading, voting and engaging in the competition, participants not only support innovative AI projects but also receive a chance to maximize their earnings in this high-stakes trading battle.

Bybit's AI-DOL SUPERSTAR Trading Battle offers a distinctive platform that connects cryptocurrency traders with AI innovators. Participants are invited to support leading AI projects, earn attractive rewards and contribute to shaping the future of AI within the crypto ecosystem. 

 and be part of the AI-driven revolution on Bybit!

ai-dol.png

How to Participate in Bybit’s AI-DOL SUPERSTAR Trading Battle

TrendX is a web3 platform that hopes to provide crypto investors with one-click trading and investment solutions. Learn more here.

While cryptocurrency markets offer many fantastic investment opportunities, it can be hard to find the right option to invest in. TrendX hopes to make things much easier for investors. This project plans on using artificial intelligence (AI) analytics to find cryptos with a high chance of profitability. Here are some things to know before you start working with TrendX.

 platform that hopes to provide crypto investors with one-click trading and investment solutions. It uses AI and data processing analytics to assess and highlight promising investment opportunities. The TrendX platform also includes a variety of borrowing, lending and trading services.

TrendX began in 2022 as veDAO, a community-led system whose main focus was funding web3 projects through decentralized investing. Users could pool funds and vote to provide these funds to promising startups and cryptos. Over time, the evolving technology of the system became particularly adept at locating exciting investment opportunities. 

. This new name is meant to highlight the trend-tracking capabilities of the system, and to showcase the individual investment opportunities available through TrendX. The rebrand also coincided with the release of a native cryptocurrency for the TrendX system. 

TrendX believes it can remove some of the guesswork from investing while still providing users with new and exciting opportunities. The platform hopes to make investors' efforts easier and more profitable by using technology to highlight promising projects. 

TrendX's other primary goal is to decentralize and diversify the field of AI investing. Most AI crypto investment projects tend to be centralized systems, in which one company controls all the processing and lending power. TrendX's distributed computing makes the entire process more accessible. The company hopes it can put power in the hands of everyday users, so one centralized system isn’t dictating what people are purchasing.

Underneath the software that provides a simple and intuitive interface for its website, TrendX relies on a proprietary distributed computing network called 

. With Owlbot, every computer or phone that runs TrendX becomes a source of computational power. Users agree to lend their idle processing bandwidth to TrendX, and the community’s collective power is used to propel an AI system that collects investing data from an international pool of markets, processes the data and makes investment recommendations. 

 stores and protects each sensitive user connection and data collection point, so users can be confident that working with TrendX won’t leave them vulnerable to hackers or scams. Furthermore, the website uses some standard software tools, such as “verification successful” waiting and 

, to help its interface run as smoothly and securely as possible.

TrendX's shared computing connections and AI processing can be used for all sorts of 

 (DeFi) services. Following are the key features that the ecosystem offers.

Web3AI is TrendX's main trend-tracking system. It checks up repeatedly on tens of thousands of projects and crypto influencers, and looks at daily sentiment, social media activity and pricing trends to find the most promising projects to invest in. After performing due diligence, the system provides helpful metrics on various parameters, such as public opinion, number of fans and venture capitalist funding.

The KOL Square feature tracks key opinion leaders within the web3 space. By monitoring sentiment from major thought leaders, it allows users to see which cryptos are gaining in popularity. The feature includes helpful operational efficiency filters that let you select specific tags and projects for more details. 

For those who want to improve their cash flow without spending a lot of time tinkering with tools, TrendX offers Alpha Square, a service that starts with the same analytics as other features but then creates refined market strategies. These strategies are carefully market-tested before being offered to users. So far, they’ve been proven to provide 

Smart Money is a security-prioritizing version of trend tracking. It uses safety checks to help protect users from 

. The Smart Money system also closely analyzes parameters such as the number of wallets holding specific amounts of project tokens, so users can receive early warning when trends begin to shift. 

Web3 Project Search is all about exploring projects based on your connection with them. This investment research tool encourages users to filter and sort based on details such as sentiment indicators, project type and associations with specific influencers. The Project Search tool tracks over 22,000 different projects, making it easy to find an option that suits your unique parameters. 

This VIP service offers additional features to users who are willing to pay for extended access to the platform's AI services. Users who hold and stake TTA (more on this native token below) receive more real-time tracking, and wait shorter times for “verification successful.” Users with even greater privileges also get personalized recommendations and more access to project details. 

This built-in blockchain technology makes it easier to safely handle transactions and data for people within the TrendX ecosystem. It stores information for AI modeling training, and the decentralized system also ensures security for private user details, such as Ray ID.

In the few years since its founding, TrendX has developed many exciting technologies and attracted a robust community. Its recent rebrand and token launch have also helped its platform to grow and improve its cash flow. The next project that TrendX hopes to tackle is that of extending its technology to include additional features, such as improved security and enhanced trading features. 

, TrendX will be releasing a high-speed aggregated DEX with which users can buy and sell crypto. It also plans on exploring ways to take advantage of 

 and improved memory storage. By the fall of 2025, TrendX hopes to have an 

 fully tailored to offer individualized web3 investment advice. 

TrendX's cryptocurrency is more than just a simple investment opportunity released to attract funding. Instead, it features a complex 

 that’s deeply integrated into the platform's everyday functioning. 

Here's what you need to know about the TrendX dual token system.

. It’s used to manage application programming interfaces (APIs) and ad spaces, and to process fees. Users pay in TTA to cover transaction fees when swapping tokens, and when subscribing to premier investment strategies.

XTTA is the computing power token on the TrendX platform. When people provide their computing power to TrendX, they receive XTTA as a reward. XTTA can be mined through the Owlbot computing power system, or purchased directly to upgrade a user's chosen part of the Owlbot AI processing system without requiring them to give up computer processing power. 

As it launches its dual token system in 2025, TrendX is working hard to reward its community and promote its tokens. 

 have rewarded users for participating in the DAO to get more tokens. Now, in 2025, the main TrendX airdrop is about giving individual users tokens in exchange for social media activity, with 

 for it. Users can increase their portion of TTA by following TrendX on X or reposting TrendX posts. 

 and connecting your wallet to the airdrop. 

As the main token for paying fees on the TrendX network, TTA is an essential part of running the entire TrendX system. With a total supply of 1 billion tokens, it’s built on the Ethereum 

 scaling system, Basechain. These tokens are distributed according to the following schedule:

Though TTA tokens are just starting to hit pre-market listings, there’s already quite a bit of interest in them. Some predictions for TTA prices have focused on XTTA’s price. However, keep in mind that while XTTA is selling for $0.25, it does have a much 

 than TTA. Taking into account the fact that XTTA has about half the tokens that TTA does, it's possible that TTA may debut at around $0.10. 

Another useful metric to look at when considering TTA’s price is the crypto market as a whole. Usually, pricing patterns for new coins start with a brief jump, and prices then start to stabilize according to current market trends. Many crypto investors 

, with some quick increases in prices for summer 2025. If this occurs, TTA prices may look quite promising.

The TTA token is an intriguing option for investors. There’s been a lot of interest in the TrendX system, and so far, the company has been doing its due diligence to support and market the TTA token. This backing by a reputable company indicates that its token could perform well in open markets.

However, TrendX's dual token system could lead to some confusion. It's possible investors might only rally behind one coin, or that TTA and XTTA token prices could be tied a little too closely together. Therefore, investors need to retain some caution when working with this new token launch. Remember to account for market volatility, and don’t invest money you can’t afford to lose in TTA or any other crypto.

While TrendX began as a simple investing DAO, over time its impressive technology has helped it win over a larger audience. People looking for high levels of security, profitability and convenience may find that TrendX works well for their investment needs. 

Even if you aren't interested in AI and operational efficiency, check out TrendX's TTA and XTTA tokens. As the project expands, its cryptocurrencies may offer some exciting price growth.

Intermediate

trendx.png

TrendX (TTA): Identifying Investment Opportunities With AI-Powered Analytics

Altcoins

Blockchain

DeFi

Unifi Protocol is both a multi-chain DeFi protocol and a DAO that incentivizes users to engage in DeFi across multiple blockchains.

unifi-protocol-utrade-v2.png

unifi-protocol-ubridge.png

unifi-protocol-darbi.png

 (DeFi) offers many perks over centralized finance, ranging from the lack of intermediaries to new investment opportunities like 

, it remains a fragmented space that’s difficult to scale, with many DeFi protocols only operating on a single 

Even when certain DeFi platforms offer multi-chain capability, adoption remains limited, as there are no incentives to use them beyond participants being able to transact on their preferred chain.

Unifi Protocol seeks to gain widespread adoption for DeFi through incentives that fuel user participation across multiple chains.

Read on to learn more about this ambitious and unique project.

, UNFI, can be used across all supported blockchains to guide the protocol’s direction. 

Unifi Protocol utilizes the concepts of DeFi and cross-chain functionality to create a sustainable, utility-based blockchain model. With its unique smart contracts, Unifi incentivizes people to leverage DeFi products across multiple blockchains. It currently operates on 11 blockchains, including 

, and continuously strives to add more to its network.

In its efforts to revolutionize blockchain technology, Unifi has developed some unique products:

uTrade V2 is an innovative, feature-rich 

 that runs on multiple blockchains. Liquidity providers to uTrade V2 earn UP, a unique token that appreciates in value every time it’s minted. 

In recognition of liquidity providers’ efforts, 100% of all trading fees are awarded to them. Of these 85% are minted into UP tokens and distributed to the liquidity providers of the respective pools. Another 10% are minted into UP and allocated to Super Pairs, specialized liquidity pools on uTrade V2 that offer additional incentives for UNFI holders. The remaining 5% are converted into base tokens within the UP smart contract, enhancing the redeemable value of UP with every trade.

uBridge is a multi-chain bridging solution on Unifi that lets you easily bridge to supported blockchains.

The unique thing about uBridge is that it doesn’t use 

. Usually, to bridge between Bitcoin and Ethereum blockchains, you need 

 (WBTC), which you will then have to unwrap, costing you time and money.

However, note that other cryptocurrencies are not supported by uBridge, i.e., it is a single-coin bridging solution specifically designed for the UNFI token.

Among the first DeFi protocols to integrate 

 staking, uStake is Unifi Protocol’s blended staking ecosystem, which operates on six supported blockchains — Unifi, 

. It holds tremendous potential as more cryptocurrencies embrace PoS security mechanisms. 

Each Unifi node earns staking rewards in the form of the specific blockchain’s native token. You may stake UNFI on the Unifi protocol itself to earn UNFI. Additionally, you can stake TRX crypto on the Tron blockchain, ICX on ICON, ONE on Harmony, ONG on Ontology and IOTX on IoTeX.

DARBi is another of Unifi’s unique products, a bespoke liquidity pool designed to maximize security for 

 while compounding the backed value of the UP token to ensure sustainable 

With DARBi liquidity pools, clients retain exclusive control over their arbitrage positions against public pools. This strategic exposure to crypto price fluctuations provides greater security for customers, ensuring they receive a predictable and reliable yield.

Unifi Protocol’s hyperinflationary INFINITI token constantly increases with every transaction. This means your balance will always increase, even when you transfer out tokens, as new tokens will be minted and sent to your address after every transfer from your address. 

With an infinite supply of tokens, you can sell them at any time you wish — without regrets about selling them too soon if the price leaps after you’ve sold them. That’s because the more tokens you sell, the more you’ll receive to keep selling.

Unifi Protocol Crypto Tokens: UNFI and UP

While Unifi Protocol doesn’t have a native cryptocurrency, the two tokens associated with the project are UNFI and UP.

Unifi Protocol DAO (UNFI) is the Unifi ecosystem’s multi-chain governance token. UNFI plays a crucial role in Unifi’s token economy, and is listed on major cryptocurrency exchanges as a gateway to the protocol. It comes in two standards, 

Holding UNFI on the following blockchains — Ethereum, BNB Chain, Polygon, Fantom, Avalanche or Harmony — gives you voting rights on core proposals regarding the protocols’ development.

UNFI tokens can also be staked to earn rewards with a high annual interest. There’s no limit to the number of UNFI tokens that can be staked, and the 

 is set according to the total quantity of staked UNFI tokens. UNFI stakers receive vUNIFI, a non-transferrable ERC-20 token that can be redeemed anytime for the original UNFI, plus staking rewards.

With the launch of uTrade V2, UNFI holders will gain access to Super Pairs, which can be used to farm liquidity provider rewards, as well as a bonus from fees generated by UP minting.

UP is Unifi Protocol’s blockchain-specific liquidity mining token awarded to liquidity providers. It’s minted and backed by a base token (the native token of the supported blockchain) so that it may have a redeemable or backed value. UP is managed by a smart contract, which uses 5% of the trading fees earned from supported blockchains to mint it. As more and more trading fees are collected, the redeemable value will increase, which means when you convert it back to the base token, the token value rises — hence the name “UP.”

Previously, the 5% trading fee was the only way to increase UP’s redeemable value. However, following a referendum on Unifi DAO to upgrade to UP v2, five new ways were added to increase the token’s redeemable value: Direct public minting, staking rewards, liquidity pool rewards, arbitrage profits and the bonding UP process.

The redeemable value, however, differs across blockchains, and is named accordingly. For instance, the UP redeemable value on Ethereum blockchain is labeled as “UPeth.”

UP tokens can be redeemed into their base tokens at any time, but the longer you hold UP, the more native tokens will back it.

Since the end of 2022, Unifi Protocol DAO’s price has been in the $4–$8 range as the market stagnates, which suggests that UNFI will continue to trade sideways for the rest of 2023. Experts such as WalletInvestor 

 isn’t a good investment over the next year.

However, DigitalCoinPrice is particularly 

, expecting it to rise to $38.49 in 2025 and shoot up to $111.61 by 2030. Price Prediction also estimates a 

, albeit with more conservative growth, anticipating prices of $10.40 in 2025 and $68.50 in 2030.

Unifi Protocol’s unique vision is to drive blockchain and DeFi adoption by creating a utility-rich network fueled by user participation Unifi is resolute in positioning itself as a DeFi project dedicated to the long-term vision of blockchain. 

The unique use of a single token to incentivize DeFi engagement across multiple blockchains undeniably makes Unifi Protocol appealing to blockchain enthusiasts looking forward to the widespread adoption of blockchain and DeFi.

Nevertheless, though Unifi may seem like a promising project, as an altcoin, it is prone to market volatility. Hence, it is vital to always do your own research before investing in this blockchain.

You can buy or sell Unifi Protocol DAO on leading crypto trading platforms, such as Bybit. UNFI is available for 

 on Bybit as a USDT Perpetual contract (

Unifi Protocol’s concept of creating a multi-chain governance token to incentivize DeFi participation across blockchains makes it an attractive platform for DeFi users. The ever-increasing value of UP, its utility token, which can be used across multiple chains, serves as an additional perk for Unifi’s users. 

Furthermore, Unifi’s unique DeFi products — such as uTrade V2, uBridge and DARBi — have proven the project’s value. However, only time will tell whether Unifi will help bring about the widespread adoption of blockchain through DeFi.

Unifi Protocol (UNFI): Bridging DeFi Across Blockchains

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards