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

Spot prices have jumped significantly in the two weeks following the November 5, 2024 U.S. elections, propelling Bitcoin to new all-time highs, while Ethereum hasn’t kept pace. The implied volatility term structure has inverted again in tandem with these spot price movements, although longer-dated tenors remain relatively stable. Derivatives market indicators reflect strong positive sentiment: perpetual funding rates are consistently positive, open interest in futures contracts is rapidly increasing and options skew remains firmly positive.

Open interest in futures has surged, indicating heightened market participation and a growing interest in leveraged exposure due to recent price movements. Similarly, open interest in perpetual contracts has sharply increased, fueled by rising trader confidence and a growing demand for leveraged positions in light of recent market rallies. Meanwhile, the implied volatility term structure continues to invert in alignment with spot price increases, demonstrating a sustained correlation between spot prices and volatility.

Please check out the report’s highlights.

Futures Open Interest Reaches ATH Along With Price

Perpetual swap open interest has been increasing alongside futures, with a consistent rise in open positions over the past week reaching all-time high activity levels. This trend suggests that traders are actively pursuing leveraged exposure in response to the ongoing spot rallies, aiming to capitalize on the rising spot prices. Notably, there’s been renewed interest in Ethereum (ETH), reflected in rising trading volumes. 

Perpetual swap funding rates have reached exceptionally positive levels, indicating that long positions are confident enough to pay these rates to sustain their leveraged exposure. This trend has consistently been observed across all tokens, with a noticeable rise in funding rates since Nov 10, 2024. The persistently high funding rates highlight the strength of the bullish sentiment, which is also evident in the increasing open interest in futures contracts. This aligns with the recent spot price action, demonstrating significant upward momentum.

Option Volatility Term Structure Inverts 

The implied volatility term structure for Bitcoin has inverted amid the recent spot rallies over the past few weeks, indicating heightened market uncertainty and expectations of imminent price movements. However, levels haven’t exceeded the highs seen before the elections, and longer-dated tenors remain firmly range-bound. Concurrently, open interest in Bitcoin options has risen significantly, with a notable increase in put trading volumes. Open interest in puts has slightly surpassed calls, despite the persistently bullish market outlook indicated by the volatility smile skew.

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Nov 20, 2024): Market Becomes Extremely Positive About Bitcoin as Volatility Curve Turns Invert

Learn how to join Bybit's VIP Program, where you can realize exclusive benefits — from up to 50% off trading fees and tailored interest rates to instant OTC trades up to $10M.

With the Bybit VIP Program, you can realize exclusive benefits — from up to 50% off trading fees and tailored interest rates to instant OTC trades, Bybit Card cashback and more. Joining the ranks of the very best traders on the platform will boost your profitability, raise your limits and offer access to VIP-only perks.

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The Bybit VIP Program offers a multitude of benefits for members. These range from discounted trading fees and high limits for withdrawals and application programming interface (API) trades to priority Bybit customer support access, relationship managers and exclusive VIP events and meetups. You can find the full list of VIP exclusive benefits 

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You’ll need to fulfill a specific level for one of the criteria below to become a VIP trader on Bybit:

Bybit's VIP Program features six distinct tiers: 

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However, this doesn't mean your account will immediately lose its VIP status and revert to standard after a single day in which you don’t meet the requirements. Bybit offers a 14-day grace during which you can continue enjoying VIP perks and benefits, even if you no longer meet the program's conditions. If the criteria are not met by the end of this period, your VIP status will automatically be revoked. However, if that occurs, you can regain your status by fulfilling the requirements for any VIP tier either during or after the grace period. When this happens, Bybit will grant you a new 14-day grace period.

How to Sign up to Become a Bybit VIP Trader

In the following section, you'll find a step-by-step guide that shows you how to join the Bybit VIP Program.

The first step to becoming a VIP trader is to open a Bybit account (if you haven't already done so). Simply 

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You can deposit cryptocurrencies by using the 

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After you have a verified Bybit account funded with either crypto or fiat, perform eligible activity on the platform until you qualify for VIP status (see table below).

You can achieve VIP status by fulfilling a minimum level of VIP 1 in either of the following categories (

After becoming a VIP trader on Bybit, don't forget to maintain your VIP status to continue enjoying the exclusive perks and benefits.

If you have active VIP status at another crypto exchange, or your total MT5 trading volume meets Bybit's VIP criteria, you can apply for a VIP+2 upgrade. This upgrade will grant you VIP status on the platform — and instantly elevate it by two levels. (Please 

 that Bybit only considers 10% of any MT5 forex trading volume.)

 and submit your 30-day trading volume on your current exchange. Bybit’s VIP team will review your application, and a Relationship Manager will contact you if you're eligible for the VIP upgrade.

How to Get Started With a 20-Day Bybit VIP Trial

Another way to qualify for VIP status on Bybit is through a 20-day trial. Instead of fulfilling the requirements of the VIP 1 level, simply fund your account with $50,000 to enjoy the exclusive benefits of the program for 20 days with a VIP Trial Card (issued one day after your deposit). The VIP trial offer is available to users who haven't used a trial within the past two months.

To unlock the 20-day VIP trial, head to the 

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With VIP Level-Up Tasks, you can earn generous bonuses as high as 6,000 USDT. You can claim rewards for Level-Up Tasks for five VIP levels (VIP 1, VIP 2, VIP 3, VIP 4 and VIP 5), with higher tiers offering greater bonuses upon completion.

If you're eligible, you’ll see a pop-up window with VIP Level-Up Tasks after you log into your account. To claim your rewards, complete the specified trading volume requirement within 14 days of receiving the task, and click on the 

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Exclusive Trading Benefits Offered to Bybit VIPs

As a member of the Bybit VIP Program, you can unlock exclusive benefits to supercharge your trading experience. Among these are discounted trading fees (which can significantly boost your trading revenue), profitability and chances of winning trades.

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 is an exclusive club that provides an enhanced service experience for the most esteemed traders. As a member, you can access a multitude of exclusive benefits and perks, such as the following:

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Intermediate

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How to Become a Bybit VIP: Your Guide to Exclusive Benefits

LETSTOP is a drive-to-earn mobile app that monitors phone distractions while driving. Learn more about how it works in this article.

Smartphone distractions have created an unprecedented road safety crisis worldwide. 

: texting behind the wheel makes drivers six times more likely to crash than drunk driving does — yet millions of drivers still use their phones while operating vehicles.

This article explores how LETSTOP is transforming safe driving into rewarding experiences through blockchain technology. We'll examine its drive-to-earn model, reward system, tokenomics and potential as both a road safety solution and an investment opportunity.

 is a drive-to-earn mobile app that monitors phone distractions while driving. Users earn STOP tokens for phone-free driving through a gamified system that transforms daily drives into rewarding experiences.

A life-changing car accident caused by a distracted driver running a red light inspired LETSTOP co-founder Almog Nissan to reimagine road safety. Together with co-founder and CEO Dor Levy, they envisioned rewarding safe driving, rather than just punishing dangerous behavior.

The founders built a platform that combines automotive technology, cryptocurrency and AI to revolutionize road safety through rewards. This innovative approach has quickly gained traction, with over 50,000 users logging over 3 million kilometers of safe driving since the app’s launch.

Distracted driving claims thousands of lives annually, with 

, of which 9% are directly linked to phone use. LETSTOP aims to tackle this crisis as follows:

Each of these objectives works harmoniously to support LETSTOP's ultimate mission of transforming road safety into a rewarding experience that benefits both individual drivers and society.

The LETSTOP app operates through a sophisticated system that monitors and rewards safe driving through the following apps and features:

The result is a dynamic system in which better driving habits unlock greater earning potential.

The following five core features power LETSTOP's drive-to-earn ecosystem.

LETSTOP uses a dynamic 40-level system to make safe driving rewarding. As drivers earn XP through distraction-free journeys, they advance from Level 1's 2% bonus toward Level 40's 70% boost. Through this gamified approach, daily commutes become opportunities to climb the ranks while building safer driving habits.

LETSTOP Credits are the core currency of the platform, earned directly through safe driving achievements. Earning rates directly scale with user level, vehicle type and subscription tier as follows: PRO subscribers enjoy unlimited earning potential, while PLUS and LITE tiers are capped at 300 and 150 monthly credits, respectively.

In the STOP Store, users invest their earned credits into virtual cars with unique earning multipliers. From the basic model's 2% bonus to the Jazzster GN's 150% boost, each vehicle offers different strategic advantages for maximizing rewards.

Beyond vehicles, the store features mystery boxes containing rewards from 10 to 450 credits, as well as car upgrades and subscription boosts. Users can also access a voucher marketplace to redeem credits for real-world rewards through LETSTOP's partnership network.

LETSTOP's triple-boost system combines vehicle multipliers for immediate earnings acceleration, a level-progression system for sustained growth and a 5% referral program for community expansion. Premium membership unlocks enhanced benefits across three tiers, while special events create time-limited opportunities for increased rewards.

The platform's comprehensive rewards system operates across three membership tiers, each one tailored to different user needs. LETSTOP PRO (at $9.90 monthly) offers unlimited credit earning potential and exclusive benefits. The PLUS tier provides a balanced option at $4.90 monthly with a 300-credit earning cap, while the free LITE tier allows users to earn up to 150 monthly credits.

Beyond direct earnings, the rewards system incorporates partner vouchers, cryptocurrency conversion options and community features, such as leaderboards. Achievement rewards recognize milestones in users' safe driving journeys, while the upcoming cryptocurrency integration will allow users to convert their efforts into tradeable STOP tokens.

LETSTOP has shown consistent progress, with the following key milestones already achieved:

Looking ahead to 2025, LETSTOP plans to implement the following key developments:

These developments aim to strengthen LETSTOP's position as a leader in drive-to-earn while furthering its mission to enable safer roads worldwide.

STOP is an SPL token built on the Solana network. It’s designed to bridge safe driving behavior with cryptocurrency rewards. The STOP token implements an annual halving mechanism to ensure long-term value preservation, similar to Bitcoin's model, but accelerated to align with the project's growth trajectory.

STOP has a max supply of 100 million tokens, to be distributed in the following manner:

The growing adoption of LETSTOP's drive-to-earn app and its impact on road safety directly influence STOP's price trajectory. While cryptocurrency forecasts remain speculative by nature, multiple price analysis platforms project the following for STOP:

These forecasts suggest a positive long-term outlook for STOP, driven by the growing drive-to-earn sector and LETSTOP's innovative approach to road safety. However, STOP's future value will ultimately depend upon user adoption, platform development and broader market conditions.

Looking to trade LETSTOP tokens? Bybit now offers the STOP/USDT Spot trading pair. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the 

STOP shows promising potential in the drive-to-earn sector, though investors should carefully weigh both its strengths and potential risks before making investment decisions.

While STOP's innovative approach to road safety and its strong initial traction distinguish it in the market, potential investors should 

 and invest no more than they can afford to lose.

As smartphone distractions continue to endanger lives on roads worldwide, LETSTOP offers an innovative path forward. Through its innovative drive-to-earn model and STOP token ecosystem, the platform transforms daily commutes into safer roads and user earnings opportunities, showing how digital innovation can effectively “drive” positive behavioral change.

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LETSTOP (STOP): Turning Daily Rides Into Profitable Journeys

FDUSD, a stablecoin from First Digital Labs, is now live on Sui as a native token, joining other stablecoins like USDC and AUSD.

The S&P 500 ended flat amid mixed earnings and geopolitical concerns, as investors awaited Thursday's data and Fed commentary. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 2.01%, with Bitcoin rising by 1.91% and Ether dropping by 0.59%, in the past 24 hours.

Today's top performer is LUMIA, which surged 16.1% following the announcement of its partnership with Cobox to bridge real-world assets and virtual ownership.

Lumia (LUMIA), founded in 2024, is a Layer 2 blockchain solution leveraging the Polygon CDK to enhance scalability, liquidity, and interoperability. It addresses challenges like data availability and cross-chain interactions by incorporating AvailDA for decentralized data and Polygon AggLayer for cross-chain functionality, enabling efficient and flexible dApp development. 

 to integrate real-world assets (RWAs) into its immersive, player-owned universe. This collaboration aims to enhance asset liquidity, trading, and gameplay experiences, bridging digital and physical realms for more tangible and vibrant virtual ownership.

Check Out the Latest Prices, Charts, and Data of 

, a stablecoin from First Digital Labs, is now live on Sui as a native token, joining other stablecoins like USDC and AUSD. This launch reflects growing institutional confidence in Sui, which has seen significant growth in TVL and DeFi volume. FDUSD, backed by reserves in Asian banks and US Treasury debt, offers DeFi users a reliable, US Dollar-pegged stablecoin, bridging traditional finance and cryptocurrency ecosystems.

Yesterday, the total flow into Bitcoin Spot ETFs is $146.9 million, with $0 million in GBTC and $146.9 million in non-GBTC products.

: the Spotlight Badge, which requires minting through the Spotlight Protocol and joining a Spotlight circle; the Impossible Finance Badge, which involves completing social tasks, claiming the TIDIA faucet, staking TIDIA on Impossible Finance, and then claiming the badge; and the SNGLR Badge, where users connect their wallet, follow artists, mint IP assets, tweet, and provide personal details to claim their badge. More badges are coming soon!

Beginner

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FDUSD Launches as Native Stablecoin on Sui, Strengthening DeFi Ecosystem

DeFi

Explainers

Altcoins

De.Fi (DEFI) is a multichain protocol offering DeFi users a comprehensive set of security tools to help them invest confidently

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) has experienced monumental growth in recent years and now boasts an industry-wide total value locked (

) of more than $120 billion. Despite the head-spinning influx of funds into DeFi platforms, security concerns are running high.

Some DeFi users place their trust solely in the cryptographic security mechanism used by blockchains, assuming it to be nearly infallible. Yet, the DeFi space has witnessed the loss of billions due to 

 and exploits in recent years, a stark reminder that achieving comprehensive security on these platforms is far from an accomplished task.

Simply speaking, the pace of growth in the DeFi industry has far outstripped the security advancements made by its protocols. In an environment where hacks, 

 vulnerability exploits are rife, what’s sorely needed is an industry-wide solution to address these challenges. We might now have that fix in the form of De.Fi (DEFI), an innovative, decentralized multichain protocol committed to safeguarding traders’ funds within the crypto finance ecosystem.

De.Fi offers a suite of products designed to enhance the security of investing and transacting on DeFi protocols. In the words of the De.Fi project team, its aim is to become the “CoinMarketCap of Security.”

 (DEFI) is a multichain protocol offering DeFi users a comprehensive set of security tools to help them invest confidently

. These tools are crafted to aid in protecting investments, analyzing protocols and monitoring the landscape for any suspicious developments. Using De.Fi, traders can monitor network addresses and wallets, keep an eye on their borrowed or lent funds, explore safe yield opportunities and obtain insights into any vulnerabilities associated with over 270 protocols across 47 blockchains covered by the platform.

De.Fi also includes tools for smart contract security analysis and audit. The platform maintains some of the largest security-related databases — both a database of smart contract audits, and a database of DeFi protocol hacks (also known as “rekts”).

The De.Fi platform features a generative AI-based tool that guides traders in making informed investment decisions, based on their personal preferences, that takes into account security considerations, investment risk levels and other critical factors.

As of early February 2024, De.Fi has integrated with over 40 blockchains and 

, including major platforms such as Ethereum (

The De.Fi dashboard is the primary interface traders use to interact with the platform's key tools. It provides access to address and wallet monitoring and management solutions. Users can utilize it to oversee their DeFi coin balances, financial transactions, network addresses and wallets, and to track other addresses of interest to them. Additionally, the dashboard offers detailed information and alerts regarding user funds borrowed from or lent to DeFi platforms.

Another core feature accessible via the dashboard is the management of your 

 and collections. You can efficiently manage your NFTs by accessing information about their features, rarity ranks, minting details, deployment blockchain and more.

Additionally, the dashboard lets you explore yield opportunities across DeFi protocols that are integrated with the De.Fi platform. You can adjust the level of risk you’re willing to take and filter by specific criteria — for instance, opportunities only existing on certain blockchains, or yields above a certain 

De.Fi Shield is a solution designed to continually monitor smart contracts, tokens and NFTs that interact with your wallet. Many DeFi traders grant access to their wallets to numerous apps that manage funds on their behalf. De.Fi Shield promptly identifies potential vulnerabilities or risks within the smart contract code of these apps in order to forewarn you about possible hacks and security threats.

Contracts and NFTs deemed particularly risky by De.Fi Shield are categorized as "High Risk," warranting further attention on your part. You can then easily revoke permissions previously granted to such apps. Using the 

 functionality is certainly much more flexible and quicker than going through all the potentially vulnerable DeFi platforms you’ve interacted with, one by one, to turn off wallet permissions. Meanwhile, high-risk tokens can easily be exchanged for other tokens with a click of the 

The De.Fi smart contract scanner is a solution designed to analyze any smart contract across the blockchains that De.Fi interacts with. It provides traders, developers and app operators with comprehensive analytics and assessment of smart contract code.

The scanner identifies potential vulnerabilities, and assigns a score ranging from 0 –100 to indicate a given smart contract’s level of security. The entire scanning process takes just a few seconds, making the scanner a quick and efficient tool for assessing security risks in smart contract code.

The scanner is a great analytics tool not only for DeFi traders but also for developers, who can use it to validate their own code for security flaws.

Additionally, the scanner can analyze some popular tokens in detail to learn more about a token's liquidity levels, ownership concentration and other vital data.

De.Fi's Audit Database contains information on smart contract audits conducted for numerous decentralized apps (

) operating within the DeFi sphere. In the last couple of years, many DeFi platforms have adopted regular code audits to reassure traders and demonstrate transparency of operations. The Audit Database details these past audits, providing information on each project's key points — the audit date, any revision dates, the auditor company involved and more. In addition, it contains details of audits conducted by the De.Fi platform and by a number of other trusted audit providers, such as Quantstamp, PeckShield, Chainsulting, OpenZeppelin, Consensys, CertiK and more. 

TheRekt Database details all the occurrences of hacks, exit scams and other security events in the DeFi world recorded by the De.Fi platform. It’s one of the largest databases of DeFi security breaches or breach attempts available in the industry.

Unveiled in October 2023, De.Fi 2.0 represents a significant enhancement to the original platform. In addition to functional improvements to the base security tools, De.Fi 2.0 has introduced several new products and services:

The versatile generative AI assistant offers customizable forecasts and investment advice based on adjustable factors, such as the user's preferred risk levels, destination protocols' security status, historical vault performance and various other relevant metrics.

What Is De.Fi Chain and How Does It Work?

De.Fi Chain is a smart contract–enabled audit and verification platform. It’s designed to comprehensively analyze smart contracts that developers from various platforms submit for verification purposes. Through a decentralized network of Indexer nodes, De.Fi Chain thoroughly examines the submitted code, identifying errors and assessing their severity to provide comprehensive audit advice.

Following the audit process, the results are disseminated to participating blockchain networks, including Ethereum, Polygon, BNB Chain and other platforms integrated with the De.Fi protocol. This ensures that smart contracts across multiple blockchains undergo rigorous verification, enhancing the overall security and reliability within the De.Fi ecosystem.

The DEFI token is the De.Fi platform’s native cryptocurrency. It’s been deployed on two popular blockchains — Ethereum and BNB Chain. Key functions of the token include:

. Holding the DEFI token grants you access to the De.Fi platform’s products, such as the Audit and Rekt databases and the smart contract scanner.

Reward token holders with exclusive offers

. These include perks such as app discounts, exclusive access to chat with the De.Fi team and 

 staking opportunities at partner DeFi protocols.

. In order to query a smart contract code via the De.Fi Chain, you must pay in DEFI tokens. Also, you need to stake DEFI to become an indexer and create a verification node on the chain. Indexers are paid in DEFI for their verifications. Delegators can also stake DEFI to share a portion of the DEFI rewards with the indexers.

. DEFI holders are entitled to participate in votes concerning the protocol’s future direction, developments and changes to features.

 token, with a maximum and total supply of 1 billion. The token’s supply distribution shares are illustrated in the chart below.

You can buy the DEFI token on Bybit via the 

DeFi protocols provide a great alternative to centralized financial institutions and the existing financial system. However, with more than $1 billion stolen from DeFi applications in 2023 alone, security concerns are becoming more prominent in the industry.

Few protocols in the past have adopted such a comprehensive approach to DeFi security as the De.Fi platform has done. Its suite of products will undoubtedly grow more relevant as the industry continues to develop, TVLs locked on DeFi protocols rise and the safety of user funds becomes increasingly essential.

The era of blindly trusting blockchains’ built-in cryptographic security setups is coming to an end as the trader community demands more sophisticated approaches to DeFi security. That’s why the De.Fi protocol looks to be a great candidate to assume leadership in this niche. The more hacks we hear about, the more attention this innovative platform will receive from traders, app operators and developers alike.

De.Fi (DEFI): Safeguarding Your DeFi Investments

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