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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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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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 

 menu. On the page, choose your desired coin and the blockchain where you'll be depositing the assets. To avoid any loss of funds, please always ensure that you're transferring crypto from the correct chain.

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To fund your Bybit account with fiat currency, click on 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.

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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

Altcoins

Explainers

Velar is a liquidity protocol that offers a comprehensive suite of DeFi services on the Bitcoin blockchain via the smart contract–capable Stacks Layer 2 platform. 

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) blockchain was never intended to accommodate 

, limiting the potential for decentralized applications (

) in burgeoning sectors like decentralized finance (

 (STX) Layer 2 platform in 2018 was a major initiative to address this limitation. For the first time ever, DApps to leverage Bitcoin and its security mechanism became feasible, all thanks to the Stacks project.

In 2023, Velar, a leading DeFi app on Stacks, introduced its beta mainnet, offering various services that include automated market maker (

. Velar’s DeFi liquidity services utilize Stacks’ smart contracts and enjoy the 

 and finality of the Bitcoin Layer 1 network — efficiency meets security!

Backed by Bitcoin’s famed security, decentralization and vast but underutilized liquidity, Velar may very well become a major competitor to the established Ethereum (

)-based DeFi giants, challenging their dominance in the near future.

 is a liquidity protocol that offers a comprehensive suite of DeFi services on the Bitcoin blockchain via the smart contract–capable Stacks Layer 2 platform. 

Velar utilizes an AMM liquidity model and offers token swaps, 

Velar’s first version, Dharma, debuted its beta mainnet in July 2023, unveiling a liquidity engine modeled after 

 (UNI) v2 — one of the most popular AMM engines in the DEX niche. Velar’s team has outlined their vision for the platform’s future versions. The second version, Artha, is a perpetual derivatives exchange that allows up to 20x leverage and features an updated liquidity engine modeled after Uniswap v3. It also offers a new governance model and a cross-chain bridge. Specific features of the third (Kama) and fourth (Moksha) versions will be announced in the future.

Velar is a rare platform that offers a suite of full-fledged DeFi services for Bitcoin’s ecosystem. Its Dharma v1 Testnet, conducted from June 13 to July 20, 2023, attracted 165,000 users — an absolute record for a Bitcoin DeFi testnet and a clear testament to Velar’s big market potential.

 (L2) platform’s smart contract functionality to enable its DeFi services. At the same time, the platform is designed to be L2-agnostic, which means that it’s not necessarily limited to Stacks only. The project team has stated that Velar might be enabled on other L2 platforms linked to the Bitcoin network in the future.

Velar features 100% Bitcoin finality, meaning that all the operations related to transaction block ordering and finalization are handled on Bitcoin’s own 

 (L1) network. This ensures that Velar’s transactions are thoroughly protected by the security mechanism and decentralized consensus system offered by Bitcoin, a platform some regard as the most secure among all blockchain networks.

At the same time, the Stacks platform’s smart contract functionality allows Velar to offer sophisticated DeFi functions like AMM pools, a staking mechanism, and liquidity farming. Velar’s current liquidity engine is based on a standard AMM setup. In the next version, Velar Artha, the engine will include an additional functionality for concentrated liquidity. Concentrated liquidity allows users to add funds/liquidity to trading pools within specific price ranges to optimize their liquidity yields.

Velar Dharma, the first and current version of the platform, is a decentralized exchange (

) that features five key products available to crypto enthusiasts willing to become Bitcoin DeFi pioneers: token swaps, liquidity provision, staking, 

The swap service allows you to easily trade cryptocurrencies, taking advantage of low fees and low 

 rates, thanks to the app’s efficient AMM engine. Currently, the exchange is still in the early stages of operation and offers four tokens for swaps — Stacks’ native STX token, 

. New assets will likely be added to the list as the project matures.

Velar also offers a few different ways of contributing liquidity and earning income from it. You can add liquidity to trading pair pools to earn a share of revenue from swap operations, and earn yields from contributing to the STX liquidity farm. In the future, staking VELAR, the platform’s planned native token, will also allow you to earn rewards and participate in the platform’s governance processes.

Finally, if you’ve ever mused over investing in new tokens that leverage Bitcoin for DeFi, Velar offers an IDO launchpad you might want to check out.

The platform’s native cryptocurrency, the VELAR token, is designed for a variety of functions, which include 

 in the future. Its current use cases are liquidity provision, payments for products and services within the app’s ecosystem, and access to premium services, such as priority customer support, DApp discounts and exclusive access to early offers.

The VELAR token’s total and maximum supply is 1 billion, with distribution shares as follows:

The VELAR crypto could be a sound investment choice, based on the following:

1. Velar is the first AMM-based DeFi platform for the Bitcoin ecosystem. It offers an efficient liquidity model (similar to the one used by Uniswap v2) and 100% Bitcoin finality, and could leverage its first-mover advantage in this emerging niche.

2. The platform’s planned perpetual derivatives exchange will be another novel product for Bitcoin DeFi users. PerpDEX will support using native BTC as 

, opening up opportunities to tap into at least some of Bitcoin’s vast $1.3 trillion in liquidity — of which virtually none (or only a tiny portion) is currently involved in DeFi.

3. Velar’s enormously successful record-setting testnet in mid-2023 is another clear signal that the platform and its future token hold significant growth potential.

4. Velar's potential is already being recognized in the industry, with the project 

 — a leading Bitcoin startup accelerator — in mid-2023.

Nevertheless, as the crypto market is known for its volatility, it’s crucial to conduct 

. Additionally, you may want to consider diversifying your investments with 

Users interested in VELAR can sign up for a Bybit account and trade with Bybit Spot for the VELAR/USDT pair from Apr 3, 

. However, since VELAR is the latest coin listing via Bybit Launchpad, investors who participate in the event being held from Mar 28 to Apr 3, 2024, must adhere to the following requirements: 

Please note that Identity Verification must be completed before the subscription period begins on Apr 3, 2024, 3:30AM UTC.

We’re currently witnessing the dawn of a new era in the development of the Bitcoin ecosystem, with emerging DeFi opportunities on the horizon. Among the pioneers of the DeFi landscape for Bitcoin, Velar is shaping up as a true leader. Its platform's advantages are numerous — complete Bitcoin finality, the agnostic nature of its L2 setup, an efficient AMM modeled after Uniswap and the variety of services it offers.

Moreover, the upgrade to Velar Artha will introduce innovative features: a perpetuals trading DEX and a concentrated liquidity model. With this impressive suite of services and features, Velar has an excellent chance of becoming the Bitcoin DeFi leader, as well as a serious competitor to Ethereum's DeFi heavyweights. Uniswap and 

Velar (VELAR): Leading the Charge in DeFi Innovation on Bitcoin

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards