Bybit TradFi is bringing traditional markets to the Bybit App, with advanced tools and competitive fees. This guide shows you how to get started, what assets are available and how to trade — no third-party apps required.

 (formerly Bybit Gold & FX) now enables users to trade traditional financial assets, including gold, forex, commodities and stock CFDs, directly from the 

Whether you're looking to diversify beyond crypto or explore leveraged positions in traditional markets, Bybit TradFi brings it all together in one place, with advanced tools and competitive fees. This guide shows you how to get started, what assets are available and how to trade — no third-party apps required.

 is the newly rebranded version of Bybit Gold & FX. It offers crypto users seamless access to traditional financial markets. Built with the same user-first ethos that shaped its crypto offerings, Bybit TradFi bridges the gap between digital assets and real-world finance.

Bybit TradFi traders can access over 100 global markets, including forex pairs, commodities, indices and 78 stock CFDs, all using USDT as collateral. This lets crypto-native traders diversify their portfolios without converting funds into fiat or using third-party tools.

, offering advanced charting, algorithmic trading via 

 (EAs) and deep liquidity. Whether you’re trading manually or using automated strategies, the platform delivers a flexible, pro-grade experience.

In May 2025, Bybit expanded its TradFi platform by 

. This update introduced 78 major US stock 

The offering allows traders to speculate on stock price movements without owning the underlying shares. With up to 5x leverage, and the ability to use USDT as collateral, it’s designed to meet the needs of crypto-native users looking to diversify into traditional markets.

Bybit TradFi brings global markets to the Bybit App

On Jun 13, Bybit TradFi announced a major update — users can now trade global assets (forex, gold, stocks, commodities and indices CFDs) directly on the 

. Previously, Bybit TradFi users are required to install the MetaTrader 5 (MT5) app to trade traditional markets. Now, traders can access TradFi trading contracts alongside Spot crypto pairs, Perpetual futures trading pairs, crypto options and more — all on the powerful and feature-rich Bybit App (update the app to 

Bybit’s TradFi interface makes accessing forex markets simple and intuitive. With USDT as margin, you can open positions on popular currency pairs such as NZDUSD+ directly from the Bybit App.

Bybit TradFi brings everything together: crypto, forex, gold, oil, indices and stocks CFDs, all in one powerful platform. With USDT as margin, you can seamlessly transition between asset classes without needing to switch apps or accounts. The experience is fast, intuitive and built for crypto natives who want to use institutional-grade tools and leverage to explore traditional markets.

Whether you're trading AAPL, XAUUSD+ or EURUSD, the Bybit App offers simplicity, speed and flexibility — all from the palm of your hand.

Beginner

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Bybit TradFi: How to trade gold, stocks, FX & more on the Bybit App

USDC is now live on the XRP Ledger, expanding its native support to 22 blockchains.

Daily top performer — Solv Protocol (SOLV)

The S&P 500 rose 0.38% and is on track for weekly gains, as cooling inflation boosts Fed rate cut hopes, despite new tariff concerns. Gold surged above $3,425 amid rising Middle East tensions and growing expectations of Fed rate cuts, as investors seek safe-haven assets. The Coindesk Indices, which tracks the broader crypto market, fell 7.20%, with Bitcoin and Ether down 1.79% and 6.13%, respectively 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 SOLV, up 5.9% after SolvBTC unlocks DeFi liquidity with new USD1 lending market on Lista DAO.

Solv Protocol (SOLV), founded in October 2020, is an on-chain Bitcoin reserve that lets BTC holders earn yield by swapping BTC or WBTC for SolvBTC, which can be used in DeFi or staked via liquid staking tokens across chains. With $2.7B TVL, it bridges Bitcoin and DeFi for over 590K users. 

, enabling SolvBTC holders to use their tokens as collateral to borrow USD1, a stablecoin on BNB Chain. This unlocks new liquidity and utility for SolvBTC without requiring users to sell their BTC, enhancing DeFi opportunities for both Solv and Lista communities.

Check out the latest prices, charts, and data of 

, expanding its native support to 22 blockchains. Circle highlights its use for enterprise B2B payments, DeFi liquidity, and financial infrastructure apps, offering faster, more transparent settlement options.

Yesterday, BTC spot ETFs saw total net outflows of $202 million, with GBTC posting a small inflow of $5.9 million while non-GBTC ETFs recorded $207.9 million in outflows.

TAC, a Layer-1 TON Adapter enabling EVM dApps on Telegram, is 

 its Genesis Soulbound NFT collection on June 17–18. The 10,000-supply mint is priced at 30 TON and is non-transferable. Eligible EVM contributors can check and whitelist their wallets for potential perks, possibly including a future airdrop.

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USDC expands to XRP Ledger, unlocking new use cases in payments and DeFi

In this article, we’ll explore how you can participate in the TON DeFi ecosystem and earn with Ethena.

The idea of earning passive income with crypto is always popular — and for a good reason. With Ethena now live on the TON blockchain, users can tap into a new world of yield opportunities. From staking to liquidity provision, Ethena's integration with TON creates multiple ways to grow your digital dollars. In this article, we’ll show you how to participate in the TON DeFi ecosystem and start earning with Ethena.

How to participate in the TON DeFi ecosystem

Before you begin earning rewards with Ethena, let’s first look at how you can participate in the TON DeFi ecosystem.

To begin, you’ll need a TON-compatible wallet that supports USDe and tsUSDe. Popular options include:

There are three ways to get USDe into your TON wallet:

Make sure you withdraw USDe to a TON wallet address that you control, and keep some TON in your wallet to cover transaction fees.

Once you have USDe, you can stake it to receive tsUSDe, the yield-bearing version of USDe on TON. Here’s how to do it in each wallet:

: Open the Wallet bot on Telegram, and tap on 

: Search for the MyTonWallet App bot on Telegram and launch the mini app.

: Launch the Tonhub app on your mobile device.

, and scan the QR code with your Tonkeeper wallet.

: Upon successful connection of your wallet, click on 

: Input the amount of USDe you would like to stake for tsUSDe. 

: The tsUSDe you receive from staking will automatically show up in your Tonkeeper wallet without any additional interactions.

How to earn with Ethena in the TON DeFi ecosystem 

Now that you’ve obtained USDe or tsUSDe, follow our guide below to find out how you can earn with either of these tokens in the TON DeFi ecosystem.

The simplest way to earn is by holding tsUSDe in major TON wallets. The Ethena protocol distributes dollar-based rewards to tsUSDe holders every eight hours, with a current APY of around 8%.

But that’s not all. You can also earn up to an extra 10% in Toncoin (TON) if you follow in-wallet instructions for boosted rewards, bringing your total potential yield to 15–20% APY.

: Stake USDe for tsUSDe in your wallet via 

: Follow any additional steps for boosted APY within the wallets.

You can also earn rewards using USDT by staking it into an Ethena-powered vault within the Telegram Wallet.

: Locate the Wallet feature on Telegram, either by typing @Wallet in the search bar or by tapping on the 

: Stake your USDT into the Ethena-powered vault and earn rewards regularly.

Alternatively, you can pair USDe or tsUSDe with USDT on major 

 (DEXs), such as STON.fi and DeDust, in order to earn swap fees, Ethena rewards and potential TON rewards.

: Add equal values of both tokens (USDe/tsUSDe and USDT) to minimize 

Ethena’s integration with TON is a powerful combo for anyone looking to earn steady yield in crypto. Whether you’re holding tsUSDe, staking USDT or contributing to DEX liquidity, there’s a strategy for every type of user. Start today and let your crypto dollars work for you!

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How to earn with Ethena in the TON DeFi ecosystem

Ethena has launched on TON and introduced tsUSDe, a reward-bearing, TON-native version of sUSDe, in order to bring passive earning opportunities to Telegram’s massive user base.

As Telegram’s ecosystem rapidly grows, so too does the opportunity to bring 

 (DeFi) to a wider global audience. The recent launch of Ethena on TON is a prime example, unlocking new ways for users to earn dollar-based yields while seamlessly tapping into Telegram’s enormous user base. In this article, we’ll learn about Ethena and TON, explore how they work together and show you how to earn with tsUSDe across the TON DeFi ecosystem.

Ethena is a synthetic dollar protocol that offers a crypto-native alternative to traditional stablecoins through its USDe and sUSDe assets.

Ethena enables users to hold and earn with USDe, a stable asset backed by a delta-neutral hedging mechanism, and sUSDe, which adds a yield-bearing layer. Now, with its integration into the TON blockchain, Ethena is expanding its reach beyond Ethereum to tap into Telegram’s billion-strong community.

 blockchain initially developed by Telegram and now maintained by the TON Foundation.

. Its native token, Toncoin (TON), powers transactions and staking. Thanks to its close integration with Telegram, TON is positioned as one of the most user-accessible blockchains today.

What sets TON apart is its direct access to Telegram’s user base. Since early 2025, Telegram has officially designated TON as its exclusive blockchain partner, solidifying a collaboration that began in 2023 with the rollout of TON-based mini apps.

Telegram’s distribution power, with over 1 billion monthly active users, gives any project built on TON instant visibility and scale. This makes the network a unique gateway to onboard Web 2.0 users into web3, especially in regions with high Telegram adoption.

Ethena’s integration with TON is more than just a technical milestone — it’s a strategic move to democratize access to DeFi and dollar-denominated yields. By launching on TON, Ethena makes it possible for users to interact with USDe natively within the Telegram ecosystem without needing to bridge across blockchains.

Users on Bybit can also withdraw USDe directly into any TON-compatible wallet, making it even easier to participate.

As part of the launch, Ethena introduced a new token: tsUSDe (TON-staked USDe). This is a TON-native version of sUSDe, meaning it carries the same reward-bearing mechanism, but is minted on the TON blockchain.

To obtain tsUSDe, users can simply stake USDe via Ethena’s staking interface with their selected TON networks. This unlocks earning opportunities directly within TON, without needing to interact with Ethereum or other chains.

The benefits of tsUSDe include the following:

How Ethena is powering the TON DeFi ecosystem

Ethena’s entry into TON marks one of the most important integrations in the network’s DeFi growth to date. As tsUSDe spreads across the ecosystem, users can already interact with it across a range of platforms — from wallets to lending apps. 

These integrations create a web of earning opportunities from staking and liquidity provision to lending and borrowing, all accessible through Telegram’s familiar interface.

The launch of Ethena on TON is more than just another chain expansion; it’s a step toward bringing stable DeFi opportunities to the masses, especially through the convenience of Telegram. With tsUSDe, users can now earn passively while exploring the TON ecosystem’s fast-growing 

If you're looking to diversify your earning strategies, or simply want an easier way to access DeFi, this integration is worth checking out. As more platforms begin to support tsUSDe, Ethena is well-positioned to become a core building block in the TON DeFi landscape.

Intermediate

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Ethena on TON: Boosting rewards for users

Bybit Learn

Options

With our collar option strategy guide, find out how you can effortlessly hedge your bullish long positions by selling a call and buying a protective put.

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A collar option strategy is used to limit the returns of an underlying long position to a specific range. Typically investors use the option collar to hedge an underlying long position against downside volatility, and at the same time guarantee an exit if the market goes higher.

This is achieved by buying a protective put option and simultaneously selling a 

One way to think of the collar options strategy is it works the same way as placing both a stop-loss and a take-profit order against the underlying asset. By using the strategy, investors limit both the potential upside and potential downside associated with holding the underlying asset.

The first step in the collar option strategy is selecting which strike prices align with your market view.

Let's assume an investor holds 1.0 BTC, which is currently trading at $20,000 and wants to hedge against a drop below $18,000 in the next two months. They may do something like this:

Buy 1.0 BTC $18,000 put option with 60 days-to-expiration (DTE) — the buyer pays a premium of $1,000.

To offset the cost of the put, the investor then sells a covered call option. The call option is usually, although not always, for the same amount of underlying, and with the same expiration date.

The investor sells 1.0 BTC $22,000 call option with 60 DTE — receiving a premium of $1,000.

Here, the cost of the trade is zero ($1,000 premium paid -$1000 premium received). Depending on market conditions and the selected strikes, a collar option may be traded at zero cost (zero cost collar), a net credit (premium received > premium paid), or a net debit (premium received < premium paid).

The cost of the strategy varies depending on the distance of the strike prices to the underlying asset. Typically, a collar position involves strikes of equal distance to the underlying asset. Here, the premiums should hold equal, or close to equal value (delta-neutral).

Delta is the calculation used to determine how much an option premium changes in value for each $1.00 move in the underlying asset. Call options have a positive delta, ranging from 0 to 1, and puts have a negative delta ranging from -1 to 0.

At-the-money options typically have deltas of 0.5/-05, reflecting the equal odds of expiring either in or out-of-the-money.

Call delta increases as the market moves higher, and put delta increases as the price moves lower.

Understanding delta helps to explain the mechanics of the options collar.

If the underlying asset falls, the value of the long put increases at an ever-faster rate, helping to offset the loss in the underlying. If at expiration, the underlying asset is below the strike price, the put delta is -1.0, meaning the value of the put increases at the same rate the underlying falls. Here, the put perfectly hedges the difference between the strike price and the option settlement price.

By contrast, if the underlying moves higher towards the call option's strike price, the premium of the short call increases. Similarly, if at expiry, the underlying asset is above the strike price, the option delta is 1.0. Here, the losses incurred from the short put will offset the underlying’s gains 1:1 above the strike price.

The key difference is that for the short out-of-the-money call to expire in-the-money the underlying will be higher than when the trade was initiated.

The collar option strategy combines the protective put and the covered call strategy. As such, it can be used as an alternative to both.

Combining the two strategies has benefits and limitations. To understand the potential payout and risk of a particular options strategy, option traders use 

The below payoff diagram represents a long position in an underlying asset, like a stock or BTC. The black line is the price moving higher (left to right), and the blue line shows the profit and loss as the market moves away from the purchase price (A).

The main advantage of using the options collar as opposed to a covered call strategy, is the collar's protective put hedges against a drop in the underlying.

The below payoff diagram shows that when used in isolation, the covered call has limited potential profit, and a significant downside (premium received - the difference between the underlying asset price and $0).

 if the underlying price is above the strike price (calls), or below the strike price (puts). Here, there is an immediate benefit in exercising the options.

Any strike price in an unprofitable position relative to the underlying is referred to as Out-of-The-Money (OTM). For puts, this is a strike price below the current market price. For calls, it's any strike price above the current market price. Lastly, a strike price equal to the underlying asset price is called At-The-Money (ATM).

The long put, when used alone, protects against potential downside without limiting the potential profit— the maximum loss is limited to the purchase price of the option.

The collar is a simple option strategy with limited risk, and thus suitable for investors of all knowledge levels. However, to get the best from this play, it's advisable to select the strike prices that match your investment objectives.

As the name suggests, the reverse collar option involves doing the opposite of the traditional collar strategy.

The reverse collar is used to limit an underlying short position to a specific trading range. Instead of writing covered calls and buying puts, an investor with a short position sells covered puts and buys protective calls.

Here, the long call hedges the short position, and the short put limits the maximum profit potential.

The reverse collar is widely used in commodity markets, where its referred to as a "producer hedge". Commodity producers use the strategy to lock in both the best-case and worst-case price levels to exit their underlying short position (future production).

Because the covered call works against the underlying asset in a rising market, the collar option is best deployed when an investor is worried about near-term weakness.

The advantage of using a collar option as opposed to placing a stop and limit order against the underlying is its versatility.

With the collar strategy, the underlying asset could trade below the long put strike price whilst the contract is active but turns higher before the expiration date. Here, the protective put works perfectly, allowing the investor to weather near-term volatility but crucially keep their long-term long underlying position. 

Assuming the cost of entering the trade is zero (premium paid = premium received), the breakeven point at expiration is the same price as when the trade was entered.

Because the corresponding premiums offset each other, the underlying price determines the breakeven point. If the cost of the strategy is a net debit, the underlying asset must rise equal to that amount to offset the cost. Whereas for a net credit, the breakeven point is the price at which the underlying falls equal to the received credit.

The sweet spot for the collar option is when the underlying asset settles equal to the short call strike. Here, the short call is at-the-money and expires worthless and the investor keeps the gains generated from the underlying asset's price appreciation.

Because options are flexible, investors can adjust their position to reflect a changing view of the market. However, doing so can impact the max profit and loss potential.

Because the option collar offers downside protection, investors are unlikely to make adjustments in bearish markets. Instead, let's examine ways to adjust for bullish price action:

The maximum take profit potential is the same as the sweet spot. If the underlying asset is equal to the short call strike price at expiry, the call option expires worthless, and the investor profits from the underlying's appreciation.

The maximum incurred loss potential when using the collar strategy is if the underlying asset is below the long put strike price at the expiration date. Here, the maximum loss is the difference between the price of the underlying asset at the time of trade and the strike price of the put option (+/- the net cost of the trade).

The below example shows how an investor holding an underlying long stock position in Amazon (NYSE: AMZN) totaling 100 shares could use a collar option to protect against potential price volatility in the underlying security surrounding an approaching earnings call:

The investor purchases 1 contract (100 shares) of the Amazon $125.00 put option — paying a premium of $12.00 per share ($1,200)

The investor then sells 1 contract (100 shares) of the Amazon $145.00 call option with the same expiration month — receiving a premium of $11.50 ($1,150)

The cost of the trade is a net debit of $50.00 (premium received - premium paid x option multiplier of 100 shares).

Here, the investor's downside risk is protected if the underlying stock price falls below $125.00, with a guaranteed sale price of $145.00 if the short call option expires in-the-money.

With just a few simple steps, crypto traders can use Bybit's USDC-settled options to deploy the collar strategy to protect the underlying crypto holdings.

Log into your Bybit trading account and under 

Select the desired expiration date, or view all the available expiration dates at the same time.

Select the strike price you wish to trade. Call options are shown on the left-hand side of the option chain and puts on the right.

With the strike now selected, an order placement ticket appears. Here you will find the Greek calculations, the recent trades, and the market depth.

The margin requirement is calculated and displayed at the bottom of the order ticket once you have chosen your order size and direction (buy or sell).

Repeat the process for the remaining strike (either put or call) to complete the options collar strategy.

Accounts with minimum net equity of 1,000 USDC can take advantage of lower margin requirements and higher leverage by signing up for Portfolio Margin mode.

The portfolio margin mode uses a risk-based margin policy designed to reduce margin requirements for hedged portfolios. It does this by offsetting the exposure of long and short options positions against each other.

Because the underlying asset in the collar option hedges the option strikes, Portfolio Margin mode reduces the margin requirements for this strategy significantly.

Collar Option Strategy: Limiting Your Risk While Staying Bullish

Compete for 2,500 USDT USDT Every Week

Collar Option Strategy: Limiting Your Risk While Staying Bullish

Grab Up to 5,000 USDT in Rewards

Compete for 2,500 USDT USDT Every Week

Grab Up to 5,000 USDT in Rewards