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.

 and guides you through the steps to become a VIP trader and unlock exclusive benefits. Let's get started!

 is an exclusive club for the most esteemed traders in the crypto market. It’s designed to provide members an enhanced Bybit experience with numerous VIP-only benefits and perks. The program aims to reward avid traders who have high volumes, account equity levels and borrowing activities.

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 

Requirements to Become a Bybit VIP Trader

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: 

. Each successively higher tier offers greater rewards, and also comes with more stringent qualification requirements. For instance, as a 

 trader, you’ll enjoy reduced trading fees, such as 0.03% for makers and 0.045% for takers in the spot market. To qualify for this exclusive tier, you must meet at least one of the following criteria:

Once you become a VIP trader, you must continuously meet the above criteria to maintain your Bybit VIP status and keep enjoying the benefits. 

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 

 and fill out the form with your details. After registering, you’ll need to verify your account to enjoy the platform's full functionality.

Next, fund your Bybit account with crypto or fiat currency.

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.

Next, copy-and-paste the wallet address displayed on the page, or scan the QR code with your smartphone's camera, and initiate the deposit from your wallet. After a few confirmations, your cryptocurrencies will be credited to your Bybit account.

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

 button and select one of the available services (e.g., 

 service, choose a fiat currency, the deposit amount and one of the available payment methods. After clicking on 

, follow the instructions displayed on the next pages to initiate the transaction. Your funds will be credited to your Bybit account, with processing times varying according to your chosen service and payment method.

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 

 menu on Bybit and use one of the available payment methods to fund your account with $50,000 in assets.

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 

 page. You can learn more about Bybit VIP Level-Up Tasks

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.

In addition to discounted trading fees, you’ll also enjoy substantially higher API trading and withdrawal limits. While the former is restricted to 10 trades per second for non-VIP users, you can take advantage of up to 120 API trades per second as a VIP trader. Simultaneously, your daily withdrawal limit is increased from the basic 1 million USDT to as high as 12 million USDT.

 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:

Are you ready to supercharge your trading experience? 

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

Trading

Forward and future contracts enable traders to multiply their money through leverage, but can come with great risk. Learn more here.

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You may be surprised to know that the concepts of forward and futures contracts, popularized by the stock market in modern times,  have been around since ancient Greece. As the crypto market continues to grow and garner mainstream acceptance, these 

 have come to play a key role in its growth. Perhaps one of the best indicators that an industry is growing is the introduction of tradable derivatives that aid in price discovery. To this end, let’s discuss what forward and futures contracts are, and which option is more suitable for you.

Forward contracts are agreements between two parties to buy or sell a specific quantity of a product based on a set of predetermined terms, where payment and delivery of the product are completed later at a set date.

 The terms of each contract are negotiated by the individual parties involved. Since a forward contract is concluded outside of exchange trading, it’s often referred to as an 

Futures contracts are transactions traded between two counterparties — the buyer and the seller — in an organized and regulated futures market. When purchasing a futures contract, the holder is obliged to buy or sell the underlying asset at a predetermined price (the settlement price) and at a certain time (the settlement date). Unlike forward contracts, which settle once (at the end of the contract), the value of a futures contract is determined daily based on market prices. Futures are strictly regulated and traded exclusively on established exchanges. 

Contract components of futures contracts are the “

,” the contract size, the delivery agreements, the delivery month, the price, and position limits. The exact contract contents of futures are determined by the exchange on which the contract is traded. 

With a forward contract, it’s possible to hedge against future price fluctuations. When taking a short position, the holder of the forward contract can hedge against falling prices. In contrast, a long position in a forward contract allows the holder to hedge against rising prices. 

In currency markets, forward exchange contracts can be used to buy or sell a currency, whereby the fulfillment of the transaction in the future takes place on currently agreed terms, at a specified price. In addition to speculating on changes in exchange rates, forwards also make sense if companies want to hedge the exchange rate risk for future transactions in a foreign currency. With the help of forwards, a company can secure a currency at its present exchange rates, for which the delivery fee is to be paid at a future date.

What Purposes Do Futures Contracts Serve?

Like forward contracts, futures are used for speculation and hedging. Originally designed for agricultural markets, the primary role of futures contracts is to minimize the risk of losses related to fluctuations in the price of the asset to which they relate (this is the role of “hedging”). 

Since futures contracts are traded on official exchanges, they serve two important roles that forward contracts do not. First, they aid in the process of price discovery. At any given time, futures quotes represent a consensus of opinions on the price that the underlying product will reach at a certain date. Secondly, they increase the liquidity of otherwise illiquid assets in the financial markets, allowing for the execution of large orders while limiting price fluctuations.

What Are the Differences Between Forward and Futures Contracts?

The following are the three primary differences between forward and futures contracts.

Futures contracts are traded on formal exchanges and are standardized, with exchange-specified contract size, tick size and nominal value. In contrast, forward contracts are privately negotiated and tailor-made according to the counterparties’ preferences. Note that futures are priced based on prevailing market valuations, and that contracts can be actively traded. 

Futures have no counterparty risk because the exchange’s clearinghouse guarantees payment. Moreover, the trading and pricing of these contracts are actively regulated by financial authorities. In essence, the clearinghouse functions as the counterparty for both buyer and seller.

On the other hand, forward contracts pose a credit default risk because they’re privately negotiated, and completely dependent on the other party’s payment. 

Futures contracts have fixed maturity dates which are set at regular intervals by the exchange. The maturity for forward contracts, on the other hand, can be set for any date, depending on the agreement between the parties involved. 

Futures and Forward Contracts in Cryptocurrency

When it comes to a forward or futures cryptocurrency contract, there are two ways a trader can position themselves:

As mentioned earlier, forward contracts can be as informal as we want them to be. Suppose you hold two BTC in your wallet, and the current price of a BTC is $44,700. Given the current market volatility, you believe that its price will drop significantly in about six months. Thus, you decide to enter into a forward contract to sell your BTC holdings at $89,400. 

After six months, you’re obligated to sell your two BTC at $44,700 each, regardless of prevailing market conditions. If by then the price of BTC is lower than $44,700, you’ll benefit by pocketing the difference. However, if the price is higher than that, you’d lose out on potential profit.

Let’s say a trader buys a futures contract whose 

 is three bitcoins worth $135,000 in total. Before becoming the contract owner, he’ll have to pay a security deposit to the exchange as collateral. The value of the security deposit corresponds to 10% of the value of the contract, which in this case is ($135,000 × 10%), or $13,500. Once the deposit is made, the trader takes a 

, betting on the rise in the price of Bitcoin compared to the purchase price ($135,000).

Each exchange sets its own tick value (the minimum price fluctuation for each contract), with the average being $10. This means that upward or downward variations of less than $10 will not be taken into consideration. These variations below the tick do not lead to loss or gain. If the price of Bitcoin increases by 5 ticks — i.e., (5 x $10), or $50 — the trader with the contract on three Bitcoins earns (3 x $50), or $150. If the price falls by $50, in the same way the trader will lose $150.

Upon maturity of the contract, if the price of Bitcoin has increased by 10%, the trader will earn $135,000 x 10%), or $13,500. Therefore, our trader has earned 100% of his initial deposit and doubled his bet. The trader is left with $27,000. (Had he bought Bitcoin with the same amount of money — instead of making his leveraged trade — he would have ended up with $13,500 + ($13,500 x 10%), or $14,850 instead.)

On the other hand, if after six months the price of Bitcoin drops by 20%, then upon maturity our trader will have lost 120% of his security deposit. As such, the $13,500 that was placed as the deposit will be forfeited. Additionally, the trader will owe the exchange 20% of the deposit: $13,500 x 20%, or $2700. This process is called a margin call. Futures contracts initiate margin calls to cut losses when things spin out of control.

Typically, there are no fees associated with forward contracts. 

In contrast, every crypto exchange sets its maker and taker fees for futures contracts. The futures contract fees vary, depending on the crypto exchange. Apart from this, there are also margin fees and collateral requirements. Always check for fees on your crypto exchange before 

Arguably the greatest advantage of forward contracts is the ability for counterparties to customize an agreement however they like. These contracts can be as informal as they wish, and can also be drawn for just about any asset or price. For futures, the exchange determines the contract size, as well as the number of underlying assets to be delivered. The delivery agreements include the place and mode of delivery, both of which are also determined by the exchange. When specifying the delivery month, the exact period in which the delivery will take place must also be indicated. Also, 

 eliminate any counterparty risks that may arise.

The purpose of forward and futures contracts is to allow the negotiation, purchase and sale of any asset to take place in the future. These contracts are derivatives, because their price depends on the evolution of the spot prices of the property to which they relate — known as the “underlying.” Thanks to leverage, they can be used for two purposes: to make the most out of a profit opportunity, or to hedge your portfolio against a price risk at a lower cost. Derivatives markets allow an investor to speculate or hedge their risk without a large down payment, offering them the opportunity to open a position and liquidate it easily at a lower cost.

It is our hope that the information contained in this article will help guide you toward your decision. Ultimately, it’s your call regarding which of the two contracts to trade.

Forward Contracts vs. Futures Contracts: Which Should You Choose?

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