The hackathon comes hot on the heels of a partnership that has already seen Bybit contribute AED 500,000 to 15 crypto startups in the DMCC crypto ecosystem.

Bybit’s own thought leaders Bryan Aaron and Daniel Basharimov will help adjudicate the competition, which is scheduled for Nov. 22, 2023 and focused on artificial intelligence, gaming, and blockchain security.

The hackathon is set to become the largest-of-its-kind in MENA, in terms of prize pools and participation.

Bybit and DMCC partnership joined forces in June 2023, creating a strategic bond destined to accelerate the mass adoption of crypto in the heart of Dubai. Bybit is pushing the adoption of crypto worldwide, bringing its 16 million users on a journey to financial freedom and it has vowed to invest in its growth within the emirate.

Their collaboration was symbolized as Bybit became an official Ecosystem Partner for the DMCC Crypto Centre, a place where crypto and Web3 businesses thrive, creating a charged atmosphere for innovation. Going beyond financial support, Bybit is also DMCC’s crypto listing partner, assisting startups to bootstrap growth and offering mentorship.

Registration for the hackathon opened on Sept. 26, 2023 and will run through Oct. 26, 2023. The event is scheduled for Nov. 22. All projects are welcome — Blockchain Infrastructure, Artificial Intelligence (AI), DeFi, NFTs, Metaverse, Crypto Gaming, Sustainable Blockchain Solutions, and more

“In Dubai’s ever-evolving crypto landscape, Bybit stands out as the ‘Crypto Ark,’ ready to assist DMCC Crypto Centre members’ companies in bringing their dreams to life,” said Ben Zhou, co-founder and CEO of Bybit. “This hackathon is just one of many projects we are collaborating with DMCC, and is so important as it provides a supportive atmosphere for young talent to emerge and grow.”

The Futures Martingale trading bot is specifically designed to optimize trading strategies and aims to potentially lower average costs.

Key features include: 

1. Automated Position Scaling: Adjusts investment size automatically based on market conditions for bigger profits.
2. Advanced Risk Management: Gives users control over risk exposure with specific ratios and automatic sell levels.
3. AI Recommended Strategy: AI analyzes historical data for 14 days to recommend the best trading approach.
4. High Accuracy: Recommendations are based on extensive data and advanced analysis.
5. Ease of Use: Activate the AI-recommended strategy with a single click, no complex setups required.

To celebrate the launch of the Futures Martingale bot, Bybit has prepared two exclusive events featuring a generous prize pool of 15,000 USDT.

These events offer traders the opportunity to showcase their trading skills and win attractive rewards, further incentivizing engagement with the new bot.

Bybit offers a variety of trading bots to accommodate different market conditions and preferences. In addition to the Futures Martingale bot, users can access the Spot Grid bot which facilitates buying low and selling high in sideways markets.

The DCA bot allows for autopilot investing in bullish and bearish markets. The Futures Grid bot enables multiplying earnings across all market conditions.

“We are constantly striving to innovate and provide powerful tools to help traders navigate the dynamic crypto markets effectively,” said Ben Zhou, co-founder and CEO of Bybit. “The addition of the Futures Martingale bot reflects our commitment to meeting traders’ evolving needs and reinforcing our position as a leading derivatives platform. Bybit remains dedicated to delivering cutting-edge solutions and fostering a supportive trading environment for its users.”

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Perp Protect acquires options contracts automatically to hedge long and short positions offering easy downside protection.

Perp Protect has been developed by Bybit and is not available on any of the top crypto exchanges. It offers users peace of mind without compromising their investment strategy by suggesting options contracts that protect against price action going against them.

Traders anticipating market volatility can stay ahead of the curve by leveraging Perp Protect to secure their positions in volatile markets.

Its automatic options acquisition is based on intelligent recommendations to ensure that they are well-prepared to navigate market fluctuations.

Inexperienced perpetual traders can also gain the confidence using Perp Protect’s reliable protection layer.

It empowers them to explore the world of perpetual trading while minimizing potential losses.

Using Perp Protect requires just two clicks. It’s designed for user convenience, ensuring that its benefits can be accessed effortlessly.

Secondly, Perp Protect’s intelligent algorithm continuously evaluates market conditions to offer optimal downside protection and costs as low as 2% of a user’s initial margin.

“As we witness the evolution of crypto, it is essential that traders have access to tools that not only enhance their experience but also mitigate the risks associated with this dynamic market,” said Ben Zhou, co-founder and CEO of Bybit.

“With Perp Protect, we are proud to offer a solution that brings ease and security to traders of all levels.”

Bybit, the world’s third most visited crypto exchange, has unveiled its newly revamped VIP program. With a focus on enhancing user satisfaction and optimizing trading opportunities, the revamped VIP program introduces a range of new features and benefits.

Notable changes include revised fee rates for takers and makers across different VIP tiers. Bybit has lowered the taker fee rates while increasing the maker fee rates to beat rival crypto exchanges by offering unparalleled value to VIP and PRO clients.

The updated fee structure ensures that traders enjoy a more lucrative and exciting trading environment.

Bybit has also expanded its PRO levels from three to five tiers. Current VIP users can now instantly upgrade to PRO Level when the proportion of their API transactions exceeds 20%. PRO users benefit from a more favorable maker rate, ensuring a competitive edge in their trading activities.

The level thresholds have also been adjusted to better reflect user activity, with PRO3 encompassing a transaction volume range of 500M to 1B, PRO4 spanning 1B to 2B, and PRO5 catering to volumes exceeding 2B.

As part of the VIP program update, the fee rates for these grades have been fine-tuned to further benefit traders. Precisely, the rates have been adjusted as follows: 0.035% reduced to 0.03% for PRO3, 0.0325% reduced to 0.0275% for PRO4, and 0.03% reduced to 0.025% for PRO5.

Finally, Bybit has meticulously fine-tuned option levels and rates, ensuring an optimized trading experience for options traders.

“Our unwavering commitment at Bybit lies in equipping traders worldwide with the means necessary to best navigate the waters of the contemporary crypto market,” said Ben Zhou, co-founder and CEO. “The revamped VIP Program is a substantial stride toward realizing this vision, promising key service improvements for our clientele.”

These are surprising insights they found:

• Bybit currently has the highest Bitcoin leverage ratio of all exchanges, with a ratio of 2.76. 
• This means that the average user on Bybit is taking more than 10 (1049%) times the risk compared to the average user on Binance, which has a leverage ratio of 0.24.
• Gate.io is also considered to be in a high-risk zone with a leverage ratio of 1.84, which is significantly higher than most exchanges, except for Bybit. 
• OKX has a leverage ratio of 0.32, which is also higher than most exchanges, but still significantly lower than Bybit and Gate.io.
• BitMEX, Huobi Global, Bitfinex, and Kraken all have very low leverage ratios, with ratios ranging from 0.01 to 0.14. This indicates that traders on these exchanges are taking significantly less risk compared to traders on Bybit and Gate.io.
• The high leverage ratios on exchanges like Bybit and Gate.io could be dangerous for traders should there be a sudden drop in prices.
• The increasing values of leverage ratios indicate that more investors are taking high-leverage bets in the derivative market as prices increase. 
• High leverage ratios also mean that the liquidation price gets closer to the entry price of a position which is what ultimately liquidates a trader should the prices turn around.
• This could lead to unexpected volatility as the price of Bitcoin is testing $30,000, a key level that tends to attract more traders to leverage their bets and also short-term profit-taking which could create a domino effect of liquidations.

Source: CryptoQuant

“The data was obtained today on the 12th of April by dividing the exchange’s open interest by their coin reserve, which shows how much leverage is used by users on average. The leverage ratios on exchanges like Bybit and Gate.io are a cause for concern for traders. High leverage ratios have been prone to cause massive liquidations before as seen on the 30th of March when a total of $130 million was liquidated through leveraged short bets and a similar scenario was seen on the 3rd of March where a total of $62 million was liquidated through leveraged long bets. These high ratios could lead to significant losses for traders across the board should prices start to fall, and we recommend that traders only use leverage when they fully understand the risks involved,” according to Anton Palovaara, Founder and Lead Researcher, Leverage.Trading.

The future of the crypto industry is one step closer to its full potential, now trust and transparency is at the forefront, said Bybit CEO Ben Zhou.

According to Zhou, technology will lead the way in restoring trust in crypto, and legitimate exchanges have what it takes to outperform traditional financial institutions in terms of transparency.

Speaking as part of a panel discussion at Blockchain Life 2023 in Dubai on Monday, Zhou proposed leveraging the open nature and real-time verification that decentralized technology offers.

Blockchain is part of the solution, and crypto-native solutions can help armor the financial industry against traditional and new forms of fraud risk.

He noted that crypto exchanges are able to offer real-time, verifiable proof of reserves, which is far and above the transparency traditionally offered by financial institutions.

Bybit is committed to managing user funds with the utmost transparency and integrity, which is why it has real-time proof of reserves with a purpose-built Merkle Tree.

Users can use their Merkle Leaf code to check that their assets are recorded as liabilities in Bybit’s on-chain wallets down to the granular details.

For Zhou, this kind of technology — powered by blockchain — is the real solution to the constant news of malfeasance in the crypto and wider financial sector. The new industry norm of proof of reserves can offer users more peace of mind and visibility into exchanges’ assets, and this has tilted the conventional power dynamics between the customers and financial service providers, he said.

Zhou went on to talk about the role of crypto exchanges as the industry moves forward from a challenging 2022. While security considerations are a given, Zhou revealed why CEXs are still preferred by serious traders: deep liquidity and powerful infrastructure with millisecond precision.

Referring to institutional clients and professional traders, Zhou said that “centralized exchanges are pretty much their only choice simply because of the liquidity. And you simply can’t do high frequency trading on a decentralized exchange (DEX) due to infrastructure limitations.” However, Zhou suggested that those interested in medium-to-long term trades could consider DEXs as an option.

“Our role — and that of any centralized exchange — is to be ready for mass adoption and be the gateway to Web3 when it happens. So, I still believe in the industry,” Zhou added. “In two years, you will see signs of mass adoption. Your uncles, your aunties, your cousins will all start to use crypto,” he said.

Soccer fans around the world can now celebrate the fiesta by supporting their favourite clubs in Bybit’s Fan Token Trophy competition on Nov. 18, 2022. 

Bybit boasts one of the most extensive fan token selections in the market including tokens issued by legendary soccer teams such as Paris St. Germain, Barcelona, Juventus, AC Milan, Inter Milan, Arsenal, and Manchester City. 

Bybit’s commitment to fan tokens is part of the crypto exchange’s overarching support of the sporting space, which includes being the Principle Team Partner of Oracle Red Bull Racing and listing exclusive Oracle Red Bull Racing NFTs. The exchange provides an intuitive platform for sport teams, clubs and esport organizations to take fan engagements to the next level.  

To celebrate World Cup 2022, all Bybit users who accumulate a trading volume of $100 or over trading any of the fan tokens stand to win a share of the massive prize pool. The exchange has recently extended its Zero Fees campaign to the full advantage of Bybit traders who want to support their favorite teams. 

For crypto fans, they can trade the tokens using any one of Bybit’s free trading bots — that trade on your behalf 24/7 within set boundaries — will also be eligible to enter the Fan Token Trophy competition.

“Bybit shares many core values with professional sports: resilience, perseverance, passion, and performance. We constantly strive for excellence and deliver the best and widest range of products in the market” said Gary Hamilton-Walter, head of corporate affairs at Bybit.

“We are fully focused on the future of crypto integration with sporting brands and communities worldwide and we’re ready to take things to the next level, just like those teams assembled for the World Cup. We invite crypto traders and enthusiasts to join us on our journey.”

The process started January 18, 2022; meaning that Bybit users can buy and sell Tether (USDT) with other users, easily and securely, at no platform or hidden fees on the Bybit website, with the app version to be launched soon.

The P2P platform offers more than 80 different payment methods and more than nine fiat options (Australian dollar, Hong Kong dollar, Indian rupee, Malaysian ringgit, Philippine peso, Russian ruble, New Taiwan dollar, Ukrainian hryvnia and Vietnamese dong) with more in the pipeline.

What to Expect From Bybit’s P2P

Bybit’s P2P provides the best way to buy and sell crypto while giving Bybit users more control over crypto to fiat conversions and vice versa, in a safe and secure environment.

Once a buyer completes their order, the seller’s cryptocurrency will be placed in a temporary deposit until both parties confirm that the transaction is successful.

There will also be an ad posting feature to allow whitelisted users to personalize their offers according to preferred price, payment method and local currency.

“We at Bybit are excited to introduce P2P to address niche pain points in financial inclusion. For the underbanked and retail investors everywhere, this fiat currency payment solution provides them with seamless access to invest in cryptocurrencies, freeing investors from the burdens of intransparent fees, layers of intermediaries, delays and high barriers to entry. Bybit is in the business of financial innovation and creating new gateways to financial freedom,” said Ben Zhou, Co-Founder and CEO of Bybit.