Perpetual contracts on EUR/USD, GBP/USD and USD/JPY are now trading on Bybit, settling in USDT and available around the clock with leverage of up to 100x. The case for the product rests on access. The tension is in that combination: major currency pairs, and a three-digit leverage ceiling.
USDT settlement keeps the trade inside crypto infrastructure, with no direct fiat exposure for the trader. The 24/7 format extends availability beyond the windows that conventional foreign exchange venues observe. Those two features make the product structurally native to crypto while pointing it at assets that sit at the center of global currency markets.
The counterargument is the 100x figure. At that level, the product's profile aligns more with short-duration, high-intensity trading than with the steadier positioning that major currency pairs typically attract. The read-through is that Bybit is packaging recognizable underlying assets in a format that bends toward one end of the trading spectrum. That is a real market, but a narrower one than the headline pairs might suggest.
On balance, the launch broadens Bybit's derivatives slate with currency exposure that settles entirely on crypto rails. The line to watch is whether 100x leverage defines the user base or whether it remains the ceiling rather than the mean.