Borrow smarter with Bybit’s unified loan system — one seamless experience for flexible and fixed loans with shared collateral and clearer control.

Cryptocurrency loans are among the key instruments in a crypto trader's toolbox. Depending upon your trading strategy and market conditions, borrowing your preferred crypto asset against collateral could be a more efficient and profitable move than buying it with your existing funds. Bybit's crypto borrowing system offers a rich variety of flexible and fixed rate loans that allow you to do just that. 

Traders on Bybit’s platform have long used its flexible rate 

 and fixed-rate loan products to borrow various coins for short- and medium-term trading. Now, Bybit has made the entire crypto borrowing experience even more efficient, flexible and secure by unifying its flexible and fixed-rate loans into one interface and system. This change, effective since May 8, 2025, isn't just about a single user interface for both types of loans: borrowers can now benefit from unified cross-margin risk management, shared collateral options, fair collateral valuation and clear-cut interest rate tracking across all of the loan types Bybit offers on its platform. 

Bybit's crypto borrowing products include flexible rate and fixed-rate loans. The former allows you to borrow crypto funds based on competitive, variable interest rates. At the same time, the latter type have set interest rates for loans — offered for 7, 14, 30, 60, 90 or 180 days — depending upon your preference. 

Flexible rate loans provide the advantage of early repayment without any charges incurred. On the other hand, 

 key advantage is that it gives you the ability to access preset interest rates for the duration of the loan, eliminating any sudden fluctuations — and letting you plan your trading activity with complete certainty.

 (P2P) lending service on Bybit. Crypto lenders post their offers on the platform, specifying amounts, duration and preferred lending rates. Borrowers can choose from existing orders or create their own with preferred conditions. The system matches lending and borrowing offers, finding the optimal orders for both sides.

Flexible rate loans — known as Bybit Crypto Loans — work somewhat differently. Unlike Fixed Rate Loan, Crypto Loans are based on borrowing funds directly from the Bybit platform. 

In the past, the two loan types featured separate interfaces, collateral rules and 

 (LTV) thresholds, in addition to other differences. Since May 8, 2025, Bybit users have benefited from the unification of the two loan systems, with a single interface to manage all of their loan positions, whether fixed or flexible. 

Naturally, certain differences remain between the two loan types. The key differences remaining between the fixed and flexible loans following the integration are summarized in the table below. 

Benefits of integrated Crypto Loans and Fixed Rate Loan 

The integrated system of fixed and flexible Bybit loans is based on the unification of interfaces and rules for LTV calculation, collateral valuation and interest compounding, thus improving capital efficiency, control and flexibility for borrowers. To clarify, this upgrade won’t affect your existing loans and orders. All of your current positions for flexible and fixed-rate loans will still follow the loans’ original terms and conditions.

1. Single interface for easier borrowing decisions

The single interface for both loan types creates a user-friendly experience so borrowers can manage their loans easily and flexibly. Additionally, it improves analysis of existing overall borrowing activities for users. 

2. Unified cross-margin risk management 

The integrated system introduces a unified cross-margin risk management system. Additionally, both loan types are subject to the same LTV thresholds. Before the upgrade, the two loan varieties had potentially different 

 and other thresholds. Now, the key LTV levels apply uniformly to all loans.

In general, while higher LTV ratios provide better capital efficiency, they also pose higher risks in the case of adverse market developments. To stay in the lower-risk territory, it’s recommended that you keep your LTV ratios well below the maximum limits (e.g., at 60–70%).

3. Shared collateral pool for more flexibility 

You can now use the same collateral across all of your loans (both Flexible and Fixed Rate). This allows for quicker reallocation of your collateral funds in order to keep your loan positions safe and more responsive to unexpected market developments. Moreover, you can easily adjust your collateral in your dashboard. 

If you wish to reduce liquidation risk, you can opt to increase your collateral to lower your LTV ratio. There’s no limit to the amount of collateral you can add. Conversely, you can only decrease your collateral if your current LTV ratio is below the Initial LTV.

4. Fair collateral valuation across all loans 

System unification also results in fairer collateral valuation across all of your loans. Previously, Bybit's tiered collateral valuation mechanism applied only to Fixed Rate Loan. Now, it applies to both loan varieties. The valuation mechanism assigns a specific proportion, based on a supplied coin that counts toward your collateral value calculation. For instance, both 

 stablecoins have a value of 100%, meaning that the full amount supplied in these cryptocurrencies counts toward your collateral. 

Other coins have lower value proportions that change based on the amount supplied. The image below shows the collateral value proportions for Bitcoin (BTC), Ethereum (ETH), 

Bybit accepts dozens of different coins — high-, mid- and low-cap — as acceptable collateral. Of course, riskier coins usually have lower collateral value proportions that fairly reflect their real risk levels. 

The unified collateral valuation system also improves predictability during market turbulence and reduces the risk of unexpected liquidation of your loan positions. 

Naturally, the two loan varieties have different interest rate types — variable for flexible loans, and preset for fixed-rate loans. However, the integrated system has also unified the interest rate calculation mechanism, and interest for both loan types is now compounded hourly, giving both short-term and high-volume borrowers better control over cost forecasting. 

The table below summarizes the differences between the old loan system and the unified one.

Bybit’s new integrated system provides numerous benefits for borrowers, whether they prefer fixed-rate or flexible loans. Its unified interface is designed to make your crypto borrowing experience easier and more productive, with easy loan management, consistent LTV thresholds, shared collateral to flexibly mitigate liquidation risks, a fair collateral valuation mechanism and uniform hourly interest compounding. Manage your crypto loans like a pro with Bybit's new unified borrowing experience.

Intermediate

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Manage loans like a pro: Bybit's new unified borrowing experience

Bitcoin hit a new all-time high in January 2025, experiencing a maximum drawdown of $36,000.

Bitcoin hit a new all-time high in January 2025, experiencing a maximum drawdown of $36,000. Remarkably, it took just three months for Bitcoin to recover. During this period, it showed more resilience than equities did. In contrast, altcoins have yet to make significant gains. 

 remains unchallenged in this market cycle. The main factor driving this trend is clear: institutional investors are increasingly investing in cryptocurrency, and Bitcoin is the primary beneficiary of this shift.

Bitcoin production is approximately 400 units daily, totaling around 36,000 units quarterly. In Q1 2025, Strategy alone acquired 81,875 units.

Since November 2024, the AUM of Spot Bitcoin ETFs has increased from $56 billion to $134 billion, equivalent to 780,000 units of additional spot Bitcoin purchase, assuming $100,000 per unit, suggesting 300,000 units per quarter.

Despite recent 13F disclosures that present a mixed picture: whereas the State of Wisconsin Investment Board (SWIB) sold its 3,400 BTC-equivalent holdings in BlackRock’s iShares Bitcoin Trust ETF (NASDAQ: IBIT), the Mubadala Investment Company of Abu Dhabi increased its holdings in IBIT from 4,700 to 5,000 BTC-equivalent.

Combining the additions from Spot Bitcoin ETFs and Strategy, we can clearly see that new production of Bitcoin can’t keep up with the demand, so that established Bitcoin holders have to give up their existing positions to new investors. What’s more, we haven’t yet counted the purchase of Bitcoin by Metaplanet or Semler Scientific, and more companies are expected to follow suit.

Nonetheless, we’ve seen most Bitcoin HODLers continue to hold, meaning existing investors tend not to sell their Bitcoin holdings — which puts pressure (known as a liquidity squeeze) on the liquidity supply of Bitcoin. 

Although Bitcoin’s scarcity has propelled it toward a new high, macro factors still matter. Despite its status as 

, in our view, Bitcoin remains a risky asset because it doesn’t generate cash flows as other equities do.

The US and China formally announced a 90-day reduction in tariff rates, with levies on Chinese goods falling to 30%. Negotiating a trade deal with China (arguably the most challenging negotiation on the US’s docket) resulted in a sustained period of renewed optimism that both Wall Street and crypto markets could benefit from. During that period, we saw a material shift in sentiment in Bitcoin’s derivatives market.

A Standard Chartered analyst predicts that the price of each Bitcoin unit will reach $120,000 by 2025. Several other analysts predict $200,000-per-unit BTC within 2025.

Bybit predicts a medium target of around $150,000, referencing the drawdown from the 2024 cycle.

For a long-term investor, it’s more fundamental to focus on the five-year target. 

 predicts a target of $300,000 by 2025. That said, it’s beneficial to take note of gold’s $22.5 trillion market cap. If Bitcoin had the same market capitalization as gold, it would be worth approximately $1 million per unit. In five years, even if it only matches half of gold’s market cap, Bitcoin’s target price will be $500,000.

Advanced

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Bybit Crypto Insights Report: Bitcoin is set to new highs in 2025 with a short-term target at $135,000

Bitcoin dominated the crypto bull runs of 2015-18 and 2019-22, but both cycles eventually shifted capital into altcoins, creating ‘Altseason’—a period of altcoin outperformance. 

Bitcoin dominated the crypto bull runs of 2015-18 and 2019-22, but both cycles eventually shifted capital into altcoins, creating ‘Altseason’—a period of altcoin outperformance. Ethereum, as the second-largest cryptocurrency, has typically led this rotation. However, the current cycle (2022-present) is unique, lacking a significant shift from Bitcoin to Ethereum, resulting in no sustained outperformance for ETH.

Historically, ETH surged from $8 to $1,448 between January 2017 and 2018, and from $738 to $4,800 by November 2021. Ethereum’s recent rally, beginning on May 7, 2025, raised questions about its 50% rise in a week and whether it signals an altseason. This report analyzes the current ETH breakout and contextualizes this rally against historical trends.

Ether’s outperformance doesnt suggest an altcoin season coming

Historically, crypto cycles start with Bitcoin reclaiming its all-time high, leading to a euphoric phase before a major crash. Capital then rotates from Bitcoin into Ethereum and other large-cap assets, usually about 200 days after a Bitcoin halving.

In early May 2025, we saw initial signs of euphoria, but Ethereum's rally has not achieved the market-cap dominance of previous cycles. Despite a recent 60% price increase, ETH is still nearly 50% below its 2021 peak and comprises only 9% of the total crypto market.

The recent uptick in ETH dominance coincides with a slight decline in Bitcoin dominance. However, drops of 5-7.2 percentage points are insufficient to signal an altseason, as historical declines typically range from 30-50 points. Therefore, we are not yet in a full altseason.

Pectra is not the primary catalyst behind Ether’s rise

Ethereum's recent rally has been largely attributed to the Pectra upgrade, launched on May 7, 2025. This upgrade enhances Ethereum’s transaction throughput and competitiveness against emerging Layer-1 blockchains. While initial analysis links ETH’s price surge to Pectra, historical patterns reveal that previous upgrades, like the Merge and Dencun, led to "sell-the-news" events rather than sustained rallies.

What sets Pectra apart is that ETH experienced a stronger rally post-upgrade, following a significant downturn in price. However, options market data complicates the narrative; the increase in implied volatility for ETH options indicates that traders were reacting to broader macroeconomic changes rather than just the upgrade itself. Notably, the volatility for short-term options surged after Pectra’s rollout, highlighting that market sentiment shifted in response to external factors.

Ethereum's rally beginning May 8, 2025, was not solely due to the Pectra upgrade; it coincided with President Trump's announcement of a trade deal with the UK, triggering risk-on sentiment in US equity and crypto markets. This led to a simultaneous rally in the S&P 500, Nasdaq-100, BTC, and ETH, with ETH surging over 23%—its largest single-day gain since May 2021.

Shortly after, the US and China announced reduced tariffs, enhancing market optimism. This shift was evident in ETH’s derivatives markets, where the 30-day futures implied yield surged above 15%, indicating strong demand for long positions. Notably, this bullishness stemmed from improving macro conditions rather than anticipation of Pectra.

Perpetual swap funding rates for ETH also stabilized above spot prices, reflecting robust demand for leveraged positions. Additionally, falling gold prices reinforced that the rally in risk assets, including Bitcoin and Ethereum, was driven by easing tariff uncertainties and shifting market sentiment.

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Bybit X Block Scholes Institution Report: Drivers and sentiments behind Ether’s recent breakout and how far it can go

In this article, we break down what contract for differences (CFDs) are, looking at how investors who want leveraged exposure to commodities, currencies, indices and stocks trade CFDs.

A contract for difference (CFD) is a popular investment product for investors who want leveraged exposure to commodities, currencies, indices or even stocks. It allows investors to gain exposure to an investment theme without having to own the underlying asset.

 between a buyer and a CFD broker through which the buyer can speculate on whether a contract price will rise or fall without owning the asset. The price of the CFD moves based on the underlying asset’s price movement

There are CFDs for multiple investment products — stocks, indices, commodities and currencies — available in many countries, including Australia and the UK. However, the SEC 

CFDs are a great option if you want access to an investment theme without owning the underlying asset. Investors can apply leverage, diversify their investment portfolios and even trade after traditional market hours.

A CFD is a contract between a buyer and seller in which both parties agree to pay the difference in the contract’s value once the contract is closed. CFDs can be based on the price movements of stocks, commodities and other financial products. The buyer determines how long the contract lasts and can keep it open as long as they meet the margin requirements.

Investors can initiate a short or long position in a financial product. Once the contract closes, the buyer either pays the CFD issuer if there is a loss or receives a payment if the trade is profitable.

Forex and commodity CFDs are two of the most popular types. These products allow investors to gain exposure to various currencies and commodities without having to pay for the underlying asset.

A forex CFD allows an investor to bet on the 

 of different currencies. Along with the CFD issuer, they agree to exchange the difference in the movement of a currency over a set period. For example, an investor could bet that the US dollar will outperform the Japanese yen. If the USD appreciates, the investor receives this profit. If it depreciates, the investor has to pay for the loss plus the broker fees.

A commodity CFD is similar, but this product 

 an investor to speculate on commodity price movements. There are CFD products for commodities like gold, silver, oil and agricultural products, and they are very popular because these physical commodities are more difficult to invest in.

Investors who don’t want to invest directly in stocks can instead invest in stock CFDs. Unlike with normal stock trading, investors do not have to buy the underlying stock.

One of the main benefits of stock CFDs is that investors can open leveraged short or long positions, and they can potentially earn higher returns without initiating a large position in a stock.

Difference between stock trading on spot and CFDs

Although the outcomes are similar, stock trading on spot and CFDs is 

. The main benefit of CFDs is that they enable you to use leverage. For example, if you want to place a $10,000 trade, you may only need $2,000 in capital.

On the other hand, spot stock trading takes place directly on major markets, like the New York Stock Exchange. When you invest using the spot market, your investment exposure matches the investment amount, and you own the underlying shares in your brokerage account.

Investors choose to trade CFDs over other products for 

: CFDs allow you to trade a variety of products, including currencies, stocks and commodities. Investors can access all these products in a single account, choosing to initiate long or short positions in them.

: Investors with smaller amounts of capital who want greater exposure to investments can take advantage of the leverage that CFDs offer. This can be a favorable investment strategy when managed properly.

: Investors can also access products in multiple global markets, further diversifying their portfolio. In some cases, you may even be able to 

 your portfolio. For example, if you are long Tesla, you can initiate a small short position in a CFD of this stock. You can do the same for other types of CFD products, which are all highly liquid.

Suppose that an investor wants to gain exposure to Coca-Cola’s stock without directly investing in the stock.

They can purchase a CFD that provides exposure to 100 shares at $71 per share, valued at $7,100. They don’t need to pay $7,100 — they only need to meet the margin requirement, which can be as low as $1,420 (20%, at 5x leverage).

If Coca-Cola’s share price increases by 10%, from $71 to $78.1 in 30 days, the investor can decide to close the contract. The gross profit from this trade, which the CFD pays to the investor, is calculated as follows:

(100*78.1) − (100*71) = $7,810 − $7,100 = $710

 other fees, such as the commission rate and financing charges. These charges may be as follows:

: 0.1% to open a trade and 0.1% to close it. In this case, the investor pays $14.91 in fees to open and close the position.

: If the CFD issuer charges an annual financing fee of 7.5%, the daily financing fee is calculated as follows:

CFDs may also charge other fees. The commission rates and financing charges can vary significantly, and some brokers may include the fee in the spread. The example above shows how financing costs could potentially eat into your profit, and how CFDs are generally better for short-term trades. Large downward movements can also easily threaten investors and force them to close their positions. Even a 10% drawdown would have been enough to force the investor to close this position.

This type of trading requires a lot of patience and education, since investing in CFDs can carry higher levels of risk, where even small movements can produce great losses.

Investors who trade CFDs generally initiate larger contract sizes for the extra leverage, which can be very risky if the asset moves in an unfavorable direction. Investors should ensure that they have stop losses in place so that they can exit the trade if necessary.

It is important to note that there are many fees associated with trading CFDs. The combination of fees and financing costs, which can add up over time, can eat away at any profits. CFD investors should also consider the 

Be sure to spend time researching the CFD issuer to ensure they are reputable and that they can fulfill their financial obligation.

Another factor to consider when choosing a CFD issuer is their 

. Consider the following factors carefully:

These costs can quickly add up and reduce your profits, and they can be particularly painful if the underlying asset moves in an unfavorable direction. The combination of leveraged declines and high fees may force investors to realize sharp losses quickly.

Investing in CFDs can be an excellent option for well-informed investors who want to diversify their portfolios and use leverage to aim for higher returns. Like all investments, it is important to understand your portfolio goals and risk tolerance and ensure that investing in CFDs is the best move for your portfolio.

 that it is offering new stock CFD trading services. Its initial offerings allow investors to choose from over 78 stocks, which include some of the leading blue-chip companies like Amazon, American Airlines, Apple and Tesla. With Bybit, you can utilize up to 5x leverage on these CFD trades.

 about how you can gain exposure to stocks, cryptocurrencies, precious metals, commodities and indices.

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What are contract for differences (CFDs)?

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Crypto Insights

Southeast Asia (SEA) has emerged as a leader in cryptocurrency adoption, with countries like Indonesia, Vietnam, and the Philippines ranking among the top ten globally in the 2024 Chainalysis Global Crypto Adoption Index. T

Intro to SEA report

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Southeast Asia (SEA) has emerged as a leader in cryptocurrency adoption, with countries like Indonesia, Vietnam, and the Philippines ranking among the top ten globally in the 2024 Chainalysis Global Crypto Adoption Index. The region has witnessed a remarkable surge in crypto ownership, increasing by 21.8% to 326.8 million users as reported by Triple-A's 2024 research. A young, tech-savvy population, significant underbanked demographics, and widespread internet access largely drive this growth.

In terms of ownership rates, Singapore leads with 24.4%, followed by Thailand (17.6%), Vietnam (17.4%), and Malaysia (14.3%). These statistics highlight the potential for further growth in a market characterized by innovation and an appetite for financial technology.

Despite the strong adoption of cryptocurrencies, Southeast Asian countries exhibit varied regulatory landscapes, reflecting their unique economic priorities and goals for innovation. Countries such as Singapore and Thailand have established comprehensive regulatory frameworks, while others like Vietnam are still in the early stages of policy development.

The regulatory approaches in SEA are fragmented, ranging from supportive to developing. For instance, Singapore has enacted significant legislation through the Payment Services Act and the Securities and Futures Act, creating a robust legal infrastructure for digital assets. Conversely, Vietnam is still formulating formal regulations despite its high adoption rates, and the Philippines is working towards establishing licensing rules for crypto service providers.

There is a growing trend towards aligning local regulations with international standards, particularly concerning anti-money laundering (AML) and tax transparency. Countries like Singapore and Thailand have implemented strict AML requirements for crypto exchanges, while Malaysia is enhancing tax reporting for crypto transactions. These measures aim to create a sustainable crypto environment while addressing financial crime risks.

Investor protection and regulatory maturity

Investor protection is increasingly a focus for nations with established regulatory frameworks. Singapore and Thailand are moving towards more robust regulations to safeguard investors, while other countries are still developing basic compliance mechanisms. This disparity in regulatory maturity can impact the overall investment climate and innovation potential within the region.

As Southeast Asia continues to evolve as a significant player in the global crypto landscape, several challenges and opportunities lie ahead. The region's success will depend on its ability to foster innovation while ensuring consumer protection and attracting investment.

Regulatory clarity is crucial for spurring growth in the crypto sector. Countries like Singapore have set high benchmarks with their established frameworks, which could serve as models for others in the region. Collaboration with industry players, such as Bybit's involvement in Vietnam's regulatory sandbox initiative, will be vital for crafting effective regulations that balance market risks with long-term growth objectives.

Aligning with global standards, such as the EU’s Markets in Crypto Assets (MiCA) regulation and the Financial Action Task Force (FATF) guidelines, can enhance the credibility of SEA's crypto framework. This alignment will facilitate cross-border transactions and improve the region’s appeal to investors and businesses.

To capitalize on the growing interest in crypto, SEA must focus on building a supportive ecosystem that nurtures innovation. This includes investing in education, enhancing technological infrastructure, and promoting a collaborative environment among stakeholders. By fostering a culture of innovation and ensuring robust regulatory practices, SEA can solidify its position as a crypto powerhouse.

Southeast Asia stands at a pivotal moment in its crypto journey, characterized by significant adoption rates and a diverse regulatory landscape. The region's ability to establish clear, supportive regulations while fostering innovation will determine its future as a leading hub for cryptocurrency and blockchain technology. As countries navigate their regulatory paths, strategic collaboration and alignment with global standards will be essential to harness the full potential of the crypto market in Southeast Asia.

Bybit Crypto Insights Report: Diving into Southeast Asia’s crypto regulatory landscape

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Bybit Crypto Insights Report: Diving into Southeast Asia’s crypto regulatory landscape

Grab Up to 5,000 USDT in Rewards

Compete for 2,500 USDT USDT Every Week

Grab Up to 5,000 USDT in Rewards