Bybit Spread Trading allows traders to simultaneously buy and sell two related instruments in order to hedge risk or profit from price discrepancies. Read more.

Whether markets are flying high or wobbling unpredictably, one thing remains true: traders are always looking for smarter ways to 

 and find profit opportunities. That’s where Bybit Spread Trading comes in. This feature is tailor-made for those who want to go beyond basic buy/sell plays and start taking advantage of price discrepancies between related instruments. In this guide, we’ll walk through exactly how Bybit Spread Trading works, why it matters and how you can start using it today, whether you’re 

is a newly launched Bybit feature that allows users to simultaneously buy and sell two related instruments — such as Spot, Perpetual or Expiry contracts with different settlement dates — in order to hedge risk or profit from price discrepancies.

This type of trading strategy is popular among institutional and professional traders because it enables more precise, controlled market exposure. However, with Bybit’s interface, the barrier to entry is significantly lowered, opening the door for individual traders to tap with just a few clicks into a powerful set of tools.

At its core, Spread Trading on Bybit is about executing what’s called a combo trade. This means entering two positions at once: one long, one short. These positions are taken on related instruments, such as a BTC Spot trade and a BTC Perpetual contract, with the idea that their prices will either converge or diverge in a way that benefits your position.

When you place a buy combo, you’re buying the instrument with the longer expiration (the “far leg”) and selling the one that expires sooner (the “near leg”). 

A sell combo is the reverse: selling the far leg and buying the near leg. The profit (or loss) comes from how the spread between these two instruments shifts over time.

For example, if you believe the spread between a Perpetual and a Quarterly Futures contract will widen, you can buy the combo. If the spread increases after your entry, that movement becomes your profit. Bybit calculates your 

 prices automatically, based on the mark prices and your defined “order price,” so there’s no need to manually crunch the numbers.

Perhaps the most important feature here is atomic execution. This ensures both sides of your combo trade are filled together, in equal quantities, or the trade doesn’t go through at all. It removes “leg risk,” which is the danger of getting filled on one side of the trade, but not the other. In volatile markets, that alone can save you from an unwanted mess.

Spread Trading on Bybit currently supports combinations such as Spot and Perpetual, Spot and Expiry, Perpetual and Expiry, or even two Expiry contracts with different dates. This flexibility lets you build strategies that align with different market outlooks — bullish, bearish or neutral.

There’s a strong reason why Spread Trading is a go-to for many experienced traders: it allows for strategic plays that are more sophisticated than just guessing price direction. On Bybit, it’s not only powerful, but also convenient.

First, you get price certainty. Your spread is locked in at the price you specify. There’s no 

 between legs because the entry prices are automatically calculated and matched. You’re trading the spread, not the individual legs.

Secondly, the trading experience is smoother. Instead of placing two separate orders and manually trying to sync them, Bybit handles everything as a single transaction. You don’t have to worry about whether one leg gets filled and the other doesn’t — that risk is eliminated through atomic execution.

Third, this setup is a great hedge against volatility. By taking opposing positions on two related contracts, you reduce exposure to sharp price movements. Your P&L becomes more about the relative performance between contracts, rather than the market direction itself.

There’s also a strong cost advantage. Trading spreads on Bybit is significantly cheaper than doing it manually. You pay only half the trading fees you’d incur if you placed two individual trades on the order book. For high-volume or 

, that translates to meaningful savings over time.

Finally, it unlocks strategy flexibility. Whether you're 

 funding rates between Spot and Perpetual, doing 

 with different Futures contracts or taking advantage of price convergence before expiry, this platform gives you the tools to execute those ideas efficiently.

How to get started with Bybit Spread Trading 

Now that you have a better understanding of how Bybit Spread Trading works, let’s look into how to get started. Please note that you’ll need to have a Bybit account in order to proceed. If you don’t already have one, please check out our 

 for more information on how to create a Bybit account.

: Log in to your Bybit account and hover your cursor over the 

: The available spreads are organized in a grid, with each tile representing a unique combo. Choose your preferred combo to trade.

Tiles with a border around them signify that Spread Trading offers a better price. Hover over a tile for more details, or use the bar at the bottom of the grid to explore more options.

On the order placement page, set up your order with the following parameters:

to place your order. A pop-up window will appear for you to confirm your order details. Then, click on 

Congratulations — you’ve successfully placed an order!

You can view your Spread Trading orders from any trading page (Spread Trading, Spot and Futures), as they all share the same order data.

 to view your active orders. You’ll be able to view the combo, underlying asset, order price and more. 

If you would like to adjust your order parameters, you may click on the pencil icon under 

. To cancel your order, simply click on the order’s corresponding 

to view your completed orders. To view each order’s information on each leg, click on the order’s corresponding 

button. For additional insights, click on 

Spread trading isn’t for everyone — but if you’re someone who enjoys strategic trading, hedging or arbitrage, it’s a tool worth adding to your arsenal. It appeals to traders who are less interested in taking a directional bet, and more focused on capitalizing on inefficiencies in the market.

You don’t have to be a pro trader to benefit, either. The simplified execution and intuitive UI mean even intermediate users can explore advanced strategies without being overwhelmed. As long as you understand how spreads work, and how your P&L is affected by their movement, you’re already halfway there.

More importantly, in times of market uncertainty or low volatility — when price action feels sluggish — spread trading gives you an alternative way to profit. It keeps you in the game — even when momentum plays aren’t cutting it.

Bybit Spread Trading is a powerful tool that combines simplicity with sophistication. Whether you're looking to hedge, save on fees or experiment with 

 strategies, it offers a clean and user-friendly way to do so. With lower risk, lower costs and plenty of flexibility, Bybit Spread Trading is a smart move for any trader looking to level up their game — especially when markets get messy.

Intermediate

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Bybit Spread Trading: Smart strategies for market swings

Our weekly crypto derivatives analytics report delves into macro events; the current state of crypto and trading signals from spot trading volume; and futures, options and perpetual contracts.

Positive sentiment around potential US trade deals has fueled a sixth straight day of gains in risk-on assets. Bitcoin, boosted by this sentiment and its own drivers, such as strong ETF inflows and regulatory progress, has outperformed gold and equities, rising 14% over the past month and consolidating at $94K. Bitcoin’s implied volatility has decreased significantly, while realized volatility has stabilized above 30%, a level that’s been its floor for the past 18 months.

Please check out the report’s highlights.

Perp at months’ high; traders not yet all-in

After rallying from $75,000 to over $95,000 in early April, Bitcoin has traded sideways at around $94,000 this week. Open interest remains stable for April, near all-time highs at $8B, while trade volumes have decreased to $10B per day. Lower trade volumes correlate with lower realized volatility, and perp positioning suggests that traders are waiting for another rally before committing to major positions, mindful of recent sell-offs.

Bitcoin volatility declines to 18-month low

Bitcoin’s volatility has declined, nearing a previously held floor of 35–40%, a level from which it has consistently rebounded over the past 18 months. Implied volatility has followed a 10-point drop in realized volatility to just above 30%, the floor of its 18-month range. Options activity shows a preference for puts, as BTC’s spot price is remaining stable. Volatility smile skews favor out-of-the-money calls, particularly for long-term options, while short-term options are nearly neutral.

BTC volatility smiles skew toward OTM calls

Bitcoin's volatility smiles now favor out-of-the-money (OTM) calls across all tenors, recovering from a put-call skew that strongly favored puts earlier in April. Ether is showing a similar recovery at short tenors, but longer-term skew remains slightly bearish. While ETH funding rates are positive, longer-term option smiles are skewing toward puts, thus presenting mixed sentiment. For BTC, derivatives markets are indicating clearer bullish signals, including positive funding rate spikes, positively sloped futures yields and a skew toward OTM calls.

Advanced

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Bybit X Block Scholes crypto derivatives analytics report (Apr 30, 2025): Bitcoin volatility at 18-month low; data shows traders aren’t yet all-in

Grayscale has launched the Bitcoin Adopters ETF, which tracks companies with a corporate Bitcoin treasury strategy. 

Daily top performer — Curve Finance (CRV)

The S&P 500 rose 0.15% as investors shrugged off recession fears and reacted positively to strong tech earnings, with focus now shifting to upcoming Apple and Amazon results. Gold dropped to $3,245 on US-China trade optimism and a stronger dollar, with Fed rate cut hopes cushioning losses. The Coindesk Indices, which tracks the broader crypto market, fell 0.51%, with Bitcoin and Ether down 1.24% and 0.86%, 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 CRV, which surged 11.4% after Spark's integration of new Curve pools, enhancing stablecoin liquidity and improving DeFi infrastructure.

Curve Finance (CRV), launched in 2020, is a DEX on Ethereum for low-fee swaps between stablecoins and similar assets, with yield-earning pools and DAO governance via the CRV token. Spark has 

 sUSDS/USDT and USDC/USDT Curve pools to its Spark Liquidity Layer (SLL), boosting stablecoin liquidity, enabling easier swaps, and supporting future direct USDT deposits and withdrawals via Spark Savings.

Check out the latest prices, charts, and data of 

 the Bitcoin Adopters ETF, which tracks companies with a corporate Bitcoin treasury strategy. The ETF includes firms like Tesla, Blockstream, and MARA. It reflects the growing trend of companies acquiring Bitcoin as a hedge against inflation. Grayscale's fund aims to provide exposure to companies in sectors like mining, automotive, and energy. Institutional BTC adoption, including Michael Saylor's Strategy, is driving Bitcoin's scarcity, which may lead to a supply crunch and rising Bitcoin prices in the future.

Yesterday, BTC spot ETFs saw $323.3M in outflows, with $32M from GBTC and $291.3M from other ETFs.

 its largest Galxe points event, running from May 4–8, 2025, where users can complete tasks to earn points. They also introduced the AlphaWave competition, a 7-day AI trading contest featuring 25 crypto agents. Users can vote for the agent they think will win to earn rewards and complete Galxe quests. New tasks will be added throughout the week.

Beginner

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Grayscale launches Bitcoin Adopters ETF, tracking companies with BTC treasury strategies

Discover how USDY, a yield-bearing stablecoin from Ondo Finance, offers secure, regulated returns backed by US Treasuries across multiple blockchains.

, which are crypto assets pegged to a major fiat asset, have gained tremendous popularity and are helping investors deal with the typical volatility of the market. For many years, stablecoin cryptocurrencies have been used for payments, principal value storage, B2B transactions and more. However, traditional stablecoins have always lacked the ability to generate yield. These assets are fixed at a certain rate (e.g., $1) and, due to inflation, they don’t protect against your funds’ value erosion. 

 have started to gain traction over the past several years. These "new generation" stablecoins, unlike their traditional counterparts, not only provide rate stability but also generate yields, growing your investment over time. One of the leading assets among yield-bearing stablecoins is US Dollar Yield (USDY), issued by Ondo USDY LLC, part of 

Backed by low-risk traditional finance (TradFi) reserves, USDY generates yields and is a fully composable asset that can be used throughout the DeFi ecosystems of multiple blockchains. The reserves and issuance of the stablecoin are also subject to high regulatory controls. In the world of yield-bearing stablecoins, USDY is among the top choices in terms of popularity, regulation and security.

What is the Ondo US Dollar Yield (USDY) Token?

 (USDY) is a yield-bearing stablecoin offered by Ondo USDY LLC, part of the Ondo Finance DeFi solutions provider. 

USDY’s value tracks that of the US dollar, and it’s backed by Treasury bills and demand deposit reserves. The coin issuer’s parent company, Ondo Finance, specializes in institutional-grade crypto solutions. Ondo aims to make on-chain institutional-grade finance tools and infrastructure accessible to anyone.

USDY was launched in August 2023. As of April 2025, the stablecoin has become available on 

 — a level of multichain coverage that few other stablecoins can match.

While USDY’s price tracks the US dollar’s, its rate is typically somewhat higher than $1 because yields earned by each unit of the stablecoin are added to it, increasing its nominal value.

 (RWAs), primarily Treasury bills, although some portion of the reserves may also be represented by bank demand deposits. Both of these financial asset types are considered cash equivalents.

To ensure the Ondo ecosystem's security, Ondo backs each $100 equivalent of USDY with reserves worth $104, maintaining a 4% overcollateralization rate at all times.

Ondo Finance takes the transparency of USDY seriously. The company has established a bankruptcy-remote mechanism, with a separate corporate entity controlling the issuance and oversight of the stablecoin in various ways, including a board of directors with an independent director, and segregation of assets and reporting from Ondo.

USDY is a fully composable asset that can be used in the DeFi ecosystems of its host blockchains for various purposes, such as collateral, 

USDY provides several significant benefits for its holders. First, it allows eligible individual and institutional investors to earn dollar-denominated yield. This is in contrast to traditional stablecoins, which provide no yield opportunities at all. While other yield-bearing stablecoins also generate returns for holders, some of these pay the yields in volatile cryptocurrencies, rather than high-quality assets.

Thanks to its dollar peg, USDY offers both yield and relative stability. Additionally, it’s fully composable, creating opportunities for use across various DeFi protocols. USDY is available on seven blockchains, providing access to more DeFi opportunities than most yield-bearing stablecoins.

The coin may also be used for passive holding, growing in value over time as yields accrue. In this capacity, USDY represents a good low-risk, on-chain investment opportunity.

Finally, USDY’s overcollateralization and backing by high-quality TradFi assets, Treasury bills and demand deposits make it one of the most secure yield-bearing stablecoins on the market.

How does Ondo US Dollar Yield (USDY) work?

Individuals and institutional entities need to undergo an onboarding process to acquire USDY, during which they submit relevant identity, legal and tax documents. Ondo diligently applies 

 (AML) checks in order to adhere to US securities laws, the Investment Company Act of 1940 and other relevant regulations.

US and UK residents cannot apply to buy USDY, although you may be eligible if you’re a US or UK citizen and reside abroad.

If your application is approved, you can be issued USDY 40 to 50 days after your initial deposit date, although you’ll start earning yield from the first day of your investment. The minimum amount for investment or redemption is $500. You can buy USDY from Ondo using the 

 stablecoin. US dollar wire transfers are also supported for amounts over $100,000.

Redemptions are only transferred in US dollars to bank accounts outside the US. You can redeem your USDY investment at any time, and the typical timeline to receive your funds is about 2–3 business days from the date of your request.

USDY accrues yield daily. The stablecoin’s yields are structured not to incur any US federal tax obligations. Ondo doesn’t charge any performance or management fees for USDY yields. However, the company earns income from a portion of yields generated by the underlying assets backing USDY.

As noted earlier, USDY’s yields accrue to each unit of the token. Therefore, the value of one USDY is usually above $1. For instance, the average value of USDY as of the time of this writing (Apr 30, 2025) is $1.11.

For investors who prefer a fixed $1 rate for the stablecoin, Ondo offers the rebasing version, called rUSDY. Yields for rUSDY are paid to your wallet in the form of additional tokens by increasing the supply of the crypto, while the principal remains at (or very close to) $1. This is known as rebasing. USDY and rUSDY are freely convertible between each other.

The rebased version of the coin might be useful to those who need to ensure rate stability (for example, for B2B payments of agreed-upon contractual amounts) while also earning yields from their investments.

 as a swap pair with the USDT stablecoin.

USDY boasts numerous benefits for investors — low-risk yields from high-quality traditional assets, wide multichain coverage, regulatory compliance, transparency, composability and rate stability. The combination of all these benefits is quite rare in the crypto market, and the investor community is definitely taking note: USDY is already the third-highest-ranked yield-bearing stablecoin by market cap as of late April 2025. 

Since the yield-bearing stablecoin niche is expanding, the advantages of the USDY are likely to attract further interest, both among the institutional crowd and with individuals keen to access high-quality, institutional-grade crypto products.

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What is Ondo US Dollar Yield (USDY) and how does it work?

Bybit Learn

Diversifying into gold, forex and other assets through Bybit Gold&FX helps crypto traders manage risk and stabilize their portfolios amid market volatility.

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Navigating financial markets can feel like riding a roller coaster, with sharp twists and turns driven by economic events, inflation and global uncertainty. While crypto offers exciting opportunities, its volatility can be overwhelming. That’s why savvy traders look beyond digital assets, incorporating gold and forex into their strategies to create a more balanced portfolio. 

 makes this approach easier, giving traders the chance to diversify their portfolios into gold, commodities and forex. At the same time, Bybit Copy Trading Gold&FX allows traders to tap into expert strategies and advanced tools to 

 and capitalize on macro trends. This handy guide explores three simple steps to embrace macro volatility with Bybit Gold&FX so you can build a more resilient trading approach.

Volatility is a measure of how much asset prices fluctuate over time, indicating the level of uncertainty in financial markets. Higher volatility means bigger price swings, while lower volatility suggests more stability.

Why crypto traders should pay attention to gold, stocks and forex

, with prices often fluctuating dramatically and creating potential risks for investors. To 

, many crypto traders look toward diversifying their portfolios by incorporating traditional assets, such as gold, stocks and foreign exchange (forex), etc. Let’s look at why this matters.

Gold has long been viewed as a hedge against economic uncertainty, inflation and currency devaluation. Unlike crypto, which can experience extreme price swings due to factors like sentiment-driven movements or regulatory shifts, gold tends to retain or even grow in value during economic downturns. 

In April 2025, gold reached a historic milestone, hitting an 

. This rally was largely driven by geopolitical tensions, including renewed trade tariffs and Middle East instability, as well as expectations of interest rate cuts by the US Federal Reserve. During times of global stress, investors often shift capital into gold to preserve wealth — a pattern that has repeated strongly this year. 

For crypto traders, gold presents a way to counterbalance the volatility of digital assets. When crypto markets dip due to regulatory news or macroeconomic shocks, gold may provide stability and a steady store of value.

Equities remain one of the most established investment classes for long-term capital growth and dividend income. In contrast to many cryptocurrencies, which are highly speculative in nature, blue chip stocks and broad indices offer relatively stable returns and are influenced by business fundamentals and macroeconomic trends.

In early 2025, Chinese stocks posted an impressive comeback, with the 

. This growth was fueled by China’s economic stimulus measures, investor-friendly reforms and optimism around industrial recovery. Sectors like electric vehicles, technology and infrastructure saw particularly strong inflows.

For crypto traders, exposure to stocks can provide a more predictable and income-generating component to their portfolio — which is especially useful during periods when the crypto market is consolidating or correcting.

The forex market is the largest and most liquid market in the world, with over $7 trillion traded daily. Unlike crypto, forex operates 24/5 (instead of 24/7), and is deeply influenced by macroeconomic policies, interest rates and geopolitical developments.

In 2025, one standout example of forex movement came from the South African rand, which 

 as gold surged past the $3,000 mark. Since South Africa is a major gold exporter, the rise in gold prices naturally supported South Africa’s local currency. This is a clear example of how commodities, national economies and forex are closely linked, offering savvy traders multiple angles for profit.

For crypto traders, forex offers the opportunity to diversify into another high-liquidity market with its own rhythm and drivers. It’s especially attractive for those looking to apply 

 across different assets or hedge macro exposure.

Platforms like Bybit provide features that make it easier for traders to add traditional assets into their portfolios. Bybit Gold&FX, for example, allows users to access gold and forex markets alongside their crypto holdings, helping them create more diversified and sturdy investment strategies. This integration gives traders the flexibility to take advantage of diverse market conditions — so they can better manage their risk.

 offers traders a powerful and versatile platform to access a wide range of global markets — from crypto and forex to CFDs on commodities and 

Built for both beginning and more seasoned traders, Bybit Gold&FX comes packed with over 90 technical indicators, customizable charting tools and support for automated strategies through Expert Advisors (EAs). Its robust order management system ensures flexibility and precision, making it ideal for executing complex trading strategies in real time.

Investors and traders who prefer a more laid-back approach can consider 

 instead, a copy trading feature on the Bybit platform that allows users to replicate expert strategies in 

 (MT5). It offers a way to diversify portfolios with traditional assets by leveraging the expertise of advanced traders, helping reduce risks tied to crypto market volatility.

How to embrace macro volatility with Bybit Gold&FX

Managing macroeconomic volatility with Bybit Gold&FX requires a thoughtful and strategic approach. The following short description will show you how traders can embrace this volatility and play the macro game in three simple steps.

Understand the broader economic forces that drive market movements, including inflation rates, central bank policies and geopolitical events. Keep an eye on key developments, such as 

 (FOMC) meetings and Federal Reserve speeches, as well as factors like political instability and trade wars that can have an impact on global markets. 

 in early 2020. As uncertainty began to spread, gold prices surged because investors saw it as a safe-haven asset. Studies found a strong link between rising global COVID-19 cases and increased gold prices, with the pandemic contributing to significantly more volatile gold returns.

Bybit offers insights into macro trends and volatility, helping traders make fact-based decisions. Tools such as

 can provide a clearer picture of current market conditions and potential shifts, allowing traders to adjust their strategies with confidence.

Diversify your portfolio with a mix of assets on Bybit Gold&FX, including gold, forex and contracts for difference (CFDs) in order to navigate market fluctuations more effectively. As a traditional safe-haven asset, gold can help hedge against crypto volatility, inflation and currency devaluation. 

Forex pairs like EUR/USD or USD/JPY offer opportunities to capitalize on global economic trends, while commodities like oil and silver add another layer of diversification. 

 allows traders to amplify potential gains in these markets without directly owning the underlying assets. However, CFD trading and leverage carry significant risks, as they can amplify both gains and losses that potentially exceed your initial deposit.

Historically, cryptocurrencies like Bitcoin have shown 

 with traditional assets like gold and stocks, meaning their relative price movements don’t always align. This weak correlation suggests that adding traditional assets to your portfolio can help offset potential losses in the crypto market.

To track these relationships, traders can use tools such as correlation matrices. In addition, platforms such as Chainalytics Labs provide 

 that map out connections between major blockchains, gold, silver and 

, an open-source tool that helps visualize the relationship between cryptocurrencies and other financial assets.

Step 3: Execute trades efficiently on Bybit Gold&FX

Bybit Gold&FX gives you direct access to global markets — all with your USDT, no fiat conversion required. As the only crypto exchange offering this unique product, Bybit Gold&FX offers fast execution, advanced charting capabilities and customizable trading strategies, enabling traders to analyze markets effectively and respond swiftly to price movements. This is especially helpful for traders looking to act on major news — such as gold’s recent all-time high of $3,167.

 and create your MT5 account, then proceed to download the MT5 platform and fund your account to start trading.

When you’re ready to start using Bybit Copy Trading Gold&FX, head to the 

 tab. Once you've selected a trader whose strategy aligns with your goals, configure your settings to 

. From there, you can automatically copy their trades and gain exposure to gold, forex and CFD markets with ease.

Bybit Gold&FX provides crypto traders with a powerful way to navigate market volatility by diversifying into gold, forex and other traditional assets. By understanding macro trends, strategically positioning across multiple asset classes and leveraging Bybit’s advanced trading tools, traders can build more resilient portfolios. 

Diversification helps you reduce risk, stabilize returns and take advantage of opportunities beyond the crypto market. Whether through Bybit Gold&FX’s advanced features or Copy Trading Gold&FX, Bybit empowers traders to adapt and thrive in uncertain market conditions. In the dynamic financial market, embracing a well-rounded investment strategy is key to long-term success.

3 easy steps to embrace macro volatility with Bybit Gold&FX

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3 easy steps to embrace macro volatility with Bybit Gold&FX

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Compete for 2,500 USDT USDT Every Week

Grab Up to 5,000 USDT in Rewards