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

Trading

Bybit Guide

In this article, we’ll cover the recent gold rally and show you how you can trade gold on Bybit’s platform, including using Gold&FX MT5 and gold-backed crypto Perpetual futures like XAUTUSDT.

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 past $3,200 per ounce and reached new all-time highs. This rally has renewed interest in gold trading across both traditional and crypto markets. However, traders in the crypto market traditionally have had to go through a more cumbersome process to gain exposure to gold. 

Bybit's gold trading options are here to change all that — not only simplifying the process but also allowing crypto-natives to trade gold using Tether’s 

. In this article, we’ll cover the recent gold rally and show you the different ways you can trade gold on Bybit’s platform.

Gold rallies to all-time highs amid market uncertainty

There are several fundamental causes behind the current rally in gold prices, the most prominent being increasing geopolitical tensions, escalating trade wars and an overall increase in uncertainty and volatility. In such an environment, gold's role as a safe-haven asset becomes particularly appealing. Investors buy it to protect their capital, and traders begin buying it to benefit from the price movement. 

In addition to retail traders, central bank activity, particularly in Asia, has also played a crucial role. Several central banks, including those in China, India and Russia, have been steadily increasing their gold reserves. This trend reflects a strategic move to diversify their reserves away from the US dollar, driving sustained demand for gold and contributing to its price increase.

Bybit is always seeking to offer new and exciting products to its users, and its gold offerings are no exception. There are currently three ways to gain exposure to gold on Bybit’s platform:

To make gold trading easy for crypto-native traders, Bybit has paired all three instruments against USDT, the largest stablecoin by market cap. Bybit’s Gold&FX trading has 

Let's take a closer look at the three different options and find out how you can use them to trade gold. 

MT5 (short for MetaTrader5) is one of the world's most popular trading platforms. Retail traders can create algorithms to automate their strategies using tools normally reserved for institutional players. In August 2024, Bybit 

 into its platform. Following this integration, Bybit also launched Gold&FX trading for its users. 

 offers three major services: cryptocurrency, forex (FX) and contracts for difference (CFDs). Traders can use CFDs to trade gold. The trades are placed using USDT, and leverage extends all the way up to 500x. In addition to the clean interface and secure trading environment that users have come to expect from Bybit, MT5 also offers several features that are essential for algo trading:

Step-by-step guide for trading gold with Bybit MT5

Before using MT5, traders must first register and open their Bybit MT5 accounts.

Carefully read the Terms and Conditions, and accept by clicking on the box. Then, click on 

Create the Master Password for your Bybit MT5 account. Ensure that the passwords you input match each other before clicking on 

. The creation of an MT5 account requires 

, so if you have yet to verify your Bybit account, you’ll be prompted to complete the verification process.

The system will generate an MT5 Login ID and an investor password, and will display your MT5 account details in a pop-up window.

 to be redirected to the MT5 Dashboard, where you can deposit funds into your Bybit MT5 account to start your trading journey.

Download and install the MT5 Client to your desktop or mobile from the Bybit MT5 page and log in to your trading account.

Choose the gold pair that you want to trade. Currently, there are six different gold pairs available on Bybit MT5.

Choose your preferred pair. You’ll see three options: 

 allows traders to automatically copy positions opened by the Master Trader accounts that they’re following. This allows traders without prior experience to effortlessly replicate the strategies of expert investors across gold and forex. 

 also includes a profit-sharing mechanism whereby the master trader gets a portion of the profit generated by the followers. This makes the process a win-win for everyone involved. 

The major advantage of this type of trading mechanism is its usefulness for beginning traders, who may not have enough expertise to place their own trades, but can automatically copy the trades of others who are registered as Master Traders. On the flip side, the profit and loss of your position will depend entirely upon another trader, and Followers can end up with potential profits or losses accordingly.

Step-by-step guide for trading gold on Bybit MT5

 at the bottom of the card of the Master Trader whom you wish to follow. Followers can copy up to 10 Master Traders simultaneously.

Create your copy trades by entering the amount you want to invest under 

 and set your take-profit/stop-loss (TP/SL) amount.

Once the parameter settings are confirmed, place the check on the agreement acknowledgment box, then click on 

Congratulations! You’ve successfully followed a Master Trader, and your account will now start copying their trades.

In addition to MT5, Bybit also offers two 

 are derivatives that allow traders to speculate on the price movements of crypto assets without a set expiration date. Bybit allows traders to take 

 positions on two such contracts: XAUTUSDT and PAXGUSDT. 

 is a digital token issued by Tether that’s backed by physical gold. Each XAUT token represents indirect ownership of one fine troy ounce of gold, stored in a secure vault in Switzerland. Meanwhile, 

 is issued by Paxos, and is also backed by one fine troy ounce of gold, stored in a vault in London. 

On Bybit, traders can enjoy up to 50x leverage with XAUTUSDT and up to 16.67x leverage on PAXGUSDT. Settlement takes place in USDT, simplifying the profit and loss calculation.

Step-by-step guide for trading XAUTUSDT on Bybit

 and log in with your account details. On the top panel, you can see the 

Below that, there are three panels. The left panel displays the chart, the middle panel displays the order book and the right panel is for placing and canceling orders.

On the right panel, you can choose whether to place a 

 order. You can also choose the order price (for limit orders) and order quantity. 

Once you’ve selected all the details, you can check the value of the trade and the cost in USDT. Confirm the details, and click on 

That's it. You’ve now placed your order. Market orders will get executed immediately, while limit orders will only execute if the spot price reaches the limit price.

Gold acts as a safe haven asset during times of uncertainty, and it could be considered one of the safest assets for long-term investments. Bybit users have a great opportunity to trade gold to gain exposure to its price appreciation or diversify their portfolio. Take a look at the 

 page or check out Bybit’s gold-backed 

. Choose the method that suits you best to capitalize on this incredible gold rally. 

How to trade gold on Bybit using USDT

Compete for 2,500 USDT USDT Every Week

How to trade gold on Bybit using USDT

Grab Up to 5,000 USDT in Rewards

Compete for 2,500 USDT USDT Every Week

Grab Up to 5,000 USDT in Rewards