Bybit has started offering 24/7 perpetual contracts on three major forex pairs: EUR/USD, GBP/USD, and USD/JPY. The move gives traders continuous access to these markets, something that's not always easy to find in traditional forex. For crypto-native traders, it's a way to trade fiat currencies without the usual hurdles.
What's on offer
The new perpetuals cover the euro, the British pound, and the Japanese yen against the U.S. dollar. Unlike standard futures, perpetuals have no expiry date, so traders can hold positions as long as they want. Bybit says the contracts are available around the clock, every day of the week.
That's a notable difference from conventional forex trading, which typically runs from Sunday evening to Friday night. Crypto markets never close, and these perpetuals bring that same always-on model to fiat pairs.
For traders who live in the crypto world, getting exposure to traditional currencies has often meant opening a separate account with a forex broker, dealing with different margin rules, and working around limited trading hours. Bybit's perpetuals aim to remove those barriers.
Continuous market access is the big draw. A trader in Tokyo can open a EUR/USD position at 3 a.m. local time, or close one out on a Saturday afternoon. That flexibility is standard in crypto, but it's rare in forex.
The launch also signals that Bybit sees demand for fiat exposure from its user base. Rather than forcing traders to leave the platform, the exchange is bringing the pairs to them.
The mechanics
Perpetual contracts work like futures but without a settlement date. They use a funding rate to keep the contract price anchored to the underlying spot price. That's a familiar structure for anyone who's traded crypto perpetuals on Bybit or other exchanges.
Bybit hasn't disclosed the specific contract specs, like tick size or margin requirements, but the structure is likely similar to its existing crypto perpetuals. The key difference here is the underlying asset: fiat currencies instead of digital ones.
For now, the three pairs are the starting point. Whether Bybit expands to more forex pairs will depend on how traders take to these. The exchange is clearly betting that crypto-native traders want a piece of the $7.5 trillion-a-day forex market, without having to leave their comfort zone.
