What this exchange is
Bybit launched in 2018 and is known first of all as a perpetual futures venue: its derivatives interface is considered among the best on the market and its books on major contracts among the deepest. Spot came later and is shallower than derivatives, though perfectly usable on major pairs.
Legally the exchange settled in the UAE and holds a licence from the Dubai regulator — a rare thing among large venues, most of which operate from offshore jurisdictions.
The unified trading account
The main thing to understand before you start: Bybit merges spot, futures and options into one account with shared collateral. That is convenient — no moving funds between sections, and a spot asset can back a futures position.
It is also the main risk for a beginner. With shared collateral, a losing futures position eats into margin that includes your spot coins. A liquidation can reach what you thought was set aside. If you came only for spot, keep the account in classic mode and leave derivatives alone.
Fees, funding and withdrawals
Spot rates are standard for a large venue; the discount grows with volume and with MNT held. Withdrawal fees per network are in the live table at the top of this page.
Bybit's P2P is smaller than Binance's, but there are enough advertisements in the common currencies, and the spread is often better precisely because fewer sellers compete for the top rows. For arbitrage that is worth checking: a thin market sometimes prices better than a broad one.
What to know
In February 2025 Bybit suffered the largest theft in crypto history: attackers took control of a transaction from a cold wallet and moved out roughly one and a half billion dollars in ether. The attack did not go through the exchange directly but through a spoofed interface of the third-party multisignature service it used to approve transfers.
An essential detail: Bybit covered the loss in full and kept processing withdrawals without interruption, sourcing the missing liquidity. Users lost nothing. The episode deserves to be read both ways: the breach was unprecedented in scale, but the exchange met its obligations — which has not always been the case in this industry.
Who it suits
Anyone trading derivatives, or wanting spot and futures in one place. For pure spot the case is weaker: Bybit trails both Binance and OKX on book depth and coin count.