Bybit: The Complete Guide

What is Bybit?

Bybit (Bybit is a major derivatives-focused centralized crypto exchange founded in 2018 and headquartered in Dubai, offering perpetuals, futures, spot, copy trading, Earn, and a self-custody Web3 wallet; it is not available to US persons and in February 2025 suffered the largest crypto hack ever (~$1.5B) but covered all user funds and stayed solvent) is a major centralized crypto exchange founded in 2018 and headquartered in Dubai, best known for derivatives — perpetual futures and options — alongside spot trading, copy trading, an Earn yield suite, and a self-custody Web3 wallet. It has consistently ranked among the top exchanges by derivatives volume, competing closely with Binance and OKX for active traders. Bybit does not serve US persons. Last verified: 2026-06-16.

Bybit built its reputation on a fast, professional trading interface and deep liquidity in perpetual futures — the leveraged contracts that dominate crypto trading volume. Over time it expanded into spot markets, structured yield, copy trading, a launchpad, and an on-chain Web3 wallet, positioning itself as a full-stack platform rather than a pure derivatives venue. It is closely tied to Mantle, an Ethereum Layer 2 network, and its MNT token, which grew out of the BitDAO ecosystem Bybit backed.

The defining event in Bybit's history is the February 2025 cold-wallet exploit — roughly $1.5B in ETH stolen, the largest crypto hack on record, attributed to North Korea's Lazarus Group. Critically, Bybit covered every affected user from its own balance sheet, kept withdrawals open, and remained solvent. We cover it factually below.

The Bybit short answer

1. Derivatives-first CEX. Perpetuals and futures are the core; spot, copy trading, Earn, and a Web3 wallet round it out.
2. Founded 2018, HQ Dubai. A top-tier global exchange by volume — but not available to US persons.
3. The 2025 hack was real and huge. ~$1.5B in ETH from a cold wallet (Lazarus Group) — yet Bybit covered all users and stayed solvent.
4. Custodial, not self-custody. Monthly proof of reserves and an insurance fund help, but your funds are a claim on the exchange.
5. Tied to Mantle/MNT. A separate volatile L2 token; exchange backing is not a safety guarantee.

Fees

Bybit's spot fees are roughly 0.10% maker / 0.10% taker at the base tier, while derivatives are cheaper — historically around 0.02% maker / 0.055% taker for USDT perpetuals — with VIP and Pro tiers cutting both substantially for high-volume traders. Last verified: 2026-06-16.

Like most large exchanges, Bybit uses a maker/taker model with volume-based VIP tiers and additional Pro/market-maker programs. Makers (who add liquidity with limit orders) pay less than takers (who remove it with market orders), and high-volume accounts pay far less than the base tier. Derivatives fees are charged on notional position size, and leveraged perpetuals also incur a periodic funding rate paid between longs and shorts — that funding cost is often larger than the trading fee for a held position.

These are base VIP 0 rates; rates fall with 30-day volume and can vary by region — confirm the live numbers in your account's My Fee Rate view and the official fee page.

Headline fee numbers change, and promotions or fee-discount tokens can alter the effective rate. Always confirm the live fee schedule on bybit.com before trading, and remember that on leveraged products the funding rate and liquidation risk matter more than the per-trade fee. For a cross-exchange fee comparison, see our best centralized exchanges guide.

Products

Bybit spans leveraged derivatives, spot trading, copy trading, an Earn yield suite, and a self-custody Web3 wallet — a derivatives-first platform that has grown into a full-stack exchange. Last verified: 2026-06-16.

Derivatives (perpetuals & futures)

This is Bybit's core. Perpetual futures are leveraged contracts with no expiry that track an asset's price via a funding mechanism; futures have a settlement date. Bybit offers USDT-margined, USDC-margined, and inverse (coin-margined) contracts, plus options, with high leverage available on major pairs. Deep liquidity and tight BTC/ETH perp spreads make it a favorite of active traders — but leverage cuts both ways: a small adverse move can trigger liquidation, wiping out the position margin. New to perps? Start with our how to start trading perps guide and use small size.

Spot

Bybit's spot market covers hundreds of trading pairs — buy and sell crypto outright with no leverage and no funding rate. Spot is the right starting point for most users: simpler risk, no liquidation, and a clean order-book interface. Fiat access (card purchases, P2P, third-party on-ramps) is available regionally; confirm what's supported for your country.

Copy trading

Copy trading lets you automatically mirror selected "master traders," allocating funds to follow their positions proportionally; masters earn a profit share from followers. It lowers the skill barrier but does not remove risk — many master traders run high leverage, headline returns hide drawdowns, and you bear the losses. Review a trader's maximum drawdown and consistency, not just peak returns, and allocate only a small amount.

Bybit Earn

Bybit Earn bundles yield products: flexible and fixed savings, dual-asset and liquidity products, on-chain staking, and promotional launchpool campaigns where you stake to earn new tokens. Rates range from low single-digit APRs on stablecoins to high, volatile promotional yields. None are guaranteed — products carry counterparty, smart-contract, lockup, or price risk depending on type. For self-custody yield alternatives, see how to earn yield on stablecoins.

Web3 wallet

The Bybit Web3 wallet is a self-custody (non-custodial) wallet built into the app for swaps, DeFi, NFTs, and multi-chain activity — separate from your custodial exchange balance. You control the private keys, so seed-phrase security is on you. It's a convenient bridge from the CEX into on-chain DeFi, but for large long-term holdings a dedicated hardware wallet is safer.

The Mantle / MNT connection

Bybit is closely associated with Mantle, an Ethereum Layer 2, and its native token MNT. Mantle emerged from the BitDAO ecosystem that Bybit backed, and Bybit has supported MNT and Mantle products on its platform. MNT is used for gas and governance on Mantle. Treat MNT as a separate, volatile crypto asset — exchange affiliation does not make a token a safe investment. For more on L2s, see best Ethereum L2s.

Security, proof of reserves, and the 2025 hack

Bybit publishes monthly Merkle-tree proof of reserves and runs an insurance fund, but the defining test came in February 2025: a ~$1.5B cold-wallet ETH theft — the largest crypto hack ever, attributed to North Korea's Lazarus Group — which Bybit covered in full while staying solvent and keeping withdrawals open. Last verified: 2026-06-16.

What happened in February 2025

On February 21, 2025, attackers drained roughly 401,000 ETH (~$1.5B) from one of Bybit's Ethereum cold wallets — the largest single crypto theft on record. The attack vector is the important lesson: it was not a bug in Bybit's own code, but a compromise of Safe{Wallet} (the third-party multisig interface Bybit used). Attackers pushed malicious JavaScript into the Safe UI so that signers reviewing a routine transfer saw a legitimate-looking transaction while actually blind-signing one that handed control of the wallet's logic to the attacker. Investigators including Chainalysis, Elliptic, and the FBI attributed it to North Korea's Lazarus Group (tied to the Reconnaissance General Bureau). The stolen ETH was laundered fast — an estimated $160M within 48 hours — through DEXs, cross-chain bridges, and mixers, with most never recovered. The takeaway for any user: even a "cold" wallet is only as safe as the signing interface in front of it.

How Bybit responded

The response is why Bybit is still operating. CEO Ben Zhou publicly confirmed the breach within hours, stated the exchange remained solvent, and that all client funds were 1:1 backed — any shortfall would be covered by Bybit. The company closed the entire ~$1.5B ETH gap within about 72 hours, sourcing emergency liquidity via loans and large deposits from partners including Galaxy Digital, FalconX, and Wintermute, with additional support from peers such as Bitget, MEXC, and DWF Labs. It processed a record surge of withdrawals without halting them. No customer lost funds. Bybit also launched a recovery bounty (up to 10% of recovered assets) and worked with on-chain analytics firms to flag laundering routes.

Proof of reserves and ongoing security

Bybit publishes monthly proof-of-reserves reports using a Merkle-tree attestation of customer balances against on-chain reserve wallets, lets users verify their own balance inclusion, and maintains an insurance fund for derivatives. Standard account controls include authenticator-app and passkey 2FA, anti-phishing codes, and withdrawal-address whitelisting.

The honest takeaway: the 2025 hack proved both a worst-case scenario and a best-case response — an exchange can lose the largest sum in crypto history and still make users whole if it's solvent and well-capitalized. But no CEX is risk-free. Custody means counterparty risk, and the next exchange to be hit may not have the balance sheet to absorb it. Verify proof of reserves before depositing and keep long-term holdings in self-custody. Our best centralized exchanges guide compares CEX security track records.

How to get started (with safety)

Open the official site, complete KYC, lock down 2FA and a withdrawal whitelist, fund only active-trading capital, and start small with spot before touching leverage. Last verified: 2026-06-16.

1. Confirm eligibility and open bybit.com. Verify the official domain and that Bybit is legal and available where you live — it does not serve US persons.
2. Create an account and complete KYC. Use a strong, unique password; complete identity verification to unlock withdrawals and most products.
3. Lock down security. Enable authenticator-app or passkey 2FA (never SMS), set an anti-phishing code, and configure a withdrawal-address whitelist with a cooldown.
4. Fund and start small. Deposit only what you'll actively trade. Begin with spot or small size before leverage, copy trading, or Earn.
5. Self-custody the rest. Withdraw long-term BTC/ETH to a hardware wallet; treat the exchange as working capital, not storage.

Bybit referral code & sign-up bonus (2026)

The Bybit referral code is 7KAPB. Enter it at sign-up, or open an account through our Bybit referral link (which applies the code automatically), to qualify for Bybit's current new-user rewards.

Here's the honest version of how Bybit's referral and affiliate program works, so you know exactly what you're getting:

• What a referral code does. It tags your new account to a referrer at sign-up. In return you become eligible for Bybit's welcome / sign-up bonus — typically deposit and first-trade rewards (e.g. bonus credits or fee vouchers). The exact amounts are set by Bybit's current promotion and change frequently, so treat any fixed "$X bonus" figure you see elsewhere as marketing, not a guarantee — confirm the live offer on the rewards page after sign-up.
• Referral link vs affiliate link. A referral link (what most users share) grants the new user the standard sign-up bonus. Bybit's separate affiliate program is for high-volume partners and pays commission on referred trading fees; it doesn't change the bonus you receive as a new user.
• How to claim it. 1) Open the referral link or enter code 7KAPB manually. 2) Complete KYC. 3) Make a qualifying deposit and/or first trade within the promo window. 4) Check Rewards Hub for credited bonuses and their unlock conditions.
• Read the terms first. Bonus credits usually carry wagering/volume conditions and expiry — they're trading incentives, not free withdrawable cash. Never deposit more than your normal active-trading capital just to chase a bonus.

A referral bonus is a small kicker, not a reason to choose an exchange. Pick Bybit (or any CEX) on fees, liquidity, security and jurisdiction first — the code is just the sign-up step.

Bybit vs other exchanges

Bybit is the derivatives specialist — deep perpetual-futures liquidity and a polished pro interface — while Binance is the broadest global venue and Coinbase is the US-regulated, beginner-friendly choice. Last verified: 2026-06-16.

The practical takeaway: if you trade perpetuals and futures and you're outside the US, Bybit is among the strongest venues for execution and liquidity. If you want the widest product range, Binance competes hard on fees and breadth. If you're a US person or a beginner who values regulatory clarity and fiat rails, Coinbase or Kraken fit better. See best centralized exchanges for the full field.

Risks and what to avoid

A CEX is custodial — your funds are a claim on Bybit, not self-custody — and leverage, copy trading, and yield products each add their own risk on top of counterparty and regulatory exposure. Last verified: 2026-06-16.

• Counterparty / custody risk. You don't hold the keys. Proof of reserves and an insurance fund help, but solvency at the moment of crisis is what matters — as the 2025 hack showed both ways.
• Leverage and liquidation. Perpetuals can liquidate your position on a small move. Funding costs accumulate. Size positions conservatively.
• Copy trading is not passive safety. You inherit a master trader's leverage and drawdowns; headline returns hide risk.
• Earn yields are not guaranteed. Lockups, smart-contract, and price risk vary by product. High promotional APRs usually mean high risk.
• Regulatory / regional risk. Bybit is unavailable to US persons and restricted elsewhere; rules change. Evading geo-blocks with a VPN can get funds frozen.
• Phishing. Fake Bybit sites and apps are common — always confirm the URL is bybit.com and set an anti-phishing code.

Safety checklist

1. Verify the URL is bybit.com — fake exchange sites are a top phishing vector.
2. Enable authenticator-app or passkey 2FA — never SMS (SIM-swap attacks are real).
3. Set a withdrawal-address whitelist with a cooldown on new addresses.
4. Check proof of reserves is recent before depositing meaningful amounts.
5. Keep only active-trading capital on Bybit; self-custody long-term holdings.
6. Start small with spot before leverage, copy trading, or Earn — and confirm Bybit is legal where you live.

Glossary

• Perpetual future (perp) — a leveraged contract with no expiry that tracks an asset's price via a funding mechanism.
• Funding rate — periodic payment between longs and shorts that keeps a perp's price near spot.
• Liquidation — forced closure of a leveraged position when margin runs out; you lose the position margin.
• Maker / taker — maker adds liquidity (limit order, lower fee); taker removes it (market order, higher fee).
• Spot — buying/selling the actual asset with no leverage or funding.
• Copy trading — automatically mirroring a selected "master trader's" positions for a profit-share fee.
• Earn — Bybit's suite of yield products (savings, staking, dual-asset, launchpool).
• Web3 wallet — Bybit's in-app self-custody wallet for on-chain DeFi, swaps, and NFTs.
• Proof of reserves — Merkle-tree attestation that customer balances are backed by on-chain reserve wallets.
• Insurance fund — a reserve that absorbs losses from underwater liquidations in derivatives markets.
• Cold wallet — offline-key storage; the type compromised in the February 2025 signing attack.
• Lazarus Group — North Korea-linked hacking collective blamed for the ~$1.5B Bybit exploit.
• Mantle / MNT — an Ethereum L2 and its native token, tied to Bybit via the former BitDAO ecosystem.

Looking ahead

Bybit's 2026 story is reputational and structural: having absorbed the largest hack in crypto history without losing user funds, it now leans on transparency — monthly proof of reserves, hardened signing processes, and security partnerships — to rebuild trust while defending its derivatives-volume position against Binance and OKX. Watch three signals: whether its market share and open interest hold as competition intensifies, how its regulatory posture evolves (Dubai HQ, expanding licensing, continued US exclusion), and how the Mantle/MNT ecosystem develops as an L2 distinct from the exchange. For broader context, see our best centralized exchanges, best perpetual DEXs, and how to start trading perps guides — and remember the constant across every cycle: a CEX is custodial, so keep only what you're actively trading and self-custody the rest.