The PENGU Spot ETF is the first NFT-based crypto ETF application, as Canary Capital aims to merge NFTs and DeFi—will the SEC approve this groundbreaking move

January 2024 marked a pivotal point in the crypto industry: the US Securities and Exchange Commission (SEC) approved a bunch of 

 (ETFs) after a decade of resisting it. Later that year, several Ethereum (ETH) Spot ETFs were also approved. These early successes encouraged investment funds focused on digital assets to seek approvals for other 

 (AVAX) and other high-cap cryptos have ended up on the SEC's desk in recent months.

Until Mar 20, 2025, one thing had never occurred: an 

-based crypto ETF application. Such a move was thought to border on impossibility, given how stringently and at length the SEC evaluated ETF applications even for established fungible cryptos. And yet, the Canary Capital investment manager submitted an application to the SEC for approval of the first NFT-focused crypto ETF product, the PENGU Spot ETF, triggering a mini-revolution in the emerging space at the junction of crypto and traditional finance.

If approved, this ETF will be the first of its kind in the industry, based on a mix of 

. Many observers expect Canary Capital to struggle mightily for SEC endorsement of its revolutionary product. Nevertheless, the SEC now has a track record of approving crypto ETFs — which raises hopes for both the altcoin ETFs mentioned above and the PENGU Spot ETF application.

The PENGU Spot ETF is a proposed exchange-traded fund (ETF) product introduced by the Canary Capital investment management firm, and is currently awaiting approval by the SEC. 

 on Mar 20, 2025, making this the first crypto ETF product with an NFT component that’s vying for the approval of America's primary financial regulator. The ETF has been registered in the US state of Delaware.

The Pengu Spot ETF's portfolio is envisioned as consisting primarily of PENGU tokens that will make up anywhere between 80% and 95% of total assets held, with the rest allocated to Pudgy Penguins NFTs. Small portions of Solana's SOL coins and Ethereum's ETH tokens will also be included in order to facilitate transactions and liquidity support, as PENGU tokens are mainly issued on the Solana blockchain, and Pudgy Penguins NFTs are an Ethereum-based collection. 

Since Canary Capital will hold these assets and periodically rebalance the portfolio, gas fee payments on Solana and Ethereum will apply, with fees paid in SOL and ETH, respectively.

Launched in 2021 on Solana, the Pudgy Penguins NFT collection consists of 8,888 items, each depicting a cute penguin with a distinct combination of five different traits. In December 2024, the project introduced a related fungible cryptocurrency, the Ethereum-based PENGU token. As of Apr 2, 2025, PENGU is a smaller-cap asset, ranked 191st in the crypto market, with a total 

 of $319 million. In contrast, Pudgy Penguins are among the leading projects in the NFT space, ranked second among all NFT collections, with a market cap of $155 million.

Canary Capital's application to the SEC is unique in two ways: it’s the first ETF with an NFT component, and it marks the first time ETF approval has been sought for a relatively smaller-cap cryptocurrency, PENGU, which isn’t even among the top 100 crypto assets by market cap. All of the other crypto ETF applications approved by the SEC (or currently vying for approval) are based on high-cap, leading assets that are typically ranked within the top 30.

As of Apr 2, 2025, the SEC has had the application for the PENGU Spot ETF application for just two weeks. The regulator has up to 240 days to review such applications, although historically, the SEC has pondered over crypto ETF applications for years. Now, however, the string of Bitcoin and Ethereum Spot ETF approvals in 2024 raises hopes that newer submissions may be subject to an already established evaluation framework — and thus greenlighted much faster.

At the moment, the SEC is also considering spot ETF applications for several high-cap cryptocurrencies, including Dogecoin, Solana, Polkadot, 

 (XRP). If the regulator decides to approve the applications in batch mode — all or several at once — Canary Capital will have reason to hope that its ETF is included.

However, there's been skepticism regarding the PENGU Spot ETF application, with some analysts believing that its chances might differ from those of the larger, more established altcoin ETFs. This isn't surprising, as a PENGU Spot ETF would be a distinct product, being the first NFT-focused ETF. In addition, NFTs have more limited liquidity than fungible cryptocurrencies. 

NFTs may also be harder to valuate objectively. The prices of fungible cryptos are easily sourced from the crypto market, where supply and demand establish their value. In contrast, the limited liquidity and uniqueness of NFTs makes it much harder to price them efficiently.

Moreover, the PENGU token — which will make up most of the proposed ETF — isn't among the most traded assets in the crypto market. Because PENGU has a modest position in the crypto space (along with its origins as a 

), the SEC could view it with more skepticism than it does the leading altcoins.

Naturally, all these factors are just speculation at this point, and we’ll need to wait on the SEC’s initial comments regarding the first NFT-based ETF under their consideration in order to form a more defined view of the product's prospects for approval.

Current impact of the PENGU Spot ETF application on the crypto market

The news of the PENGU Spot ETF application has so far had no appreciable impact on the price of the PENGU token itself. On the day of the application (Mar 20, 2025), the token was trading at around $0.007. Two weeks later, it's still hovering around the same price. 

On the other hand, there's been a modest increase in the average price of Pudgy Penguins NFTs traded on the market: between March 20 and 28, the average price rose by 16% from around $16,450 to $19,120, though it has since retraced slightly to $17,490 as of Apr 2.

Given the modest price effect, investors are likely still cautious about the chances for the PENGU Spot ETF's approval.

However, if it is approved, the broader impact on the crypto market could be far-reaching, as such a step would signify the SEC's openness to both NFT-based ETFs, and ETFs made up of smaller-cap cryptocurrencies, including meme coins. The number of tokenized asset funds that offer NFT-based products would then be likely to increase significantly, facilitating mainstream NFT adoption within traditional financial markets.

An SEC approval of the PENGU Spot ETF may lead to a flurry of further ETF applications based on NFTs in some form. This could even include the first ETFs composed entirely of NFTs. Other crypto asset types — e.g., 

 (RWAs) — may also become candidates for the SEC’s consideration. Furthermore, in the unlikely event that Canary Capital’s PENGU Spot ETF were to be approved ahead of the altcoin spot ETFs currently in the SEC’s pipeline, it would send a very strong signal that those ETF applications are also a sure bet.

The current PENGU Spot ETF application is a pioneering event that may open up opportunities for NFT ETFs and other crypto ETFs based on partial NFT holdings. Although the SEC approved multiple Bitcoin Spot ETFs in early 2024, few people expected an NFT-based ETF to emerge so soon afterward. Probably even fewer expected a meme coin–based ETF to be taken seriously by the SEC. Unique in so many ways, the PENGU ETF flips the entire concept of traditional ETFs on its head.

Canary Capital's attempt to get approval for an NFT-backed ETF is truly a bold undertaking, though observers said the same thing about 

 just a few years ago. Someone needed to become a trailblazer in this area — and Canary Capital has taken up the noble role without hesitation. Now, all eyes are on the SEC as it prepares to weigh in on a product it has never before encountered.

Intermediate

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PENGU Spot ETF: A bold move for NFT investing — or just hype?

In this article, we break down what to expect from Liberation Day and how it could shape the outlook for equities, the US economy and crypto markets.

 April 2, 2025 as "Liberation Day" — a moment he claims will restore America's trade fairness through sweeping reciprocal tariffs. With few concrete details confirmed, global markets remain on edge. Investors are bracing for the economic fallout of a potential trade war, and crypto traders are watching closely to assess the impact on digital assets. In this article, we break down what to expect from “Liberation Day” and how it could shape the outlook for equities, the US economy and crypto markets.

Since returning to the White House in January 2025, President Trump has prioritized reshaping US trade policy with a renewed focus on tariffs. His administration has already announced 

 on all steel and aluminum imports. Many of these actions take effect this week, coinciding with his so-called Liberation Day.

Trump argues that tariffs are a necessary tool to reduce the US trade deficit and force foreign nations to stop what he calls "economic warfare" against the American worker. Treasury secretary Scott Bessent 

 countries with persistent trade surpluses — dubbed the 

 — as primary targets for reciprocal tariffs. These include China, the EU, Canada and Mexico.

However, critics point to the growing risk of a global trade war, with multiple partners already threatening or initiating retaliatory measures. Goldman Sachs recently 

, citing declining business confidence and mounting economic uncertainty. The tariffs, designed to protect US industries, could instead raise prices and weigh on consumer spending.

What to expect from Trump's ‘Liberation Day’ announcement

Trump is expected to reveal his tariff plans in a Rose Garden press conference on April 2. White House press secretary Karoline Leavitt 

 that the president would impose tariffs on "any country that has treated the American people unfairly" — though no nation-specific exemptions have been confirmed. Trump has promised these reciprocal tariffs will be 

While final details remain under wraps, proposals have included both country-wide and sector-specific tariffs. These could range from uniform, percentage-based levies to targeted charges on industries like pharmaceuticals, semiconductors and autos. Trump's advisers, including Trump trade adviser Peter Navarro and commerce secretary Howard Lutnick, claim the new tariffs could generate over $600 billion annually — though many economists dispute this figure.

Delayed tariffs on Canadian and Mexican imports, 

 in early March, are also set to take effect this week. These include taxes on agricultural products, energy goods and automotive components. Trump has also 

 a 25% tariff on imports from countries that purchase oil or gas from Venezuela.

Given the administration's conflicting signals in recent weeks, there's a wide range of potential outcomes. Whether “Liberation Day” ushers in immediate enforcement, additional delays or future negotiation rounds remains to be seen. For now, uncertainty reigns.

Potential impact on the US economy and global markets

Economists warn that broad-based tariffs could lead to slower US growth, higher consumer prices and widening inequality. Goldman Sachs now 

 Trump's trade policies to reduce annual GDP growth to 1.5% from 2%, while the odds of a recession are being raised from 20% to 35%.

Global equity markets have already shown signs of stress. European and Asian indices dipped ahead of “Liberation Day,” while the S&P 500 and Nasdaq-100 

 in March (respectively). Auto manufacturers, tech firms and retailers could be especially vulnerable if tariffs disrupt global supply chains.

There's also the question of the Federal Reserve's response. With inflation risks rising, policymakers may hold off on anticipated rate cuts, further complicating the economic outlook heading into Q2.

How will ‘Liberation Day’ affect the crypto industry?

Crypto markets have mirrored broader risk sentiment over the past quarter, with investors reducing exposure amid macroeconomic turbulence. As of April 1, the 

 is down 16.9% year-to-date. Bitcoin has fallen 10.48%, Ethereum 44.2% and Solana 33% — despite reaching new highs in January on hopes for pro-crypto policies from the Trump administration.

Investor optimism has since cooled as recession risks, inflation concerns and policy unpredictability drive a risk-off mood. Bitcoin dipped to $81,656 over the weekend, marking its weakest Q1 since 2018. Traders remain cautious ahead of “Liberation Day,” awaiting clarity before opening new positions.

“Liberation Day” could further weigh on crypto prices if market volatility increases and capital rotates out of risk assets. However, some analysts believe any resulting sell-off may offer an opportunity to 

 — especially if Trump follows through on crypto-friendly regulation later this year. For now, though, many eyes are on April 2.

With details still unknown, the crypto market remains in a "wait-and-see" phase. “Liberation Day” could mark a turning point — for better or worse — depending upon the scope and execution of Trump's tariff agenda.

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Trump's 'Liberation Day': What it means for crypto markets

Grayscale has filed to convert its private Digital Large Cap Fund, which includes Bitcoin, Ethereum, XRP, Solana, and Cardano, into a publicly available exchange-traded fund (ETF). 

Daily top performer — Compound Finance (COMP)

The S&P 500 rose 0.38% as investors awaited new tariffs amid weak factory data and declining job openings. Gold eased to $3,113 after hitting a record high, driven by profit-taking ahead of Trump's tariff announcement, but remains strong due to safe-haven demand and economic uncertainties. The Coindesk Indices, which tracks the broader crypto market, are up by 1.30%, with Bitcoin and Ether are up 3.10% and 5.19%, 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 COMP, up 14.3%, following the proposal for the creation of a foundation to ensure consistent leadership and coordination by Compound.

Compound Finance (COMP), launched in September 2018, is a DeFi lending platform that allows users to earn interest on crypto assets. Built on smart contracts, it adjusts interest rates based on supply and demand, connecting lenders and borrowers without intermediaries. In June 2020, Compound decentralized with the launch of COMP and full governance transfer. However, it lacks a core operational pillar. With Compound v4 development and increased community engagement, the need for consistent leadership has grown. To address this, Compound Labs 

 creating a Compound Foundation for structure, clarity, and coordination, similar to other ecosystems like Uniswap.

Check out the latest prices, charts, and data of 

 to convert its private Digital Large Cap Fund, which includes Bitcoin, Ethereum, XRP, Solana, and Cardano, into a publicly available exchange-traded fund (ETF). The fund, which currently holds 79.4% Bitcoin and 10.69% Ethereum, has grown by 478.83% since its launch in 2018. The conversion would allow everyday investors to access the crypto market, covering about 75% of the digital asset market cap. If successful, it would eliminate the current barrier that restricts access to accredited investors. The filing is still in progress, with management fees and other details pending.

Yesterday, BTC spot ETF had a total outflow of $157.8 million, with GBTC seeing a loss of $10.1 million and non-GBTC products losing $147.7 million.

 that its airdrop might be approaching, with a claim page now live. Registration for the airdrop runs from April 2 to April 17, and claims are expected to open on April 22. However, nothing has been officially confirmed yet. Stay tuned for updates.

Beginner

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Grayscale files to convert digital large cap fund into publicly accessible crypto ETF

In this guide, we'll dive into how to trade crypto with the Bybit app, a convenient and feature-rich platform. Explore spot and derivatives trading for beginners on the Bybit app.

Welcome to our step-by-step guide on trading using the Bybit app. In this article, we’ll walk you through everything you need to know — from downloading the app and setting up your account to executing spot, margin and derivatives trades. Bybit is a leading cryptocurrency exchange that offers a fully localized and user-friendly mobile experience, making it easy for both beginning and seasoned traders to manage their investments seamlessly.

First, download the Bybit app from the App Store (iOS) or Google Play (Android). Once you’ve installed the app, open it and select your preferred language.

 and register using your email address or phone number. Complete the verification process by submitting your mainland Chinese ID or passport as required. This step is crucial to ensure your account is secure, and to unlock higher withdrawal limits.

After verifying your identity, head over to the 

 tab to fund your account. You can directly deposit cryptocurrencies like BTC or USDT. Our 

 (UTA) streamlines fund management, allowing you to trade seamlessly across different markets without the hassle of multiple wallets.

Spot trading with Bybit lets you buy or sell cryptocurrencies at current market prices with immediate settlement.

To begin, log in to the app and tap on the 

Choose your desired trading pair, such as BTC/USDC or ETH/USDT, from the list.

 lets you specify a price at which you want to buy or sell. 

Enter the amount you wish to trade, review the details and confirm your order.

Once your order is executed, monitor its status in the 

Bybit has an intuitive interface that displays real-time updates, so you can track your trades anytime with ease. 

How to execute a spot margin trade with the Bybit app

For traders looking to leverage their positions, Bybit offers a spot margin trading feature that allows you to borrow funds to increase your buying power. Start by logging into your account and tapping on 

Choose a trading pair, such as ETH/USDC, which supports margin trading with leverage options of up to 10x. 

Once your trading pair is selected, you’ll need to select the margin amount (e.g., 

 at which you want your limit order to execute.

You’ll also see several other important metrics, such as 

Enter the amount you wish to trade, and then carefully review all of the details.

After confirming your order, your margin trade will be executed. You can track your position in the 

 tab, where you can also set up stop-loss or take-profit orders to manage risk. 

How to trade derivatives with the Bybit app

Bybit also offers derivatives trading, which allows you to speculate on the price movements of cryptocurrencies without actually owning the underlying assets. Derivatives include Futures and Perpetual contracts, which can be traded with leverage, sometimes up to 100x.

To start, log in to your account and tap on 

Set your desired leverage (e.g., 50x) and choose between 

 margin modes, based on your risk preference.

 (if using limit or conditional orders) and 

Once you’re satisfied with your parameters, confirm your order and your position will appear in the 

Trading with the Bybit app offers numerous advantages that make managing digital assets both efficient and secure. The platform’s user-friendly design, high-speed execution and comprehensive risk management tools cater to traders of all levels. Our Unified Trading Account (UTA) streamlines fund management by consolidating assets for spot, margin and derivatives trading under one account, which reduces operational complexity and enhances overall efficiency. This streamlined approach lets you focus on strategy rather than logistics.

Additionally, Bybit’s state-of-the-art security measures — such as multi-factor authentication, regular independent audits and cold storage of assets — ensure that your transactions are conducted safely and transparently. With an interface designed to minimize distractions and provide real-time data, you can quickly monitor market movements and adjust positions. 

Our commitment to a secure and reliable trading experience is evident in our continuous improvements and proactive customer support. These features empower you to make informed trading decisions, fostering confidence in your ability to navigate the dynamic crypto market.

Bybit delivers a secure, robust and intuitive mobile platform that simplifies cryptocurrency trading for everyone. In this guide, we’ve explored how to set up an account, fund it and execute various types of trades — spot, margin and derivatives — using a fully localized and user-friendly interface. Our Unified Trading Account and comprehensive risk management tools ensure a smooth trading experience so you can focus on growing your investments.

Looking ahead, Bybit remains dedicated to innovation and excellence in the crypto industry. We continually refine our platform, based on user feedback and market trends, ensuring that you have access to the latest tools and features. Our commitment to transparency and security underpins everything we do as we build trust and empower traders. 

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How to trade with the Bybit app

Bybit Learn

Bybit Institutional Services

Institutions and VIP traders choose Bybit Institutional services for its reliability, deep liquidity and its impeccable offered services. Learn how to get started.

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The terminologies of Bitcoin, NFTs and web3 have been circulating for quite some time now. Many individuals already dabble in these realms, along with the presence of institutions in the cryptocurrency space. In fact, several facts indicate that institutional involvement has played a significant role in the substantial bull run experienced in late 2021. Notably, numerous public companies such as MicroStrategy and Tesla have openly engaged in Bitcoin acquisitions as an investment strategy.

For instance, in early 2021, Tesla announced its impressive 

, drawing considerable attention to the cryptocurrency world. This, in turn, enhanced Bitcoin's credibility as a reliable store of value and sparked increased interest from mainstream institutions — a positive indicator for long-term growth prospects.

Moreover, amidst the banking crisis within the crypto industry itself, BlackRock — the largest asset manager globally — has applied for a Spot Bitcoin ETF (

). Additionally, Fidelity's recent expansion into Bitcoin and Ether trading has fueled enthusiasm among investors, leading to an upsurge within the crypto market.

This article will discuss the crucial roles of institutions in maintaining sanity within the crypto environment and fostering its long-term growth. Additionally, we’ll look at some of the reasons that Bybit Institutional Services may become instrumental in preserving the longevity of crypto.

Bybit Institutional Services is a globally trusted service that’s built upon a high-level security framework, with the precision to ensure all partners’ operations are secure and seamless. 

paired with excellent liquidity, the platform’s cutting-edge technology and personalized trading services allow all partners — asset managers, market makers, hedge funds, liquidity providers, proprietary trading firms, venture capitalists and family offices — to capitalize on opportunities promptly and effectively. The promised low latency further ensures that institutions stay ahead of the game, operating in real-time in an industry where every second counts.

At Bybit, unrivaled pre- and post-customer support are top priorities in serving a vast clientele profile. Bybit's customer-first approach helps you navigate our comprehensive suite of trading and asset management solutions — tailored to every institution's needs — efficiently and safely.

Professionals and institutions can enjoy unrivaled execution services, such as over-the-counter (OTC) solutions for flexible financing at competitive rates and preferred terms; liquidity programs, to enjoy rebates from trading on 

; customized data and reporting; access to all-encompassing trading solutions; and seamless API integration across all of Bybit’s major trading products. In addition, 

 further enhances your trading experiences on the platform, which offers the best liquidity at the most competitive trading fees.

Criteria for Choosing a Crypto Institutional Service

When selecting a crypto service for institutional clients, it’s crucial to consider the following criteria.

Our utmost priority lies in ensuring our clients’ security, particularly when dealing with substantial monetary amounts. It’s imperative that funds remain safeguarded against potential threats or breaches. Therefore, collaborating with a crypto exchange that implements robust security measures like multi-factor authentication becomes essential. Bybit employs exemplary comprehensive trading regulations alongside fail-proof security strategies and stringent fund storage policies. These procedures ensure clear segregation between Bybit's own funds and those of its clients, guaranteeing a secure and dependable trading experience for all parties involved.

When evaluating a crypto exchange for institutional services, liquidity is a crucial factor to consider. Institutional clients require access to extensive and reliable liquidity pools to execute their trades efficiently. To meet these needs, a crypto exchange must establish strong partnerships with liquidity providers and offer competitive spreads and order execution. This ensures that institutional clients can enter and exit positions without experiencing significant 

, enabling them to implement their investment strategies effectively. For example, Bybit's

 engine consistently pushes data every 20 milliseconds, resulting in an impressive 99.99% system uptime — even during periods of market congestion.

Ensuring regulatory compliance is a crucial aspect for institutional clients. When operating within a highly regulated environment, institutions seek a crypto exchange that strictly adheres to regulations. Bybit stands out as one of the leading cryptocurrency exchanges, having obtained in-principle approval licenses from the United Arab Emirates while fully complying with anti-money laundering (AML) and 

 (KYC) requirements. This uncompromising commitment instills confidence in institutional clients, assuring them of Bybit’s legitimacy and providing them trustworthiness in their transactions.

Bybit goes above and beyond by prioritizing transparency, disclosing reserve ratios and engaging third-party auditors to verify asset balances using Merkle tree technology. In addition, we provide comprehensive information about user ownership and wallet address balance. Bybit's dedication to regulatory compliance and its unwavering commitment to transparency allows institutional clients to confidently engage in secure trading activities on our esteemed platform.

The selection of available financial products and services holds immense importance when determining an institutional service. Whether it be Spot trading, Futures Contracts or Options trading, offering a diverse range of products empowers institutional clients to customize their investment strategies according to their specific requirements. In addition, providing access to advanced trading tools and analytics can prove to be highly advantageous for institutions seeking valuable insights and informed decision-making.

Moreover, the significance of customer support and reliability cannot be overstated. Institutional clients necessitate prompt and efficient assistance when encountering any issues or technical difficulties. It’s crucial to select an exchange that offers 24/7 customer support while maintaining a reliable track record in terms of uptime and system stability. This ensures uninterrupted trading for institutional clients while instilling confidence in the knowledge that they can rely on the exchange's support team whenever necessary.

By carefully evaluating these criteria, institutions should partner with a crypto exchange that meets their specific needs and provides them with the necessary tools and services to successfully navigate the crypto industry.

Bybit stands proud as the top crypto exchange in trading volume, a testament to our reliability, scale and trust placed in us by a diverse global clientele. Our unwavering services stem directly from our motto: Listen, Care and Improve.

Following are a few examples of why institutions trust Bybit.

Our utmost commitment lies in providing unparalleled customer assistance, offering personalized one-on-one concierge support in a wide range of global languages, including English, Russian, Mandarin, Turkish, Arabic and more. Our world-class White Glove Service prioritizes genuine human interaction over artificial intelligence or chatbots, ensuring a welcoming and transparent experience while effectively resolving any issues you may encounter. Our dedicated team is available around the clock to assist you 24/7.

At Bybit, we’ve recently revamped our fee structures to offer five distinct tiers that cater to the unique needs of every institution. Whether you’re an advanced trader seeking maximum returns, a passive income earner or a long-term investor looking for stability and security, we meticulously design a customized program tailored specifically to your requirements.

Bybit’s newly revamped trading fees offer VIP- and Pro-level traders more competitive trading fees based on their accumulated 30-day Spot or Futures trading volume.

3. Industry-Leading Capital Safety and Efficient Trading Environment

Among worldwide crypto exchanges, Bybit stands out as one of the few platforms offering an impressive 99.99% system uptime. With our revamped low latency, we now boast the fastest request time in the market, empowering institutions to optimize their trading strategies for unparalleled performance.

Institutional clients overwhelmingly choose Bybit for our robust liquidity, which facilitates seamless high-stakes trading and flawlessly accommodates all transaction demands. Moreover, clients have the flexibility to select from a carefully curated list of esteemed custodial partners, such as 

, for additional security of their funds if they prefer not to directly deposit into Bybit.

Transparency is a key value at Bybit, exemplified by our unwavering commitment to

 via third-party audits. This scrutiny provides an irrefutable demonstration of our asset balances by using

, showcasing wallet address balance and ownership as well as reserve ratio information. Furthermore, we enforce strict withdrawal policies, ensuring that all funds at Bybit are meticulously segregated and protected via robust measures, such as 2FA Google Authenticator, YubiKey authentication and Fund passcodes for enhanced verification.

At Bybit, we revolutionize crypto trading by combining industry-leading safety measures with an empowering platform designed specifically for institutional traders seeking unparalleled speed and efficiency in their transactions.

Bybit offers a wide range of trading products for institutions, including over 260 Spot trading pairs, 160 Derivatives Contracts and three Options contracts. The introduction of

 further enhances efficiency by enabling traders to access multiple product lines through a single account, maximizing capital utilization with automatic borrowing.

Institutions also benefit from Bybit’s Portfolio Margin mode, which provides class-leading liquidity with minimal slippage. Portfolio Margin supports offsetting of profits and losses across Derivatives and Spot trading, while allowing traders to optimize capital utilization within the collateral margin.

Bybit Institutions Service is dedicated to reaching new heights. We provide customized solutions tailored specifically for our institutional clients. Our commitment is to deliver exceptional service that meets your unique requirements and helps you achieve your goals in the most effective way possible.

We offer a comprehensive suite of unified 

 for smooth and easy integration. Institutions can glean insights from comprehensive historical market data via the Bybit V5 suite of APIs in a CSV format to speedily backtest and build strategies.

API V5 is built upon V3, so minimal changes are required to upgrade. If you’re already connected via Contract V3 or Unified V3, simply change the URL to the corresponding one for V5 and adjust some interface fields. Please refer to the

 below for more details about specific interfaces.

V5 gives you the ability to upgrade to a unified account, allowing for sharing and cross-utilization of funds across Spot, USDT Perpetual, USDC Perpetual and Options contracts. You can also offset profit and losses across different positions, thus further enhancing capital efficiency.

API V5 supports borrowing across a unified account mode. Users can pledge multiple assets as collateral to obtain margins for trading across different products.

A trader opens a USDT-settled BTCUSDT contract position while holding only BTC assets. If a floating loss is incurred, a debt will be recorded and interest will be charged hourly.

Unified accounts now support block trading via 

 so you can utilize funds across different products.

Unified Accounts now support combined margin between USDT Perpetual, USDC Perpetual, USDC Futures and Options contracts.

How to Get Connected With Bybit Institutions

Bybit Institutional Services provides consistently deep liquidity and time-tested reliability. To get started, follow the simple steps below.

 with all of the required institution, contact, business and service details

: Please wait for our sales team to contact you with a business proposal based on your inquiries, which should take no longer than three working days

: If you require further assistance or additional inquiry, drop us an email at 

 with all of the required details and your Bybit UID so the team can retrieve your information from the system

: Update your contact and business details with your latest platform trading volume

: Please wait for our sales team to contact you with a customized business proposal based on your inquiries, which should take no longer than three working days

Bybit Institutional Services tailors to every institution's needs. We stand proud as a crypto exchange with reliability and scale to our customers in the dynamic crypto landscape. We’re built to nurture and grow with you as a partner for long-term growth.

4 Reasons Why Institutions Choose Bybit Institutional Services

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