Cryptocurrency exchange Bybit has announced today it will launch an ether futures contract on 20 May, further diversifying its offerings of the leading altcoin.
Cryptocurrency exchange Bybit is to launch an ether futures contract on 20 May, further diversifying its offerings of the leading altcoin.
ETHUSD0625 will start trading on 20 May at or after 10AM UTC if liquidity conditions are met; ETHUSD0924 will start trading on 24 May at or after 10AM UTC if liquidity conditions are met. Ether futures will not require a funding fee; so as long as the contracts are valid, traders can hold their positions free of charge.
The previously announced Bybit Cloud Mining, a mining-as-a-service (MaaS) product that gives users instant access to ETH mining from as little as USD100, will arrive with ETHUSD0924 on 24 May.
“As the Bitcoin price continues to stagnate, traders and investors are increasingly looking towards alternatives,” says Ben Zhou, co-founder and CEO of Bybit. “We are pleased to launch our new Ether futures contract as rising retail and institutional demand paves way for a new alt season. Ether futures contract and Bybit Cloud Mining join our existing ETHUSD and ETHUSDT perpetual contracts in the ETH product lineup, and will create new opportunities for our clients, whether they are looking to hedge their positions or to further capitalise on future price movements of ETH.”
ETH, the second-largest cryptocurrency by market capitalisation, has seen its price explode 20-fold over the last 12 months, four times that of Bitcoin during the same period. The Ethereum gas fee has stabilised after 15 April’s Berlin Upgrade, even as the upcoming EIP 1559 (London) fee market overhaul, expected in July, promises further gas cost reduction and a deflationary monetary policy.
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