Bybit Lists USD/BRL Perpetual With Up to 100x Leverage

Bybit opened trading on Nov. 3 in USDBRLUSDT, a perpetual contract on the US dollar to Brazilian real exchange rate. It is settled in USDT and offers up to 100x leverage, according to the Bybit announcement, posted at 7:06 AM ET.

Details

Per the contract specifications, the tick size is 0.00001, trading runs 24/7, and funding is settled every 8 hours with a cap of 0.5%. The contract can also be used with Bybit's futures bots: Futures Grid, Futures Martingale and Futures Combo.

Bybit files the product under its TradFi perpetuals line. These are synthetic derivatives that track the price moves of an underlying asset without giving holders any ownership of it, and the contract price may deviate from the underlying. The exchange notes that the product may not be available in all jurisdictions and that it can change contract parameters without prior notice.

What it means for the market

This is a currency pair among the TradFi contracts major exchanges have been rolling out since October: Binance recently listed perps on Pfizer, Amgen and MercadoLibre, and OKX opened perps on five stocks. There is no direct effect on bitcoin; the menu of instruments traders can run with USDT margin simply gets wider. At 100x leverage, a small move in the rate can wipe out the entire margin. Live BTC price is in the daily brief. This is not investment advice.