Bybit has launched USDT-settled perpetual contracts tracking EUR/USD, GBP/USD and USD/JPY, offering synthetic, no-expiry exposure to major forex pairs labeled EURUSDUSDT, GBPUSDUSDT and USDJPYUSDT. The contracts settle profits and losses in USDT, allow crypto assets as collateral, trade 24/7 including when underlying FX markets are closed, and provide leverage up to 100x. Funding payments occur every eight hours and the exchange has capped the funding rate at 0.5% per interval. The tick size is 0.00001. As part of the launch, Bybit temporarily waived fees on limit orders and applied a 50% discount to market order fees. These FX perpetuals join a TradFi Perpetuals suite that the platform began building in April 2026 and that now spans over 200 synthetic assets including equities, commodities, ETFs and pre-IPO exposure. The move targets traders who prefer to keep collateral in crypto and trade traditional assets on a single platform, while creating 24/7 access to the world’s largest OTC FX market — which averaged $9.6 trillion per day in April 2025 — but also introducing heightened liquidation and funding-cost risks associated with up to 100x leverage. Similar crypto-exchange offerings have appeared previously, with other venues having listed forex perpetuals or synthetic forex exposure at various leverage levels.