Crypto Exchange Bybit Rises to Second Place Globally, Says Kaiko Report

Bybit's competitive edge is attributed to its low trading fees, which are among the most attractive in the industry. The exchange launched zero fees for USDC trading in February 2023, contributing to its competitive positioning. However, low fees alone do not fully explain Bybit's rise. Analyzing spot trade volumes reveals that Bybit's volume increase has been driven by both BTC and ETH, whose market share has risen from 17% to 53% since last year.

Its rapidly expanding derivatives offering has also supported Bybit's growing spot market share. In 2023, Bybit cemented its place as the second-largest derivative market after Binance.

"We are thrilled to see Bybit's continued growth and recognition in the industry," said Ben Zhou, co-founder and CEO of  Bybit. "Our commitment to providing competitive fees, a safe and secure platform, and innovative products like Unified Trading Account has resonated with our users."

For more information about how Bybit's institutional and retail users are positioning their portfolio, see here.

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Bybit is a top-three cryptocurrency exchange by volume with 30 million users established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One's reigning Constructors' and Drivers' champions: the Oracle Red Bull Racing team.

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