Major Exchange launches around-the-clock FX perpetuals

TLDR

Bybit has launched 24/7 FX perpetual contracts on major currency pairs, letting crypto users trade forex with USDT and crypto collateral at all hours.

1. Bybit now offers USDT-settled perpetuals on EURUSD, GBPUSD and USDJPY, with up to 100x leverage and no expiry, trading inside its standard crypto derivatives account.
2. This extends crypto exchanges into multi-asset venues, giving traders FX exposure and hedging tools without leaving their crypto platform, but with significant leverage and liquidation risk.
3. The key things to watch are liquidity, funding behavior during off-hours, regulatory scrutiny and whether rival exchanges expand their own FX perpetual lineups.

Deep Dive

1. What Was Launched

Bybit has introduced FX perpetual contracts on three major currency pairs (EURUSDUSDT, GBPUSDUSDT, USDJPYUSDT), settled in USDT, with no expiration and up to 100x leverage, traded 24 hours a day, seven days a week. Reports note that these contracts track spot FX rates and live inside Bybits Unified Trading Account, alongside existing crypto derivatives, rather than in a separate CFD platform. This means users can post crypto assets as collateral and manage FX and crypto risk in one margin environment, even when traditional FX markets are closed, according to coverage of 24/7 perpetuals for major currency pairs and Bybit Adds 24/7 FX Majors to Its Crypto Derivatives Account.

2. Why It Matters For Crypto Users

This move brings the worlds largest financial market, FX, into a crypto-native derivatives format, where contracts are perpetual, margined in stablecoins, and use funding payments to keep prices near spot. For crypto users, that unlocks several possibilities: directional FX trading without a traditional brokerage account, hedging fiat exposure while keeping collateral in USDT or other crypto, and reacting to macro or central bank news outside normal FX trading hours. It also continues a broader trend, as Kraken and BitMEX already offer forex perpetuals, turning top crypto exchanges into multi-asset platforms where equities, commodities, FX and crypto can all be traded from a single wallet.

3. What To Watch Next

The practical impact depends on whether these contracts attract deep, sustainable liquidity, especially overnight and on weekends when spot FX is closed. Funding rate behavior will matter, since mispriced or volatile funding can make holding positions expensive, even if the FX view is right. Regulators may also pay closer attention as more non-bank platforms offer leveraged FX to retail via crypto rails, which could drive future constraints on leverage or product access. Finally, competitive responses from other major venues could determine whether FX perpetuals become a standard feature of top exchanges or remain a niche product for more advanced traders.

Conclusion

Bybits around-the-clock FX perpetuals show how quickly crypto exchanges are evolving into multi-asset trading hubs, importing traditional markets into a crypto-style derivatives model. For users, this brings new hedging and macro-trading options in a familiar environment, but the combination of high leverage, funding dynamics and thin off-hours liquidity means careful risk management is essential as this product set matures.