Derivatives trading platform Bybit is set to launch Ether futures contract this week, further expanding its crypto derivatives offerings in this virtual asset class.
Trading in the new contracts typically begins once sufficient supply is established on the platform. Specifically, Bybit said that if liquidity conditions are met, the new ether derivatives – called ETHUSD0625 and ETHUSD0924 - will go live on May 20 and May 24, respectively.
The addition of Ether, which is popular for so-called decentralized finance, will create new opportunities for a broad array of clients. This includes retail and professional investors who are looking to hedge Ether positions in the spot market or gain exposure to this cryptocurrency on an established derivatives marketplace.
Bybit’s ETH futures product may draw more demand for the second-largest cryptocurrency by market value, boosting the recent price rally. Ether’s spectacular rise hit a record high last week at $4,300, taking gains to close to 500% on a YTD basis.
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ETH managed to gain strong upside momentum on the back of growing interest in DeFi applications and NFTs tokens, as well as increasing institutional interest in cryptocurrencies as a whole. Of note, Bybit’s client profile is about 70% retail and 30% institutional.
The Singapore-based exchange has yet to release further details about the price benchmark and contract specifications.