Bybit

Bybit is a global, derivatives-led centralized exchange for traders who want spot, perpetuals, dated futures, options, copy trading, and bots inside one custodial account rather than a fiat-first domestic brokerage.

An account built around collateral and markets

Customers trade from balances credited to a Bybit account. Internal transfers can connect spot balances, collateral, and eligible exchange products without an on-chain transaction for each move, while deposits and withdrawals use supported blockchain addresses.

That convenience is a custody trade-off: exchange balances remain under Bybit custody until withdrawal, unlike a personal wallet where the holder controls the keys.

Order-book spot trading and Convert

Bybit’s spot market matches orders in an order book. Market orders prioritize immediate execution; limit orders give price control but can remain unfilled. Trigger-based instructions can be used for spot or derivatives positions.

Bybit Convert is a quoted balance-exchange route. It is simpler than placing an order-book trade, but it does not provide the same visible market depth or limit-price control.

Perpetuals, futures, and options

Perpetual and dated futures sit beside spot markets and use collateral to create exposure beyond an unlevered spot balance. Perpetuals use periodic funding payments to stay linked to their underlying market, while dated futures have an expiry and settlement date.

Options add contracts with a defined strike and expiry, rather than the linear exposure of holding the asset or a perpetual position. These instruments are related through the same account, but they are not interchangeable forms of spot ownership.

Copy trading and bots on derivatives markets

Copy trading connects a follower account to a selected lead trader’s activity, while bots automate instructions under chosen parameters. They add ways to run a trading approach, not a different set of collateral, funding, or liquidation rules for the underlying market.

This is a material distinction from a spot-only exchange: a trader can use several derivatives-oriented tools from the same account, but each position type retains its own terms and eligibility.

Regional entities define the catalogue

Bybit has different local entities and product sets. Its global restricted-country notice excludes the United States and a number of other jurisdictions, while Bybit EU is a separate European operation with its own Austrian authorization and EU-facing service.

Availability of derivatives, Earn, payment features, fiat routes, and withdrawal networks therefore depends on the actual local entity, not merely on the global brand.

How it compares with OKX

OKX is a close international choice because both combine account-held spot and derivatives with region-dependent access. Bybit’s differentiators are its copy-trading and bot products alongside options and a derivatives-led account.

OKX, by contrast, makes a separately non-custodial multi-chain Web3 Wallet and DEX aggregation a more central part of its product split.