Bybit Adds XRP, Mantle, and DOGE Options in Derivatives Push
Move unifies settlements under USDT and deepens liquidity across retail and institutional markets.
Bybit has expanded its derivatives lineup with new USDT-margined futures and options contracts for XRP, Mantle (MNT), and Dogecoin (DOGE), a move that deepens liquidity, diversifies market exposure, and strengthens its standing as a global derivatives powerhouse.
Bybit Broadens Its Derivatives Horizon
Dubai-based Bybit, the world’s second-largest crypto exchange by trading volume, unveiled its latest expansion in a press release on October 22, 2025. The rollout began with XRP futures on October 20, followed by XRP options a day later. Mantle and Dogecoin derivatives are set to go live on October 27 and 28, respectively, with recurring contract generation ensuring consistent liquidity.
This phased rollout underscores Bybit’s focus on structured product releases, balancing technical readiness with market demand. The inclusion of DOGE and MNT, alongside legacy asset XRP, signals a strategic alignment between established tokens and emerging ecosystems within the derivatives market.
USDT Standardization and Strategic Streamlining
Bybit’s derivatives contracts follow a European-style, cash-settled format, meaning traders can exercise them only upon expiration, with settlements in USDT rather than the underlying tokens. This model improves efficiency and reduces exposure risk — a boon for both hedgers and speculative traders.
The expansion also continues Bybit’s February 2025 unification of settlement conventions. The exchange phased out USDC-settled and linear-expiry products in favour of USDT-based settlement. This consolidation streamlines portfolio management and promotes deeper liquidity pools across Bybit’s product suite, simplifying execution for institutional participants.
Liquidity Depth Meets Retail Demand
Each asset’s inclusion represents a distinct trading audience. XRP remains a liquidity staple with strong institutional traction; MNT reflects growing DeFi integration; and DOGE retains broad retail appeal and high turnover. Bybit’s multi-expiration framework, daily, weekly, and monthly cycles, provides flexibility for diverse trading strategies, from short-term speculation to long-term hedging.
By offering exposure to both DeFi-native and meme-driven assets, Bybit reinforces its appeal across multiple trader segments, while bolstering derivatives market depth at a time of rising competition among exchanges like Binance, OKX, and Deribit.
What It Means for the Market
This expansion cements Bybit’s role as a global derivatives hub, not just a trading venue, but a liquidity engine. The focus on standardized contracts and token diversity signals a maturation of crypto derivatives infrastructure, positioning Bybit to capture growing institutional flow and sustain high-frequency retail engagement.
Hidden Signal
Bybit’s USDT-only settlement shift quietly establishes a de facto industry standard for unified margining, simplifying risk frameworks for traders while enhancing systemic liquidity. This subtle alignment could push competing exchanges toward similar standardization, reinforcing USDT’s dominance in derivatives trading infrastructure.
Want more insights on crypto markets and derivatives — including metrics, regulatory updates, and institutional flow? Subscribe to Canhav Crypto Research for credible, data-backed coverage that cuts through the noise.