Bybit launches Odds for fixed return BTC and ETH price trades

Bybit has launched Bybit Odds, a fixed-return crypto price contract product that lets users take views on Bitcoin and Ether without leverage or liquidation risk.

According to a Sept. 16 announcement shared with crypto.news, the product lets traders allocate a defined amount of USDT to a price view and see the potential return before placing an order. The amount committed to each position represents the maximum amount that can be lost, with trades starting from 5 USDT.

Bybit Odds is initially available for BTC and ETH and offers three contract formats covering price direction, specific targets and trading ranges. Contracts can run from five minutes and 15 minutes through to seven days.

Bybit Odds offers three ways to trade BTC and ETH views

Under the Up/Down format, traders choose whether the price of BTC or ETH will finish above or below its current level at the end of a selected period. Price Target contracts let users take a position on whether the asset will be above or below a predetermined price when the contract expires.

Price Range contracts use a different structure, asking traders to choose whether the underlying asset will remain inside or move outside a specified range by expiry.

Potential returns are shown before an order is confirmed, while the USDT allocated to the trade sets the maximum exposure. Bybit said positions do not face margin calls or liquidation because the contracts do not use leverage, leaving the amount at risk fixed when a user enters a trade.

The setup differs from the leveraged derivatives products that form another part of Bybit’s trading business. On Sept. 8, the exchange introduced FX perpetual contracts tracking EUR/USD, GBP/USD and USD/JPY, with the three USDT-settled products offering leverage of up to 100x and continuous trading. crypto.news previously reported that the contracts give users exposure to foreign exchange prices without requiring them to hold the underlying currencies.

Bybit Odds works through the exchange’s Unified Trading Account and is available through its web and mobile applications. Existing users can fund positions with USDT held in their UTA, while institutional market makers provide liquidity and pricing for the available contracts.

Crypto exchanges have expanded into event and odds-based products

Bybit’s launch comes as trading platforms have been building products that let customers take positions on outcomes outside conventional spot and derivatives markets.

Prediction markets recorded a record $50.59 billion in combined trading volume across Kalshi, Polymarket and Polymarket US in July, up 7.8% from the revised $46.95 billion recorded in June. Kalshi accounted for $37.7 billion, while Polymarket’s U.S. operation reached $5 billion after its monthly volume rose 54%.

The figures represented taker notional volume, meaning the total did not represent the amount customers deposited or revenue earned by the platforms. A single contract can trade several times before settlement, allowing the same capital to contribute to recorded volume more than once.

Prediction markets have faced an ongoing regulatory dispute in the United States as states and federally regulated platforms contest which authorities can oversee some event contracts. In July, a federal judge granted Kalshi and Polymarket US and the Commodity Futures Trading Commission preliminary relief from Minnesota’s prediction market ban, preventing enforcement against CFTC-registered designated contract markets while the underlying lawsuits continue.

The regulatory debate has reached Congress as well. Senators discussed proposals in August that would preserve state and tribal authority over sports betting as lawmakers considered whether such language belonged in the Clarity Act or Farm Bill. The CFTC, meanwhile, has maintained a federal role over prediction markets while several states have challenged that position in court.

Bybit has been adding new contract types

Bybit has spent recent months expanding the types of markets available through its trading infrastructure.

In August, its TradFi perpetual lineup moved past 200 products after the exchange introduced contracts linked to Unitree Robotics and Moonshot AI. The USDT-settled synthetic contracts gave traders price exposure to the private companies without conferring ownership of their shares, with leverage capped at 10x.

The exchange had previously launched a SpaceX-linked perpetual in May, offering round-the-clock synthetic exposure to the aerospace company ahead of its expected public listing. The SPCXUSDT contract carried leverage of up to 10x.

Unlike those leveraged products, Bybit Odds does not use leverage. Users choose the amount they want to commit before entering the position, with returns determined by the contract terms shown before confirmation. The exchange said the product is now live through both Bybit Web and App.