Bybit and Paradigm Launch USDT-Margined Delta-1 Spreads

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April 12, 2023



  • Paradigm and Bybit expand partnership with the launch of delta-1 spreads trading on USDT margined instruments
  • Users can now trade the spread between USDT margined spot and perpetuals on 25 cryptocurrencies with a single click and no leg risk
  • Trading spreads on Paradigm enables efficient execution of market-neutral trades on Bybit without leg risk or impact on the order book, no matter the trade size
  • Clients looking to execute perpetual funding arbitrage strategies now have a liquid marketplace for execution
  • No fees on the spot leg of a spread trade executed via Paradigm, settled on Bybit!

Paradigm and Bybit Deepen Partnership

Paradigm is thrilled to announce the expansion of our partnership with Bybit with the addition of USDT margined delta-1 spreads trading. This launch builds on the initial coin margined delta-1 spreads product launched in April 2022, and represents a significant enhancement to the offering by enabling spot anchored spreads for the first time. Spreads executed into Bybit’s upgraded Unified Trading Account will further benefit from better risk management, higher capital efficiency and cross-collateral margining.

Delta Neutral Spreads Mean Tighter, Deeper Markets

Spreads trading on Paradigm has guaranteed atomic execution of both legs, so is structurally less risky when compared to executing individual legs via a traditional order book. This lower risk profile enables market makers to quote much tighter prices and in significantly larger sizes.

No Fees Charged on Spot Leg!

Enjoy better fee efficiency when trading Bybit spreads on Paradigm! Traders will pay no fees on the spot leg of a spread trade executed on Paradigm, settled on Bybit!

Ben Zhou, CEO, Bybit

“We are thrilled that our collaboration with Paradigm has enabled us to provide traders with a more streamlined experience when it comes to spreads trading on USDT margined instruments. This launch further demonstrates Bybit's commitment to bringing next level opportunities to our clients via superior trading experiences with top notch partners."

Anand Gomes, CEO, Paradigm

“We are very excited to expand our partnership with Bybit and relaunch linear delta-1 spread trading into the crypto ecosystem. The spot vs perpetual future spread was one of the fastest growing products in crypto markets in Q4 2022, and we are delighted to relaunch it now in partnership with a world-class exchange like Bybit.”

About Bybit

Bybit is a cryptocurrency exchange established in March 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. The company provides innovative online spot and derivatives trading services, mining and staking products, an NFT marketplace as well as API support, to retail and institutional clients around the world, and strives to be the most reliable exchange for the emerging digital asset class. Bybit is a proud partner of Formula One racing team, Oracle Red Bull Racing, esports teams NAVI, Astralis, Alliance, and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.

About Paradigm

Paradigm is a zero-fee, institutional liquidity network for crypto derivatives traders across CeFi and DeFi. The platform provides traders with unified access to multi-asset, multi-protocol liquidity on demand without compromising on execution preferences, costs and immediacy. Paradigm’s mission is to create a platform where traders can trade anything, with anyone and settle it anywhere.

Paradigm has the largest network of institutional counterparties in crypto with over 1,000 institutional clients trading over $17B per month, including hedge funds, OTC desks, lenders, structured product issuers, market makers and prominent family offices.

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