Bybit, founded in 2018, has become one of the biggest exchanges for derivatives and perpetual futures trading. As of October 2025, it reports $12–15B in daily trading volume, making it second only to Binance in the futures market. It’s especially loved by degens for 100x leverage, meme-friendly marketing, and quick listings of hot tokens.
But Bybit isn’t just chaos — in recent years it has stepped up compliance, proof of reserves, and global licensing. For many traders, it’s the perfect balance between degen thrill and professional-level infrastructure.
📜 Background & Reputation
Bybit launched in Singapore in 2018 and quickly became the go-to for futures traders who felt Binance was too crowded. Its aggressive marketing, influencer partnerships, and CT-friendly culture gave it fast adoption.
Reputation-wise, Bybit is considered trustworthy for trading, though some users are still cautious because it isn’t as heavily regulated as Coinbase or Kraken. Unlike MEXC or Gate.io, however, it has invested heavily in compliance, trying to position itself as the #2 exchange worldwide.
🚀 Features and Offerings
Bybit’s lineup is built for traders:
- Perpetual Futures: Hundreds of pairs, leverage up to 125x, deep liquidity.
- Spot Trading: Growing rapidly, with many memecoins listed quickly.
- Launchpad: Known for IEOs that often pump on listing.
- Earn Products: Dual investments, staking, flexible savings.
- Copy Trading: Lets beginners follow top traders’ strategies.
- Mobile App: Clean, modern, and widely praised for speed and design.
🛡️ Safety and Trust
Bybit has not reported a catastrophic hack, which strengthens its rep. It publishes proof of reserves with Merkle tree verification, allowing users to confirm holdings — a big trust boost after FTX.
It has also pursued licenses in multiple jurisdictions, including Dubai and parts of Europe, showing a shift from “wild degen” to “serious player.”
User complaints exist, mainly about strict KYC, withdrawal holds during volatility, or support delays. But overall, it has a stronger reputation than mid-tier exchanges like MEXC or Gate.io.
🎭 What the Users Say
Positive:
- “Bybit feels like Binance but more degen-friendly.” — Reddit
- “Futures liquidity is amazing, tight spreads.” — App Store review
- “Cleanest mobile app I’ve used.” — Google Play
Negative:
- “KYC process is annoying, account froze mid-trade.” — Trustpilot
- “During high volatility, withdrawals were delayed.” — Reddit post
- “Fees are higher than KuCoin.” — community feedback
🌍 Who Actually Uses Bybit?
Bybit is popular among futures traders and degens worldwide, especially in Asia, Africa, and Europe. It has less traction in the US due to regulations, but in markets without Coinbase or Kraken, Bybit is often the #1 or #2 choice.
It’s used by everyone from small degens chasing memecoins to pro traders running strategies with size.
📊 Real Examples
- During meme season in 2023–2024, Bybit became one of the fastest exchanges to list coins like PEPE, drawing huge volumes.
- In 2024, Bybit’s proof of reserves efforts won praise, positioning it as more transparent than Binance at the time.
- Its Launchpad IEOs have given early users big multipliers, keeping the degen crowd engaged.
🎰 Should a Degen Use It?
Bybit is like the main poker table in the casino — high energy, constant action, and whales sitting side by side with small players. You can win big, but the swings are brutal.
For degens, it’s one of the best main exchanges thanks to deep liquidity, quick listings, and leverage. Just don’t mistake it for a bank — always withdraw profits regularly.
🏁 Final Degen Verdict
Bybit is the perfect mix of degen energy and professional trust. It’s not as mainstream-safe as Coinbase, but it’s way more polished than MEXC or Gate.io. For many, it’s the #1 Binance alternative.
Use it as a main trading hub if you love futures and meme action. Just play smart with risk.
WAGMI — if you don’t get liquidated.
