Bybit exchange announced on Friday the waiver of trading fees on all options contracts on the exchange. This is part of the crypto exchange’s larger celebration of the launch of its new Unified Trading Account (UTA). With this new product, users can now hedge their positions trading risk with readily available USDT-perpetual instruments. In addition, UTA’s VIP and institutional users can participate without paying any trading fees.
UTA and how Bybit has packaged it to attract users
The Unified Trading Account (UTA) by Bybit simplifies trading by allowing users to manage all of their assets from a single account. In this way, traders and investors can easily switch between strategies, diversify their holdings and cross-collateralise their positions without doing any extra work. Included in this offer are all of the exchange’s most popular contracts, including Bitcoin, Ethereum and Solana options.
To reduce exposure to loss when trading USDC options, UTA customers can take advantage of the platform’s improved portfolio margin by utilizing USDT derivatives. When a client upgrades to UTA, they will immediately be eligible to make options trade with no transaction costs. Alos, during the campaign period, they can engage in trading with no transaction costs incurred.
Bybit has touted the UTA platform as a game-changer that will give traders more freedom and options when hedging USDC options and USDT perpetual holdings. Notably, Bybit just introduced a new VIP Program with more lenient conditions for traders. Two more tiers, including a “supreme VIP” tier, have been added to the new VIP Program, increasing the total number of tiers from three to five.
As the crypto market continues to struggle, exchanges have to develop new products that incentivise clients to keep their digital assets. Bitcoin, the market’s bellwether, dipped below $20k for the first time in seven weeks, dampening hopes of a market recovery from a long winter.