Bybit Surpasses Binance in XRP Futures Open Interest Amid Kazakhstan Expansion

• The increasing competition between Bybit and Binance in the XRP/USDT futures market is evident through the latest metrics.
• Despite Bybit’s lead in open interest for XRP futures, Binance maintains dominance in overall trading volumes.
• Notably, Bybit has achieved a significant milestone by obtaining a full crypto trading license in Kazakhstan ahead of its rival.

Discover the latest advancements and competitive dynamics between top cryptocurrency exchanges Bybit and Binance, particularly in the rapidly evolving XRP futures market.

Bybit Leads Binance in XRP Futures Open Interest

Recent data highlights that Bybit has managed to surpass Binance in terms of open interest for the XRP/USDT futures trading pair. According to Coinglass, Bybit’s open interest currently stands at $195 million, outpacing Binance’s $172 million. Open interest reflects the total value of outstanding derivative contracts, indicating investor engagement and confidence in the respective platforms.

Binance Dominates Trading Volumes Despite Bybit’s Lead in Open Interest

Despite Bybit’s higher open interest, Binance continues to outperform in trading volumes for XRP futures. Over the past 24 hours, Binance recorded a robust $419 million in trading volume, significantly higher than Bybit’s $186 million. This trend suggests that while Bybit may attract more long-term positions, Binance remains the preferred exchange for high-frequency and large-volume traders.

Expansion into Kazakhstan: Bybit Secures Full License Ahead of Binance

In a strategic move, Bybit has secured a full license from the Astana Financial Service Authority (AFSA) to offer comprehensive crypto trading services in Kazakhstan. This development positions Bybit as the first major exchange to gain such authorization in the country, outpacing Binance, which had also sought entry into this market. The license enables Bybit to provide a wide array of services, including digital asset trading, custody, and investment management.

Launching Mid-October 2024: Bybit’s Kazakhstan Platform

Bybit plans to launch its localized platform, bybit.kz, in mid-October 2024, offering services like spot and derivatives trading, margin trading, and crypto loans. The exchange aims to cater to the growing demand for diversified financial products in the Kazakhstan market. Additionally, Bybit’s introduction of Islamic crypto accounts underscores its commitment to inclusivity, providing interest-free trading options to meet the needs of Muslim investors.

Conclusion

The rivalry between Bybit and Binance continues to shape the landscape of the crypto trading industry. Bybit’s lead in XRP futures open interest and its proactive expansion into Kazakhstan highlight its growing influence. However, Binance’s dominance in trading volumes and its established reputation ensure that the competition remains fierce. As both exchanges innovate and expand, traders and investors can expect a dynamic and competitive marketplace, driving overall growth in the crypto sector.