BitMEX vs Bybit
BitMEX closes on 23 September 2026, and Bybit is one of the first names traders reach for, mostly because of its size. By open interest it sits second among the big derivatives venues. It keeps the inverse coin-margined perps BitMEX pioneered and stacks linear USDT and USDC markets on top. Two things have changed the calculus though: Bybit now requires ID to trade, and it lost roughly 1.5 billion dollars in a 2025 hack. Here is the full field-by-field breakdown.
The short version
Bybit gives you inverse and linear perps, up to 100x, options and dated futures, and among the deepest liquidity of any exchange here. The trade-offs: KYC is now mandatory, the US and the UK are both restricted, and Bybit was hit by a large ETH theft in early 2025 (reserves have since returned to 1:1). We have no affiliate relationship with Bybit, so this is rated purely on merits. If avoiding KYC matters to you, our top pick points elsewhere.
See our top pickStatus & Access
Bybit is fully live while BitMEX winds down, so continuity is not the worry. Access is. Where BitMEX let plenty of people trade without ID, Bybit has moved to mandatory verification and restricts more countries.
| Field | BitMEX | Bybit |
|---|---|---|
| Operational status | Closing 23 Sep 2026, 04:00 UTC | Active |
| Founded | 2014 | 2018 |
| Registration / legal entity | HDR Global Trading Limited | Bybit Fintech Limited (BVI); HQ Dubai, UAE |
| US / UK / restricted | US restricted; UK unclear | US and UK restricted; Canada, Singapore, Hong Kong, mainland China + more |
| KYC levels & no-KYC limit | KYC required; no no-KYC tier | KYC now required; non-verified withdrawals capped ~20k USDT/day, 100k/mo |
| Account verification time | Not disclosed | ~5-10 min (Standard KYC) |
Fees
BitMEX charged a flat 0.05% on both sides. Bybit undercuts it on the maker side and rewards volume, though its base taker fee sits a touch higher.
| Field | BitMEX | Bybit |
|---|---|---|
| Futures maker / taker (base) | 0.05% / 0.05% | 0.02% / 0.055% |
| VIP 1 threshold | Not disclosed | Not disclosed |
| VIP 1 maker / taker | Not disclosed | 0.018% / 0.04% |
| Funding frequency | Not disclosed | Every 8 hours |
| Withdrawal fees (BTC/USDT/ETH) | Not disclosed | Not disclosed |
| Native-token discount | None (BMEX not a fee token) | Not disclosed |
| Hidden fees | Not disclosed | Not disclosed |
Products & Contracts
This is where Bybit shines for BitMEX loyalists. The inverse perp lives on, the linear book is far wider, and Bybit adds options, which BitMEX never ran.
| Field | BitMEX | Bybit |
|---|---|---|
| Perpetual markets | Not disclosed | Not disclosed (22 inverse pairs) |
| Inverse / coin-margined perps | Yes (the pioneer) | Yes (22 inverse markets) |
| Max leverage BTC / ETH | Up to 100x | 100x / 100x |
| Max leverage alts | Up to 100x | Up to 100x (varies, lower on some) |
| Dated futures | Yes | Yes |
| Options | No | Yes |
| TradFi / commodity perps | Yes | No |
| Settlement currency | BTC, USDT + others | USDT, USDC, coin (inverse) |
Liquidity & Scale
No contest on raw size. BitMEX volume has thinned to a trickle as it closes; Bybit trades in the billions daily and ranks near the top by open interest.
| Field | BitMEX | Bybit |
|---|---|---|
| 24h futures volume | Thin (winding down) | ~$7B-$11B |
| Open interest | Not disclosed | ~$9.5B-$10.4B |
| Market rank | Not disclosed | #2 by OI (~12.8% share) |
| Order-book depth | Not disclosed | Not disclosed |
Margin & Risk
| Field | BitMEX | Bybit |
|---|---|---|
| Margin modes | Not disclosed | Not disclosed |
| Insurance / risk fund | Not disclosed | Not disclosed |
| ADL policy | Not disclosed | Not disclosed |
| Max position limits | Not disclosed | Tiered by OI per contract |
Security & Transparency
This is the honest sore spot. BitMEX has never lost customer funds to a hack. Bybit has, and recently: a February 2025 breach drained roughly 1.5 billion dollars in ETH. Bybit covered it, stayed solvent, and its reserves have since audited back to 1:1, but the event is real and belongs in your risk math.
| Field | BitMEX | Bybit |
|---|---|---|
| Proof of Reserves | Yes (published) | Yes, 1:1+ (Hacken, recurring) |
| Custody partner | Not disclosed | Not disclosed |
| Historical hacks | None since 2014 | ~$1.5B ETH stolen Feb 2025 (Lazarus); reserves since restored |
| Bug bounty / audits | Not disclosed | Hacken PoR audits (Send-to-Self) |
| Cold storage % | Not disclosed | Not disclosed |
Trading Features
| Field | BitMEX | Bybit |
|---|---|---|
| Copy trading | Not disclosed | Yes |
| Bots / grid / DCA | Not disclosed | Not disclosed |
| API | Yes (well-regarded) | Not disclosed |
| Demo / paper trading | Testnet (historically) | Yes (demo trading) |
| Advanced order types | Yes | Not disclosed |
| Mobile app rating | Not disclosed | Not disclosed |
User Experience & Support
| Field | BitMEX | Bybit |
|---|---|---|
| UI / UX | Pro, advanced-trader oriented | Not disclosed |
| Support | Not disclosed | Not disclosed |
| Education / testnet | Testnet (historically) | Bybit Learn; demo trading |
| Referral / VIP program | Not disclosed | Yes (referral + VIP) |
Deposits, Tokens & Migration
| Field | BitMEX | Bybit |
|---|---|---|
| Min deposit / withdrawal | Not disclosed | Not disclosed |
| Deposit networks | Not disclosed | Not disclosed |
| Fiat on-ramps | Not disclosed | Yes (P2P at 0 fees, One-Click Buy) |
| Native token | BMEX | Not disclosed |
| New-user bonus | n/a (closing) | Not disclosed |
Figures checked July 2026 from Bybit's own materials and public market data. "Not disclosed" means we could not verify a current figure, not that it is zero. We have no affiliate deal with Bybit, so nothing here routes you to a Bybit signup. Confirm live details on bybit.com, and check your local law before opening any account. This is general information, not legal advice.
Who should switch from BitMEX to Bybit
If your priority is depth of book and product range, Bybit is a genuinely strong venue: it kept the inverse perps BitMEX built its name on, adds a much wider linear market plus options and dated futures, and trades enough volume that slippage rarely bites. The honest reasons to hesitate are three. KYC is now mandatory, so the frictionless start BitMEX allowed is gone. Both the US and the UK are restricted, which rules out a lot of readers. And the February 2025 hack, roughly 1.5 billion dollars in ETH, is a real mark on the record, even though reserves have since audited back to 1:1. If skipping ID verification is the deciding factor, our top pick keeps a no-KYC tier. Want the widest altcoin menu instead? See BitMEX vs MEXC. Prefer a large regulated-scale name? Compare BitMEX vs Binance. All of them sit on our list of BitMEX alternatives.
Not sold on Bybit?
Bybit is a heavyweight, but the KYC requirement and restricted-country list rule it out for a lot of BitMEX traders. Our top pick keeps inverse perps and a no-KYC tier, and it is live today. Set it up before you withdraw so there is no gap.
Open a Blofin account → See all 19 alternatives
We have no affiliate relationship with Bybit and earn nothing if you sign up there; it is rated on merits. The Blofin link above is an affiliate link: if you open an account through it we may earn a commission at no extra cost to you, and it never changes our ranking. How we make money.
BitMEX vs Bybit FAQ
Is Bybit a good replacement for BitMEX?
On liquidity and product range, yes. Bybit runs some of the deepest perp order books anywhere, keeps the inverse coin-margined BTC and ETH contracts BitMEX users know, and adds USDC perps, options and dated futures. The catch is that Bybit now requires KYC to trade, and it restricts both the US and the UK, so day-one access is tighter than BitMEX was.
Does Bybit require KYC?
Yes. Identity verification is now mandatory to trade. A non-verified account is capped at roughly 20,000 USDT in withdrawals per day and 100,000 USDT per month, and Standard verification usually clears in about 5 to 10 minutes.
Is Bybit safe after the 2025 hack?
Bybit was hit in February 2025 by a theft of roughly 1.5 billion dollars in ETH, attributed to the Lazarus Group through a compromised Safe multisig signing interface. Bybit covered the shortfall and its reserves have since returned to 1:1 or better in recurring Hacken audits. The incident is real and worth weighing; the platform stayed solvent through it.
Can US or UK traders use Bybit?
No. Bybit's service-restricted list covers both the US and the UK, along with Canada, Singapore, Hong Kong, mainland China and others. Check your own local rules first; this is not legal advice.
Last checked July 2026. Compare other options: Blofin (our top pick, no-KYC tier), Binance (scale), MEXC (most altcoins), or the full list of BitMEX alternatives.