Bybit sweetens broker program with 100% rebate

Singapore-based cryptocurrency exchange Bybit is revamping its broker rebate program as it aims to deepen liquidity and maintain minimal slippage on its spot trading platform.

This particular campaign is unique in that it incentivizes both new and current brokers with returning all spot trading fees generated by the broker via a 100% rebate. The move will increase pressure to lower fees for other crypto exchanges, which will have to trim fees as competition heats up.

Brokers can get competitive rebates based not only on their trading volume, but also the types of users acquired. Rebates will be settled on a monthly basis and brokers who have an agency relationship will receive all commission income minus affiliate fees and counterparty fees.

The move allows Bybit’s broker partners to pass onto these savings to their end customers and take advantage of competitive spreads to raise their trading turnover.

“With this best-in-market, 100% rebate offer for our spot trading platform, Bybit again demonstrates our commitment to supporting brokers and creating a mutually beneficial arrangement for all. This incentive enables traders to benefit from the best spreads and boosts their performance on our platform,” said Ben Zhou co-founder and CEO of Bybit.

It is understood that Bybit’s broker program is open to two types of brokers: API brokers (which is more relevant to asset managers and bot users) and exchange brokers like aggregators and wallet providers. API brokers can simply connect customers with Bybit’s brokerage services by using  its integrated API. Independent brokers can also leverage Bybit’s infrastructure, stability, security, and liquidity to expand their business with a one-time integration.

Meanwhile, Bybit has overhauled broker services to provide better technical and market support for each broker to achieve mutual benefits and co-development.

The move comes shortly after Bybit set up a $100 million fund to help restore confidence in the industry and support institutional investors within its ecosystem.

As the collapse of FTX sent shockwaves through the crypto space, market makers and high-frequency trading (HFT) institutions are eligible to access up to $10 million in credit facility. The offer is available to both existing and new clients on Bybit, as well as dedicated account managers at other exchanges.

The exchange explains that the initiative aims to protect the strong industry players who might just be hurt short term. The move also comes a week after Bybit has publicly provided its proof of reserves.