Binance vs Bybit

Binance and Bybit are two of the largest centralised crypto derivatives exchanges by open interest in our rankings, and both hold your funds for you. Binance is bigger on almost every measure and charges slightly less for futures, while Bybit lists more perpetual pairs, holds an EU licence through Bybit EU and pushes harder into stock-linked products. Binance tends to suit traders who want the deepest market and BNB discounts; Bybit suits traders in Europe or those who want its stock perps and options.

The Short Version

• Fees: both charge 0.02% maker on futures at the entry tier. Taker is 0.05% on Binance and 0.055% on Bybit.
• Size: Binance's derivatives open interest is about 2.4 times Bybit's at the time of writing (11 October 2026).
• Markets: Bybit lists 886 perpetual pairs to Binance's 803, according to CoinGecko.
• Campaigns: each has five live campaigns in our calendar.
• Access: both require identity checks. Binance has stopped new EU sign-ups; Bybit serves the EU through its licensed EU arm.

Fees

Fees come from our venue data, checked against each exchange's fee page on 11 October 2026. Binance charges Regular users 0.02% maker and 0.05% taker on USDⓈ-M futures, with 10% off when you pay in BNB (Binance fees). Bybit charges VIP 0 users 0.02% maker and 0.055% taker on perpetuals and futures, and 0.1% on both sides for crypto spot (Bybit fees). Bybit notes rates may vary by region.

On a $10,000 futures market order at entry rates, you pay $5.00 on Binance, $4.50 if you pay in BNB, and $5.50 on Bybit. Both lower rates by VIP level based on volume and, on Binance, BNB holdings.

What You Can Trade

Binance offers spot, USDⓈ-M and COIN-M perpetuals, options and Earn products. Its current Stocks Welcome Rewards campaign shows it now offers tokenised stocks and stock options, and its Alpha section runs its own token competitions.

Bybit started with derivatives and now runs spot, options, copy trading and a card. Its campaigns point to a growing stock range: a Micron perpetual, stock options on names such as Tesla and Nvidia, and ByPick, a free-to-play prediction game. Its fee page also lists an xStocks zone for tokenised shares.

Liquidity and Volume

At the time of writing (11 October 2026), CoinGecko shows Binance with $33.7 billion in derivatives open interest, $20.5 billion in 24-hour derivatives volume and $4.98 billion in 24-hour spot volume. Bybit shows $14.0 billion in open interest, $5.10 billion in derivatives volume and $769 million in spot volume. CoinGecko gives Binance's spot exchange a trust score of 10 and Bybit's a 9.

For most traders, both are deep enough on major pairs. The gap matters for large orders and for smaller altcoin markets, where you should check the order book before trading. Our guide on reading volume and open interest explains the numbers, and the crypto exchange rankings show both in context.

Campaigns and Rewards

Binance has five live listings: the Spot Trading Tournament Season 4 (9 to 16 October, up to 400 BNB in vouchers), the Binance Alpha STABLE Trading Competition, Hold RLUSD to Share $800,000 in XRP, Stocks Welcome Rewards and the October Referral Tournament. Its affiliate program pays approved affiliates up to 50% of referred users' fees.

Bybit has five too: Stock Buzz: Trade Micron (to 14 October, up to 100,000 USDT), the Blue-Chip Options Challenge, ByPick Season 1, the KII Alpha Token Splash and the Mantle Puzzle Hunt. Its affiliate program pays a lifetime share of fee revenue. See how trading competitions work before you enter.

Who Can Use It

Binance has required identity verification from all users since 2021 (The Block). It stopped new sign-ups across the EU from 1 July 2026 after failing to secure a MiCA licence (CoinDesk), and it stopped taking new UK users in October 2023 under the FCA's promotion rules (The Block). US residents are served by the separate Binance.US.

Bybit requires at least Standard identity verification for all products (Bybit). Its excluded jurisdictions include the US, mainland China, Hong Kong, Singapore, Canada, North Korea, Cuba, Iran, Uzbekistan, Sudan, Syria and Russian-controlled regions of Ukraine. EU users are served by Bybit EU, licensed under MiCA by Austria's FMA (Cointelegraph). Bybit returned to the UK in December 2025 with spot and peer-to-peer trading only, no derivatives (The Block). Many campaigns from both exchanges exclude further regions.

Track Record and Safety

Binance launched in 2017. In November 2023, it pleaded guilty in the US to anti-money laundering, unlicensed money transmitting and sanctions violations and agreed to pay over $4 billion (US Department of Justice). In May 2019, hackers took 7,000 BTC from a hot wallet, and Binance covered the loss from its SAFU fund (Decrypt). In December 2025, Abu Dhabi's FSRA approved Binance.com under the ADGM framework (Gulf News). It publishes proof of reserves using Merkle trees and zero-knowledge proofs.

Bybit launched in 2018. In February 2025, attackers stole about $1.5 billion in ether from a Bybit cold wallet, which the FBI attributed to North Korea (FBI). Bybit kept withdrawals open and said it had closed the ether shortfall within days (The Block). It publishes proof of reserves.

Which to Choose

• Choose Binance if you want the most open interest and volume, use BNB to cut fees, or want Binance Alpha and its earn products.
• Choose Bybit if you live in the EU and want a MiCA-licensed platform, trade stock perps and stock options, or want a wider list of perpetual pairs.
• Check access first if you are in the UK or EU, since what each exchange offers you differs by country.

Questions People Ask

Which has lower fees, Binance or Bybit?

At entry level, Binance: 0.05% taker on futures against Bybit's 0.055%, with a further 10% off in BNB. Maker fees match at 0.02%.

Is Binance available in the EU?

Not for new users. Binance stopped new EU sign-ups from 1 July 2026 and has said it expects to secure a MiCA licence.

Are my funds safe after the Bybit hack?

Bybit says it restored its ether reserves and publishes proof of reserves. Both are custodial exchanges: they hold your assets, so you rely on their security and solvency.

Do I need to verify my identity?

Yes, on both. Each requires identity checks before you can trade.

This comparison is information, not financial advice. Trading carries risk, and fees and terms change: check each venue's own pages before you trade.