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Best Crypto Exchanges · Rank 07 of 8
Derivatives traders who want execution quality above all else
Last verified August 18, 20264 scored axes
Documented, with gaps
Bybit scores 8.0 out of 10 and ranks #7 of 8 in the best crypto exchanges table, strongest on cost of trading (9.2) and weakest on regulatory footing (6.8).
Bybit's matching engine and perpetual liquidity are excellent, and the fee schedule is aggressive. Its 2025 hot-wallet incident was reimbursed in full without customer loss, which is reassuring about the balance sheet and unflattering about the operational controls.
4 axes, weighted as published in the table’s methodology. Each score below is read from the fact printed under it.
7.8/ 35% of the score
Publishes a Merkle-tree proof of reserves with user-verifiable inclusion; in February 2025 a cold-wallet signing compromise removed roughly $1.5bn in ETH, and the company replaced the assets from its own balance sheet and borrowed liquidity while honouring withdrawals throughout.
6.8/ 25% of the score
Holds a licence in Dubai and registrations in several smaller markets; has been fined or restricted in some jurisdictions and withdrawn from others, including the UK retail market and France.
9.2/ 20% of the score
Published maker/taker schedule with taker fees at the low end of the category; funding published per perpetual market.
8.6/ 20% of the score
Broad perpetual and spot market list with a fast listing cadence; fiat access runs through third-party providers rather than direct bank rails in most markets.
On 21 February 2025 attackers compromised the signing flow for a cold-wallet transfer and removed roughly $1.5bn in ETH — the largest theft in the sector's history, later attributed by the FBI to North Korean actors. The mechanism matters: a Safe{Wallet} developer machine was compromised and tampered JavaScript showed Bybit's signers a routine transaction while altering what they were actually approving.
What followed is the reason the venue is still in this table. Bybit replaced the missing assets from its own balance sheet and borrowed liquidity, honoured withdrawals throughout the run that followed, and published a timeline. A company that can absorb a loss of that size without pausing redemptions has demonstrated something about its balance sheet, even as the incident demonstrated something unflattering about its operational controls.
Execution quality on perpetuals is excellent, taker fees sit at the low end of the category, funding is published per market, and new markets list quickly. For derivatives traders this is the venue's actual argument, and it is a strong one.
A licence in Dubai and registrations in several smaller markets is a lighter footprint than the licensed Western venues carry, and Bybit has been fined or restricted in some jurisdictions and has withdrawn from others, including the UK retail market and France. Fiat access mostly runs through third-party providers rather than direct bank rails.
No. Roughly $1.5bn in ETH was taken on 21 February 2025, and Bybit replaced the assets from its own balance sheet and borrowed liquidity while continuing to process withdrawals. The loss fell on the company rather than on customer balances.
Through the signing interface rather than the exchange's own contracts: a compromised Safe{Wallet} developer machine was used to serve tampered JavaScript that displayed a routine transfer to Bybit's signers while altering the underlying transaction.
Lightly, compared with the licensed Western venues. It holds a licence in Dubai and registrations in several smaller markets, has been fined or restricted in some jurisdictions, and has withdrawn from others including France and the UK retail market.
8 services in best crypto exchanges