This one is a traders’ comparison, not a beginners’ one. Bybit built its name on derivatives — fast perpetuals, a slick engine, a following among active traders outside the US. Binance does derivatives too, and everything else, at the deepest liquidity in the market. If you’re here, you probably already own crypto and you’re choosing a home for leverage.
We review both in full below. Fair warning: this comparison includes an honest look at Bybit’s 2025 security incident, because pretending it didn’t happen would do you no favors.
| Aspect | Bybit | Binance |
|---|---|---|
| Founded | 2018 | 2017 |
| Focus | Derivatives-first, growing spot | Everything — deepest spot & derivatives |
| Derivatives fees | 0.02% maker / 0.055% taker | 0.02% maker / 0.05% taker |
| Availability | Global — not US | Global — not mainland US |
| Best for | Perp traders wanting a clean UX | Max liquidity, all-in-one traders |
Derivatives and trading
For perpetuals specifically, many traders prefer Bybit’s interface — it’s fast, uncluttered, and clearly designed by people who trade. Order execution is snappy, the mobile app is one of the best for futures, and fees on contracts are essentially level with Binance.
Binance’s edge is depth. On the biggest pairs its order books are the deepest anywhere, which means less slippage on large positions and tighter liquidations. It also bundles spot, margin, options and earn into one account, so you’re not splitting your capital across venues.
Security — the honest part
In February 2025, Bybit suffered the largest hack in crypto history: roughly $1.4 billion in Ethereum drained from a cold wallet during a routine transfer, attributed to North Korea’s Lazarus Group through a compromised signing interface. That’s the bad news, and it’s serious.
The part that matters almost as much: Bybit stayed solvent. It covered the gap through reserves and a bridge loan, kept withdrawals open throughout, and made users whole within days. It was a real failure of process — but not the exchange-collapse-with-your-money story crypto has seen too often. Binance, for its part, refunded users in full after its own 2019 breach and hasn’t had a comparable incident since. On track record alone, Binance is the calmer pick; on how a crisis was handled, Bybit passed a brutal test.
Coins and features
Binance lists more spot assets (350+) and gets new tokens earlier, plus the widest set of earn and launchpad products. Bybit’s spot selection has grown fast and its derivatives catalogue is excellent, but Binance remains the more complete supermarket.
Which one should you choose?
- Perpetuals are your main game: try Bybit first — the trading experience wins a lot of people over.
- You want maximum liquidity and one account for everything: Binance.
- Security is your top priority: Binance’s longer clean run edges it, though Bybit’s 2025 recovery was genuinely reassuring. Either way, keep long-term holdings on a hardware wallet, not on any exchange.
FAQ
Is Bybit or Binance better for futures?
Both are excellent, with near-identical fees. Many active traders prefer Bybit’s interface and execution for perpetuals; Binance offers deeper liquidity on the largest pairs.
Is Bybit safe after the 2025 hack?
Bybit lost ~$1.4B in February 2025 but stayed solvent, covered all user funds, and kept withdrawals running. It remains operational and fully backed — but the incident is a fair reason to keep only trading capital on any exchange.
Can US residents use Bybit or Binance?
Neither global platform serves mainland US users. Americans typically use Coinbase or Kraken instead.
Which has more coins?
Binance, with 350+ spot assets and earlier listings, versus Bybit’s smaller but fast-growing selection.
This comparison is for information only and is not financial advice. Leverage trading carries high risk. Fees and listings change — verify on the official sites before committing funds.
Read also: Bybit Review · Binance Review
See also: Binance vs Kraken · Coinbase vs Binance