3 ms·

Most of the trading is not done by retail traders but at much lower fees than that, if not being paid (market makers). I just can't make it add up.

• spaceman_2020 2y ago
  Hyperliquid, a decentralized perp exchange, is a good proxy for ByBit’s revenues. On an average, Hyperliquid does between 800k-1M in revenue per day. ByBit is substantially bigger and easily does 50-100M in monthly revenue
• reisse 2y ago
  I know! As I stated, > Even considering a huge part of that volume is coming from institutional players who enjoy significantly reduced commission rates... But the volume is huge. Even if we take the best publicly shared MM rates from Bybit (which is 1.5bp taker commission, 0.5bp maker rebate), and assume the whole volume is traded with these rates, it is still 1bp from 40B dollars, which is 4M dollars daily.
  • skeeter2020 2y ago
    even if this is true, they'll use their entire cashflow for more than a year to cover a single loss? That's not how business works...
    • TimJRobinson 2y ago
      It's not like they have a choice. If they don't they have to declare bankruptcy because they can't honor customer withdrawals.