Bybit Goes to Zero on Stock CFDs, Challenging eToro

Bybit eliminated both commission and swap fees on its stock CFD lineup, covering more than 380 instruments through July. Traders can now take positions on Apple, Tesla, Microsoft, and Google along with commodities, indices, and forex pairs – all settling in USDT through a single account. Leverage runs up to 5x. The exchange also offers total rebates of up to $100,000, with individual traders eligible for 2,000 USDT in swap fee rebates alone.

Swap fees – overnight financing charges on leveraged positions – can quietly erode returns on trades held past a day. By waiving them until July, the exchange removes a real cost, not a headline number. Combined with the rebate ceiling, active traders running larger positions could see meaningful savings compared to holding equivalent positions on a traditional CFD broker.

The zero-fee campaign is tied directly to Bybit's launch of a real-world asset portal that blends traditional finance products with tokenized offerings. The portal handles stock CFDs alongside tokenized equities, tokenized metals, and yield products linked to real-world assets – all inside the same interface Bybit's crypto users already know. The idea is that a trader can go long on gold, short a tech stock, and earn yield on tokenized instruments without opening a separate brokerage account.

Bybit first entered traditional asset CFD trading in 2022, which means the plumbing has been in place for a few years. The real-world asset portal is the next layer. That architecture matters because crypto-native traders are used to low fees and fast execution. The friction of signing up with a separate broker to trade the S&P 500 or Apple has always been a soft barrier. Strip the fees and keep settlement in USDT, and the argument for staying inside one ecosystem gets stronger.

Bybit is not alone in this push. Crypto.com and Kraken have licensed entities operating in the UK and EU, offering traditional instruments. BitMEX and Phemex have added CFD-like access to multiple asset classes. eToro and CEX.io run multi-asset models that blend crypto and CFD trading in one interface. The pattern is clear: crypto exchanges are building toward the same destination, and the differentiator right now is price. Bybit's bet is that zero fees pulls traders who might otherwise drift toward a more established TradFi broker.

The broader industry trend – tokenized treasuries, on-chain equity exposure, stablecoin yield products – is real. Exchanges that built their user bases on spot crypto trading are now trying to hold those users as their appetites expand. Bybit's 380-plus instrument catalog is a direct response to that. Traders who started with Bitcoin and Ethereum and now want diversified exposure don't necessarily want to leave the interface they already know.

What would confirm the campaign is working? A spike in volume and new account sign-ups. If competitors like Crypto.com or eToro respond with matching zero-fee offers, that would validate the pressure. What would weaken the thesis? Regulatory pushback – CFD regulation varies by jurisdiction, and some markets limit retail leverage or ban certain instruments outright. Another risk: the temporary nature of the campaign. Bybit did not specify whether the zero-fee structure would continue after July. If traders pile in during the promotion and then leave when fees return, the retention value disappears.

The rebate structure also has ceilings. The swap fee rebate is capped at 2,000 USDT per individual, and total rebates run up to $100,000. That is not unlimited free trading. Active traders running large positions could hit those caps quickly, so the real cost advantage narrows above a certain volume.

Microsoft is one of the stock CFDs available. MSFT currently trades at $403.41, down 2.02% on the session, with an Alpha Score of 58 (Moderate). A trader using Bybit's platform to short Microsoft through a CFD would pay zero commission and zero swap fees through July, settling the position in USDT. That is a materially different cost profile from holding the same short through a traditional CFD broker.

No date has been set for a decision on whether the zero-fee model continues. The exchange's real-world asset portal, which supports tokenized equities and tokenized precious metals alongside the stock CFD lineup, may offer a clue: if the portal drives enough volume, the fee waiver could become permanent, though nothing has been announced.

The next thing to watch is competitor response. Crypto.com and Kraken have the infrastructure to match Bybit's pricing. eToro has a multi-asset interface but typically charges spreads and overnight fees. If Bybit's campaign pulls meaningful market share, expect counteroffers within weeks.

Bybit did not comment on the campaign's trajectory beyond the current quarter.