Bybit has published a summary of activity on its spot trading platform for 2025. The exchange said the business line was centered on listing new assets early, often before they became widely available across other centralized venues.
Rather than competing primarily on trading fees or incentives tied to mature assets, Bybit Spot emphasized access to newly launched tokens across multiple sectors. According to the exchange, this approach was applied consistently throughout the year.
The listings covered a range of asset types, including memecoins, decentralized finance tokens, real-world asset representations, and tokenized equity products.
Early listings and price performance
Bybit cited several examples where early listings coincided with large price moves after launch. One was TRUMP, a memecoin introduced in early 2025. The token later reached a reported peak gain of 548% from initial trading levels.
In the real-world asset category, Bybit listed XAUT, a gold-backed token, which later recorded gains of 127%. The exchange also added xStocks, a set of tokenized equity products. One of those, GOOGLX, rose by more than 100% following its debut.
DeFi listings showed similar volatility. TUNA, described as a community-led token, rose more than 2,600% on its first trading day. MET, another DeFi project focused on liquidity-related use cases, posted first-day gains of roughly 255%.
Investor Takeaway
Listings paired with incentives
Bybit said it combined early listings with promotional incentives on selected assets. Total rewards distributed across some listings reached up to $20 million, according to the exchange.
Among the projects mentioned were NXPC, a GameFi-related token, and NIGHT, a privacy-focused infrastructure project. Bybit reported that it reached the top share of centralized exchange trading volume for NIGHT during its initial trading period.
The exchange positioned this approach as a way to concentrate early liquidity around new listings, particularly during the first phase of price discovery.
Sector coverage
Bybit’s spot listings in 2025 covered most of the active market themes seen during the year. These included celebrity-linked memecoins, AI-related utility tokens, real-world asset products, GameFi, tokenized equities, emerging Layer 1 networks, and privacy-focused protocols.
The exchange said this breadth allowed users to access different market narratives without switching platforms. It also reduced dependence on any single sector during periods when specific themes lost momentum.
For spot exchanges, asset selection remained a key point of competition as overall trading volumes shifted between venues throughout the year.
Looking ahead
Bybit said it plans to continue prioritizing early-stage asset discovery in 2026. The exchange did not provide details on how listing criteria may change as regulatory scrutiny increases across markets.
As spot markets mature, early access alone may be less decisive. Liquidity depth, post-listing performance, and risk controls are expected to play a larger role.
In 2025, however, Bybit’s spot strategy was largely defined by speed. In several cases, that speed coincided with sharp short-term price movement.
