0. Bybit vs BitMex

Comparison of Bybit and Bitmex

 

August 2022, Bybit is ranked higher than Bitmex, but spot transactions have decreased significantly, ranking Bybit as No.40 and Bitmex in No.20.

 

This appears to have led to increased risk of assets and decreased liquidity at Bybit, leading to a decrease in trading volume.

 

 

1. Overload & TPS

 

Server overload happens when conditions cause a server to exhaust its resources so that it fails to handle incoming requests. For example, the server will no longer be responsive to requests from its email and web servers as it fails to process them, and the applications will no longer function for users.

 

Overloading is simply a server lag caused by overload. This can be caused by a large number of concurrent users or a large amount of money being deposit/withdrawn at once, but it can also be caused by TPS.

 

* TPS: Transaction Per Second, a measure of how many transactions can be processed per second.

 

 

The problem with this is that there's an increased chance of losing assets during the lag time. If trading is paused due to overload, users will have to bear the risks of asset loss.

 

 

Bitmex was often overloaded and there were times that login wasn’t possible, but Bybit has never had any problems with TPS overload.

Bitmex's TPS is 10k, while Bybit is 100k, so there is even less chance of overload due to transactions.

 

 

 

2. Account Security

 

Bitmex caused an accident in November 2019 that leaked 23,000 e-mail addresses. On the other hand, Bybit has not yet had any cases of personal information leakage.

 

 

 

 

3. Volume of Transactions

 

The higher the volume, the greater the probability that users can trade at the maker(limit) price. The higher the volume of transactions, the more the users, and the higher the liquidity, leading to a decrease in slippage.

 

 

<Ranking of Futures Trading Exchanges>

 

 

 

*August 2022, Bybit was ranked 40th, and it is assumed that increased risks and decreased liquidity at Bybit exchange led to a decrease in trading volume.

 

 

 

 

4. User Friendly Environment

 

1) Application

Bitmex only supports PCs, but Bybit also supports mobile apps, enabling transactions using mobile apps.

 

 

2) Customer Service

Both exchanges support Korean language, but BitMax needs to contact a customer center called Ticket to make inquiries, and Bybit can provide 24-hour 1:1 chat counseling. It is more convenient for the bi-bit to receive a quick response.

 

 

 

 

5. Deposit & Withdrawal

 

Bitmex can only be deposited and withdrawn using Bitcoin (BTC), but Bybit can be deposited and withdrawn using Ethereum (ETH), Ripple (XRP), EOS (EOS), and Tether (USDT) in addition to Bitcoin (BTC).

 

 

 

BTC transaction fees are relatively high, so you can reduce the fees by using other cryptocurrencies to deposit/withdraw.

 

 

 

 

6. Events

 

Bitmex rarely hosts any events, but Bybit tends to hold various events, such as its first subscription event and trading trading competitions.