Bybit CEO Ben Zhou on perps, RWAs, and what's next for 2026
Quick Take
- Bybit CEO Ben Zhou talks about building the exchange from a derivatives-first startup into a full-stack CEX, navigating market cycles, a billion-dollar hack, and where crypto is heading next.
Episode 52 of The Crypto Beat was recorded with hosts Kelvin Sparks, Tim Copeland and Bybit CEO Ben Zhou.
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In episode 52 of the Crypto Beat, Kelvin Sparks and Tim Copeland were joined by Bybit CEO Ben Zhou to discuss how he bootstrapped a derivatives-focused exchange and grew Bybit into a one-stop crypto platform. Ben also reflects on managing a $1B hack with radical transparency, surviving brutal bear markets, and why he thinks RWAs and on-chain capital markets will be a defining theme going into 2026.
OUTLINE
00:00 - Introduction
02:05 - Derivatives-First Bybit
05:09 - Cards & User Acquisition
08:21 - Prediction Markets & Competition
11:33 - CEX vs On-Chain Perps
13:44 - Mantle, BitDAO & L2 Strategy
18:28 - Market Outlook & Liquidity
21:40 - Hiring, Culture & Layoffs
28:14 - Bootstrapping & Product Focus
30:41 - $1B Hack & Hard Lessons
36:46 - RWAs, Tokenized Stocks & 2026
Guest links:
Ben Zhou - https://x.com/benbybit
Bybit - https://x.com/Bybit_Official
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