Bybit Institutional Shows Structural Advantages in Neutral Strategy: New Crypto Quant Strategy Index Report
Dubai, United Arab Emirates, March 17th, 2026, Chainwire
Bybit Institutional has demonstrated structural advantages across crypto quant strategies, according to the 2025 Crypto Quant Strategy Index Report by 1Token (the Index Report). The Index Report reveals that Bybit Institutional’s infrastructural advantages and execution precision helped deliver superior risk-adjusted returns across Delta and Dollar Neutral trading strategies throughout 2025’s significant macro volatility and liquidity stress.
The comprehensive Index Report synthesizes data from 25 professional trading teams managing over 50 distinct strategies, providing detailed benchmarking across three core strategy categories against the Nasdaq-100 and BTC. Throughout 2025, neutral strategies proved resilient as digital asset markets underwent a full-cycle stress test marked by repeated macro resets and extreme volatility events.
A Year of Structural Tests
2025 presented a complete macro cycle for crypto markets, beginning with early-year optimism around Federal Reserve rate cuts and culminating in the October flash crash and severe liquidity events. Throughout this cycle, three strategy categories demonstrated distinct responses to changing market conditions.
- Delta Neutral strategies maintained positive returns in all 12 months of the year, with monthly gains ranging from 0.43% to 1.42% and a maximum drawdown of just 0.80%. This consistent performance reflected the stability of systematic time-value extraction through funding rate differentials and basis opportunities.
Bybit’s Delta Neutral execution delivered 9.48% returns alongside the lowest observed drawdown and volatility among major venues. This consistency reflects the structural stability required for systematic funding rate capture.
- Dollar Neutral strategies captured significant dislocations during periods of market microstructure clarity, generating 31.23% cumulative returns. Performance peaked during cross-asset pricing dislocations in May, the stablecoin regime transition in August, and valuation distortions following the October liquidations.
Bybit’s Dollar Neutral strategies achieved 66.69% returns, significantly outperforming industry benchmarks. Risk-adjusted metrics also demonstrated consistent outperformance: Sharpe Ratio of 2.39 versus 0.10 and 0.62; Sortino Ratio of 4.51 versus 0.34 and 1.10; Calmar Ratio of 5.06 versus negative 0.75 and 1.22. The maximum drawdown was 7.72%, the lowest among peers in the study.
- Directional strategies delivered maximum upside participation among the three mainstream strategies with 43.29% annualized returns, but experienced proportionally higher volatility and drawdowns. The strategy demonstrated clear seasonal patterns, excelling during months with pronounced directional trends while incurring losses during reversals.
Liquidity as Infrastructure Advantage
Both neutral strategy categories depend critically on precise pricing, deep liquidity, and efficient execution. The report’s findings indicate that venue-specific structural characteristics, including liquidity depth, fee architecture, and matching engine stability, meaningfully influence risk-adjusted returns. Neutral strategies serve as a reliable indicator of exchange infrastructure quality.
Bybit’s overall strength in crypto quant strategies, as is evidenced in the data, is not driven by a single metric but by comprehensive consistency across return generation, drawdown control, and risk-adjusted indicators. This pattern suggests structural advantages rather than short-term volatility effects.
“For over a year now, everywhere investors looked, risks were omnipresent. This reality made the report‘s findings more relevant today. Bybit Institutional’s consistent outperformance across both neutral strategies demonstrates that volatility-proof infrastructure and operational excellence are critical to navigating volatile markets,” said Yoyee Wang, Head of Business-to-Business at Bybit. “We don’t compete on luck; we compete on consistency, strategy, and execution.”
Bybit Institutional provides comprehensive trading infrastructure and capital-efficient solutions for professional market participants, including hedge funds, asset managers, and proprietary trading firms.
1Token is a SOC2-compliant institutional-grade platform serving over 100 crypto institutional clients globally, collectively managing more than $20 billion in assets.
To access the full report and understand more about the methodologies, data collection, and other information, users may visit: 2025 Crypto Quant Strategy Index Report
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About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 80 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
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About Bybit Institutional
Bybit Institutional (https://www.bybit.com/en/institutional) is the institutional services division of Bybit, providing trading infrastructure, capital-efficient lending solutions, and unified account management for professional crypto market participants. It serves hedge funds, asset managers, brokers, proprietary trading firms, market makers, and other institutional investors across global markets, offering access to deep liquidity in spot and derivatives markets, customized fee structures, institutional-grade reporting tools, and dedicated client support.
For institutional onboarding, trading inquiries, or collaboration opportunities, please email: institutional_services@bybit.com