Cryptocurrency exchange Bybit has flagged unusual price activity in the SPXUSDT perpetual contract, which occurred on Friday, June 13, 2025. A post-incident analysis was conducted, confirming that the price movement was due to extreme volatility, coming from a single data source as per the company’s official X post. They did not attribute the spike to other broader trading activity.
“On June 13, 2025, between 19:07 and 19:08 UTC, an extreme price movement occurred on the SPXUSDT Perpetual Contract. Our post-incident analysis confirmed that the price action was driven by extreme volatility originating from an external data source, which was promptly resolved, with all systems remaining fully operational and functioning as intended,” the X post read.
The post went on to say that all affected traders would be compensated, with compensation to be credited directly to their accounts.
Perpetual derivatives are frequently used by crypto traders who can go long and short on their preferred digital assets. Traders are usually able to add leverage to these contracts, heightening the potential payoff for their position, which comes with added risk as well.
Bybit frequently monitors and delists trading pairs for perpetual contracts that don’t match up to the platform’s standards. The crypto exchange announced on the 16th of June that it would delist the ZKJUSDT Perpetual contract.
Other updates include Bybit’s planned launch of a decentralized exchange called Byreal on the Solana ecosystem, which is slated for release in Q3. The testnet version is expected to come out by the end of June.