A crypto-style wrapper around a low-volatility asset
On September 8, 2026, Bybit launched USDT-settled perpetual futures on EUR/USD, GBP/USD and USD/JPY inside its existing Unified Trading Account — the same order book type, funding-rate mechanic and up-to-100x leverage as its crypto perps, just pointed at an FX index instead of a crypto one. That is a genuinely new instrument shape: traditional retail forex brokers cap leverage at 30x (EU/UK/Australia) or 50x (US) precisely because FX pairs are low-volatility by design. A crypto-style forex perp inherits crypto's leverage ceiling without inheriting crypto's volatility — which is exactly the mismatch this calculator is built to surface.
Why the same formula gets far more dangerous here
Liquidation price uses the identical isolated-margin formula as any crypto perp: entrée × (1 − 1/effet de levier + marge de maintien) for a long, entrée × (1 + 1/effet de levier − marge de maintien) for a short. At 100x, that is roughly a 1% adverse move before liquidation. EUR/USD's typical daily range is only about 0.5-0.6% — meaning an entirely ordinary trading day, with no news event at all, can be enough to fully liquidate a 100x forex-perp position. A 100x BTC or ETH perp trader is protected from that same fate most days simply because crypto's baseline daily range is usually several times wider. See the Bybit liquidation calculator for the crypto-perp version of this same math, or the calculateur de comparaison de levier to see liquidation distance across leverage levels side by side.
Questions fréquemment posées
What are forex perpetual futures?
Forex perpetual futures are FX pairs (EUR/USD, GBP/USD, USD/JPY) traded with the same mechanics as a crypto perpetual swap: no expiry date, USDT-settled and margined, a funding rate paid between longs and shorts to keep the contract price tracking the underlying FX rate, and leverage up to 100x. Bybit launched the first three pairs on September 8, 2026, inside its existing Unified Trading Account.
Why is 100x leverage far riskier on a forex pair than it sounds?
Regulated retail forex brokers cap leverage at 30x or lower for major pairs specifically because FX pairs move so little day to day. At 100x, the isolated-margin liquidation distance is only around 1%, so a single average trading day's range in EUR/USD can be enough to fully liquidate the position — something that rarely happens to a 100x crypto perp in one ordinary day, since crypto's typical daily range is usually several times larger.
How is the forex perp liquidation price calculated?
The same isolated-margin formula as a crypto perp: for a long, liquidation ≈ entrée × (1 − 1/effet de levier + marge de maintien); pour faire court, entrée × (1 + 1/effet de levier − marge de maintien). Only the underlying pair's price scale and volatility differ from a crypto perp — not the formula itself.
How is this different from trading forex at a traditional broker?
A traditional broker settles in your account currency, caps leverage at 30-50x for majors, closes for the weekend, and has no funding-rate mechanic. A forex perpetual future settles and margins in USDT, offers up to 100x with no regulatory cap, trades 24/7 including weekends, and charges or pays funding between longs and shorts exactly like a crypto perp.