Bybit vs Kraken in comparison

Derivatives Specialist vs Trusted Veteran

Bybit and Kraken both suit active traders, but they appeal to different users. In our view, Kraken is the stronger choice for most people: it serves US residents outside New York and Maine, it lists more coins, and we rate it much higher for security and trust. Bybit is the better choice for derivatives traders outside the US who want options and low entry fees, since its spot trades start at 0.10% against 0.40% maker and 0.80% taker on Kraken Pro. Bybit does not accept customers from the US.

Trading fees

On the order book, Bybit is more affordable at the entry level. Its global platform charges 0.10% for both maker and taker orders on spot, while Kraken Pro begins with 0.40% for makers and 0.80% for takers. Kraken Pro lowers the rate from $2.5K of 30-day volume, or if you hold enough assets on the platform. Bybit also incentivizes size, determining your VIP level by either your asset balance or 30-day volume, whichever is greater. At Supreme VIP, it charges 0.030% for makers and 0.045% for takers on spot.

For futures, the two are initially similar. Bybit charges 0.02% for makers and 0.055% for takers on perpetual contracts, while Kraken charges 0.02% and 0.05% at its first futures tier. App-based purchases cost more for both. Kraken charges 1% on instant and recurring buys, with a spread included in the price. Its Kraken+ plan, priced at $4.99 monthly, waives that fee for up to $10,000 a month of app trades. Bybit's One-Click Buy uses third-party providers who set their own fees, and its P2P market has no Bybit fee. Bybit EU, the platform for the EEA, employs a single spot rate of 0.25%. We rate both equally for fees and costs, even though Bybit is cheaper on spot at the entry level.

Coins and products

Kraken lists more coins than Bybit, making it more likely to have a small token available. Bybit's product offerings are broader for traders, including options, USDT and USDC perpetuals, dated futures and inverse contracts, 11 tokenized US stocks termed xStocks on its spot market, CFDs through MetaTrader 5, trading bots, copy trading, and Earn products like Easy Earn and On-Chain Earn. Its API includes up to 150x leverage on the BTCUSDT perpetual.

Kraken Pro features spot margin and futures. Outside the US, eligible clients can trade bitcoin and ether with up to 100x leverage. For American clients, futures are conducted through Kraken Derivatives US, a futures commission merchant registered with the CFTC. In certain states, Kraken also sells US stocks and ETFs. It offers xStocks outside the US, the UK, Canada, and Australia and retains 20% of flexible staking rewards as commission. We rate Kraken slightly higher for its range of functions.

Where you can use them

For US readers, this is the key factor. Kraken serves the US except for residents of New York and Maine. Bybit's terms exclude the United States as well as Canada, France, Singapore, Hong Kong, the Chinese Mainland, and Australia; Bybit applies these restrictions based on nationality instead of residency.

In Europe, both hold a MiCA authorization: Kraken through two Irish companies supervised by the Central Bank of Ireland, Bybit through Bybit EU GmbH in Vienna, authorized by Austria's FMA for every EEA country except Malta. In the UK, Kraken is registered with the FCA as a cryptoasset firm, and Bybit came back in December 2025 with spot trading and P2P. Kraken also serves Canada and Australia, two markets that Bybit leaves out.

Security and track record

We rate Kraken much higher for security and trust. Kraken is certified under ISO/IEC 27001:2022, and it has completed a SOC 2 Type 1 examination, and its latest proof-of-reserves snapshot, attested by The Network Firm, showed bitcoin reserves of 102.9% of client balances. Its Kraken Financial unit holds a Wyoming charter as a Special Purpose Depository Institution. Kraken's record includes a $30 million SEC settlement in 2023 over its US staking program, and a later SEC lawsuit was dismissed with prejudice in March 2025. Kraken says no insurance covers digital assets or Kraken accounts against losses.

In February 2025, Bybit experienced a loss of about $1.5 billion in virtual assets, attributed by the FBI to North Korea. Its subsequent proof-of-reserves report showed ETH reserves at 102% of user ETH, and its latest report indicates reserves for all listed assets are at or above user balances. Bybit has completed a SOC 2 Type II audit by Deloitte and holds ISO/IEC 27001 certification. Regulatory actions against it include France's AMF blacklisting Bybit since 2022, a fine from India's FIU in January 2025, and a Bybit settlement with Ontario's OSC in 2022. Bybit's terms indicate that the digital assets it holds are not insured by any government authority.

Ease of use and support

We rate Kraken slightly higher for operation and higher for beginner friendliness, and the two the same for support. Kraken separates a simple app with more than 300 assets for buying and staking from Kraken Pro, which has advanced orders, margin and futures, and one login works for both. In our view, Bybit's app, which puts futures, bots and copy trading next to spot, is a lot to take in for a first-time buyer. Kraken says verification usually takes a few minutes, while Bybit names about 15 minutes and at times up to 48 hours. When verification stalls, Bybit says its team replies to a support case within one working day.

Our verdict by criterion

In our view, Kraken comes out ahead overall, and we rate it higher. Bybit is cheaper on spot at the entry level and offers options and more derivatives for traders outside the US.

• Fees and costs: we rate them the same
• Range of functions: we rate Kraken slightly higher
• Operation: we rate Kraken slightly higher
• Beginner friendliness: we rate Kraken higher
• Security and trust: we rate Kraken much higher
• Support: we rate them the same

Which one fits you

• US residents outside New York and Maine: Kraken.
• Futures traders outside the US seeking options or high leverage: Bybit.
• Spot traders with small orders outside the US: Bybit, at 0.10% against 0.80% taker on Kraken Pro.
• Readers in Canada or Australia: Kraken, as Bybit excludes both.
• Beginners: Kraken, for its simpler app.

Our Kraken review and Bybit review provide a detailed examination of both. For more pairings, see OKX vs Bybit and Coinbase vs Kraken, or our list of exchanges for derivatives.

Questions about Bybit and Kraken

Is Bybit or Kraken better?

In our view, Kraken is better for most readers, with US access, more coins and a stronger security record. Bybit is better for futures and options traders outside the US who want lower entry fees.

Can you use Bybit in the US?

No. Bybit's terms exclude the United States, and the restriction applies to nationals, covering US citizens living abroad. Kraken is available to US residents in all states except New York and Maine.

Which has lower fees, Bybit or Kraken?

On spot trading, Bybit: 0.10% maker and taker compared to 0.40% and 0.80% on Kraken Pro at the entry level. On perpetual futures, they are close, with both at 0.02% maker and Bybit at 0.055% taker versus Kraken at 0.05%.