Bybit vs Coinbase

Bybit serves the EEA, UK, LATAM, APAC, and Australia with a Mastercard debit. As of January 2026, EEA users must migrate to Bybit EU accounts for MiCA compliance. Bybit is banned or restricted in France, Malaysia, Philippines, Thailand, Japan, and Singapore.

Coinbase serves the United States only with two products: a prepaid Visa with variable rotating crypto rewards (all US states except Hawaii), and the Coinbase One Amex credit card with up to 4% BTC back ($49.99/year membership required, excluding US territories).

There is no market where both cards are simultaneously available. This comparison matters for users choosing between the two exchanges as platforms, or for those who may relocate between US and non-US markets.

Bybit charges 0.9% conversion plus 0.5% FX on cross-currency spending (1.4% total). Coinbase charges 0% on everything from the card side (no FX, no conversion, no ATM fees from Coinbase). A spread applies on non-USDC crypto-to-fiat conversions. USDC spending on Coinbase has zero spread and zero fees.

SpendNode's fee breakdown shows that at the Standard tier where most Bybit users sit, Coinbase's Amex at 4% BTC delivers six times more monthly income than Bybit's 0.6% net on cross-currency spending. Even at Bybit's 4% tier, the 2.6% net is lower than Coinbase's 4% (3.65% net after membership).

The picture flips at Supreme VIP. Bybit at 10% (8.6% net after fees) outperforms Coinbase's 4% at every spending level - $258/month versus $116/month on $3,000 spending. But Supreme VIP requires institutional-grade trading volume and asset balances. This tier is not a realistic target for retail users.

Coinbase's Amex is a credit card, meaning no crypto is sold at the point of sale. BTC rewards received are not currently taxable as income under IRS guidance on credit card cashback. Bybit's debit card converts crypto on every transaction, creating a taxable disposal each time. For a US-based comparison, the after-tax returns favor Coinbase even more strongly.

Coinbase offers zero-fee USDC spending on the prepaid Visa. Since USDC holds a 1:1 USD peg, spending it creates minimal or zero capital gains. For US crypto holders who prioritize tax efficiency over cashback, spending USDC on Coinbase is the cleanest daily driver available: zero fees, zero spread, zero tax events. The trade-off is no cashback on USDC spending - it is a pure utility play.

Bybit counters with 8% APR on idle USDT balances through Bybit Earn. A user holding $20,000 in USDT on Bybit generates approximately $1,600/year in passive income before spending a single dollar. Combined with card cashback, this creates a dual-income model: yield on idle assets plus rewards on spending. No Coinbase product offers comparable idle yield.

The question is whether Bybit's 8% yield on idle assets compensates for lower net cashback at base tiers. For a user with $20,000 in USDT spending $2,000/month: Bybit generates $1,600 yield + $144 cashback (Standard, cross-currency) = $1,744/year total. Coinbase generates $0 yield + $912 cashback (4% Amex after sub) = $912/year total. Bybit's yield advantage makes up the cashback gap if you hold significant stablecoin reserves on the exchange. Below $10,000 in idle stablecoins, the yield advantage narrows and Coinbase's cashback dominates.

Coinbase is publicly traded (NASDAQ: COIN), FDIC pass-through insured up to $250,000 on USD balances, and fully regulated by FinCEN and state regulators. No other crypto card provider offers this level of regulatory transparency. The prepaid Visa is issued by Pathward, N.A. (Member FDIC). The Amex is issued by First Electronic Bank via Cardless, Inc. Coinbase publishes quarterly earnings, undergoes public audits, and has 1.79 million App Store reviews at a 4.7 rating.

Bybit is privately held, recently required EEA users to migrate to a separate Bybit EU entity for MiCA compliance, and faces regulatory restrictions in 6 countries. The exchange is well-established (45,800 App Store reviews, 4.7 rating) and functional, but does not offer public financial accountability. The Amex's Retail Protection (up to $10,000/claim), Extended Warranty, Trip Cancellation insurance, and Car Rental Insurance add value that Bybit does not match at any tier.

For users who prioritize institutional backing and purchase protection, Coinbase is in a different class. For users who prioritize raw cashback rates, idle yield, and higher spending limits ($250K/month Supreme versus Coinbase's $10K/month Amex cap at higher tiers), Bybit delivers more while operating under a less transparent corporate structure.

Comparing Bybit's Supreme 10% headline to Coinbase's 4% as though both are accessible. Supreme VIP requires institutional-level trading volume and large asset balances on the exchange. Most Bybit retail users qualify for the Standard tier at 2%, which nets 0.6% after fees on cross-currency spending. At the actual tiers most users achieve, Coinbase 4% outperforms Bybit Standard by 6x. How to avoid it: Before choosing Bybit for its cashback, check your actual VIP tier in the app. If you are at Standard or the tier just above, Coinbase's 4% (or any no-FX-fee card with 2%+ cashback) likely outperforms your Bybit net return. The Supreme comparison is relevant only if you already qualify.

Dismissing Bybit without factoring in the 8% APR idle yield. Users often compare cashback rates in isolation and conclude Coinbase's 4% beats Bybit's 0.6%. But for users holding $15,000+ in stablecoins, Bybit Earn's 8% APR generates $1,200+/year in passive income that has no Coinbase equivalent. A user holding $20,000 USDT on Bybit earns $1,600/year before any cashback, versus $0 on Coinbase. How to avoid it: Calculate your total annual returns from both card cashback AND idle yield at your actual stablecoin balance. If you hold less than $10,000 in stablecoins, the yield advantage is modest and Coinbase's cashback likely wins. Above $15,000, Bybit's total ecosystem returns can exceed Coinbase's even at the Standard card tier.

US residents: Coinbase is your only exchange card option between these two. The Amex at up to 4% BTC with full purchase/travel protection and no crypto disposal at POS is excellent. Add zero-fee USDC spending on the prepaid Visa for tax-efficient daily purchases.

Non-US users at Bybit VIP tiers (4%+): Bybit at 2.6%+ net cashback with 8% idle yield and higher spending limits ($250K/month Supreme) outperforms Coinbase's 4% on total ecosystem returns.

Non-US users at Bybit Standard (2%): The 0.6% net return on cross-currency spending is modest. If you hold significant stablecoin reserves ($15K+), Bybit's yield makes up the gap. If not, consider OKX (up to 5%, 0% FX) or Crypto.com (0% fees, lifestyle perks) as alternatives with better net cashback at base tiers.

Outlook: Coinbase may expand its card products to Europe in 2026, leveraging MiCA compliance infrastructure. If that happens, this comparison shifts from geography-decided to a genuine head-to-head in the EEA. Bybit faces ongoing regulatory pressure with bans in 6 countries and an EEA migration in progress. The gap in regulatory trust between a NASDAQ-listed company and a privately held exchange is unlikely to narrow in the near term. For users choosing a long-term platform, Coinbase's regulatory trajectory is more predictable.