Bybit vs ether.fi

Bybit's headline "up to 10%" obscures what most users actually earn. ether.fi's 3% is flat across all tiers.

ether.fi: 3% flat at all tiers. Core (free), Luxe (metal, lounges), Pinnacle ($200K limits), VIP (invite-only, 0% FX). Same 3% regardless of tier. Net: 2% (cross-currency after 1% FX), 3% (same-currency).

A new user on Bybit Standard earns 0.6-1.1% net. The same user on ether.fi earns 2-3% net. ether.fi wins by 2-5x at the tier most users actually access. Bybit only matches ether.fi at the 4% tier (3.1% same-currency net vs ether.fi's 3%) - and exceeds it at 5%+ tiers that require significant exchange activity.

ether.fi's credit-line model creates passive income that Bybit's debit model cannot match:

SpendNode's cost-at-spend model shows ether.fi with $20,000 ETH collateral earns $1,520-1,880/year on $3,000/month spending (cashback + approximately 4% APY staking yield). Bybit Standard earns $216/year. Even Bybit at 4% tier ($936/year) trails ether.fi's yield-included total by $584-944.

Bybit's idle yield partial offset: 8% APR on idle USDT through Bybit Earn. A $10,000 USDT balance earns $800/year. Adding this to Bybit Standard ($216 + $800 = $1,016/year) narrows the gap with ether.fi ($1,520-1,880). But the yield mechanisms differ: Bybit's is exchange-based stablecoin yield with counterparty risk. ether.fi's is protocol-based ETH staking with on-chain settlement and no custodial intermediary.

The crossover point: Bybit Supreme at 10% (8.6% net) earns $3,096/year on $3,000/month cross-currency spending - exceeding ether.fi's total ($1,880) by $1,216. But Supreme is invite-only for institutional traders. For users below the 6% tier, ether.fi's combined model wins.

ether.fi is fully self-custodial with credit-line spending. Your ETH collateral stays in your wallet as eETH/weETH. You borrow against it - no crypto sold, no taxable disposal. If ether.fi's card program shuts down, your ETH stays in your wallet. The trade-off: liquidation risk if ETH price drops significantly.

Bybit is fully custodial with debit spending. Your crypto sits on the Bybit exchange. Every transaction sells crypto at point of sale, creating a taxable disposal. Bybit controls your funds and can freeze withdrawals.

Tax comparison for a European holder with $40,000 in appreciated crypto (50% gains, 20% CGT):

• Bybit: $3,000/month spending creates approximately $3,600/year in capital gains tax
• ether.fi: $0 tax on spending (credit-line model, no disposal)

The tax savings ($3,600/year) from ether.fi's credit model exceeds Bybit Standard's entire cashback ($216/year) by 17x. Even Bybit Supreme's $3,096 cashback barely covers the tax cost. For holders of significantly appreciated crypto, ether.fi's tax efficiency is worth more than any cashback rate.

Both serve EEA and UK. Bybit additionally serves LATAM, APAC, and Australia (banned in France, Malaysia, Philippines, Thailand, Japan, Singapore). ether.fi additionally serves the US and global markets.

For US users, ether.fi is the only option. For French users, ether.fi is the only option (Bybit banned). For APAC users outside banned countries, Bybit is available while ether.fi also serves globally.

Both have no annual fee. Bybit operates on Mastercard. ether.fi on Visa. Both support Apple Pay and Google Pay. Both charge 2% ATM at base tier (Bybit Supreme gets 0% ATM).

ether.fi at Luxe tier and above offers conference lounge access and 65% hotel discounts. Bybit offers no lifestyle perks beyond cashback and yield.

Spending limits: Bybit Standard $50,000/month, Supreme $250,000/month. ether.fi Core has standard limits, Pinnacle reaches $200,000/month, VIP is uncapped.

Comparing Bybit's "up to 10%" to ether.fi's 3% as if the 10% is accessible. Bybit Supreme requires invite-only institutional-grade access with massive trading volume. Most new cardholders start at 2% Standard (0.6% net after fees). Comparing 0.6% net to ether.fi's 2-3% net shows ether.fi earning 3-5x more at realistic tiers. The "up to 10%" marketing number applies to fewer than 1% of Bybit users. How to avoid it: Check your actual Bybit VIP level before comparing. If you are on Standard tier, ether.fi's flat 3% outperforms by 3-5x. Bybit only becomes competitive when your tier reaches 4%+ (2.6% net cross-currency) - and even then, ether.fi's yield stacking can exceed the cashback gap.

Choosing Bybit for higher cashback without accounting for the tax cost of debit spending. Every Bybit transaction sells crypto at point of sale, creating a taxable event. A user with $40,000 in appreciated BTC spending $3,000/month at 20% CGT creates $3,600/year in tax liability. Bybit Standard's $216/year cashback does not cover 6% of the tax cost. ether.fi's credit model eliminates the disposal entirely - $0 tax. The tax savings alone ($3,600) exceed even Bybit 4% tier's cashback ($936). How to avoid it: If you hold appreciated crypto in a jurisdiction with capital gains tax, calculate the tax cost before choosing a debit card. ether.fi's credit model may save more in avoided tax than any cashback rate can earn. For stablecoin-only spending where capital gains are minimal, this concern is negligible and Bybit's cashback comparison stands on its own.

For ETH holders who want maximum total returns: ether.fi Core with 3% cashback plus staking yield. Combined returns exceed $1,880/year on $3,000/month with $20,000 collateral. Self-custodial, tax-efficient, global.

For active Bybit traders at 4%+ VIP tiers: Bybit with tier-based cashback, $250K/month limits, and 8% USDT yield. The economics favor Bybit when your tier exceeds 5% (3.6% net, $1,296/year on cashback alone).

For moderate spenders on Bybit Standard: ether.fi is the better card. 3% flat versus 0.6% net, with staking yield and self-custody.

For US users: ether.fi is the only option (Bybit does not serve the US).

Outlook: Bybit's tiered system rewards heavy traders with industry-leading rates. ether.fi's flat 3% plus yield stacking appeals to ETH holders who prioritize passive income over exchange activity. Key variables: Bybit potentially reducing its 1.4% fee stack (which would make Standard tier competitive), ether.fi potentially reducing the 1% FX fee at non-VIP tiers, and whether Bybit's MiCA migration in the EEA affects tier accessibility or fee structures for European users.