Bybit vs Kraken

Both cards serve EEA and UK users, creating genuine competition in the European market. Both operate on Mastercard. Both support Apple Pay and Google Pay.

Bybit additionally serves LATAM, APAC, and Australia, but is banned in France, Malaysia, Philippines, Thailand, Japan, and Singapore (6 countries). As of January 2026, EEA Bybit users must migrate to Bybit EU accounts for MiCA compliance.

Kraken's card is limited to EEA and UK. Kraken has one published country ban (Philippines). For users outside Europe, Bybit is the only option between these two.

In the EEA and UK, users have a genuine choice. This is where the comparison matters.

The fee structures define this comparison. Kraken charges 0% on everything: no FX, no conversion, no ATM fees from Kraken's side. Bybit charges 0.5% FX plus 0.9% conversion (1.4% total on cross-currency spending, 0.9% on same-currency) and 2% ATM (waived for Supreme VIP).

On cross-currency spending, Kraken outperforms Bybit Standard by 67%. A European user spending $3,000/month across currencies earns $360/year on Kraken versus $216 on Bybit Standard - a $144/year gap from fees alone. On same-currency spending, Bybit Standard at 1.1% net marginally beats Kraken's 1%, but the difference is just $36/year on $3,000/month ($3/month). The cross-currency advantage for Kraken far outweighs the same-currency advantage for Bybit.

Bybit overtakes Kraken at the 4% tier (2.6% net on cross-currency), earning $936/year versus Kraken's $360. At Supreme (8.6% net), Bybit's $3,096/year is in a completely different category. But reaching these tiers requires institutional-grade trading volume and large asset balances. The comparison between Kraken and Bybit Standard - where the majority of retail users sit - clearly favors Kraken.

Both cards use custodial debit models where crypto is converted at the point of sale, creating a taxable disposal event on every transaction. The tax treatment is identical.

Kraken supports over 400 cryptocurrencies for direct card spending - the broadest asset support of any crypto card on SpendNode. Bybit supports 5 assets (USDT, USDC, BTC, ETH, XRP).

This 80x difference in asset coverage is significant for portfolio flexibility. A user holding DOT, AVAX, ATOM, or SOL on Kraken can spend directly without converting first. On Bybit, the same user must convert to one of 5 supported assets before spending, creating additional friction and potentially additional taxable events from the conversion.

Kraken converts at mid-market exchange rates with no hidden spread markup. Bybit's 0.9% conversion fee applies on top of any exchange rate spread. For transparency-conscious users, Kraken's pricing model eliminates ambiguity about the true cost per transaction.

Both cards offer yield on idle balances through different models.

Kraken: 3.6% APY automatically on eligible stablecoin and fiat balances in the Krak Everyday account. No lockup, no opt-in, no management. Your idle card balance earns yield continuously without any action.

Bybit: Up to 8% APR on idle USDT through Bybit Earn. Requires actively opting in and allocating funds to the Earn product. Higher rate, more management.

For a $10,000 idle balance: Kraken earns approximately $360/year passively. Bybit Earn generates approximately $800/year with active management. The rate difference ($440/year) is meaningful, but Kraken's automatic approach suits users who prefer simplicity.

Combined annual returns at $3,000/month cross-currency spending with $10,000 idle balance:

• Kraken: $360 cashback + $360 yield = $720/year (zero effort)
• Bybit Standard: $216 cashback + $800 yield = $1,016/year (requires Earn management)
• Bybit 4% Tier: $936 cashback + $800 yield = $1,736/year (requires high trading volume + Earn)

For passive-income seekers, Bybit's yield edge ($440/year) narrows the cashback gap significantly. But for users who just want a simple daily spending card, Kraken's $720/year total with zero complexity is hard to beat.

Kraken: 0% ATM fees (Kraken-side, ATM operator fees may apply), $1,000/day ATM limit, $50,000/month spending limit.

Bybit Standard: 2% ATM fee, $2,000/day ATM limit, $50,000/month spending limit. Bybit Supreme: 0% ATM, $5,000/day, $250,000/month.

A $500 ATM withdrawal costs $0 on Kraken versus $10 on Bybit Standard. For cash-dependent travelers withdrawing $500 weekly, the annual ATM savings on Kraken are $520 - more than the entire cashback difference between the two cards.

Spending limits are identical at Standard ($50K/month). Bybit Supreme offers $250K/month, which matters for institutional-level spending but not for typical retail users.

Comparing Bybit's 2% headline to Kraken's 1% without subtracting Bybit's fees. The 2% headline suggests Bybit earns twice as much. After the 1.4% fee drag on cross-currency spending, Bybit Standard nets 0.6% - actually 40% less than Kraken's clean 1%. On $3,000/month cross-currency spending, Kraken earns $144/year more than Bybit Standard ($360 vs $216). Even on same-currency spending, Bybit's 1.1% net is only $36/year more than Kraken's 1% - a negligible advantage that disappears entirely if you make even one international purchase per month. How to avoid it: Compare net returns, not headline rates. Kraken's 1% with zero fees beats Bybit Standard's 2% with 1.4% in fees on cross-currency transactions. Bybit only outperforms at the 4% tier and above.

Dismissing Kraken's 1% as too low without factoring in the zero-fee structure and idle yield. A user who sees "only 1% cashback" may overlook that Kraken charges zero fees on FX, conversion, and ATM while also earning 3.6% APY on idle balances. Combined, a Kraken user with $10,000 idle and $3,000/month spending earns $720/year. A Bybit Standard user with the same profile earns $1,016/year with active Earn management, or $216/year without it. For users who will not actively manage Bybit Earn, Kraken's total passive return ($720) is 3.3x higher than Bybit's card-only return ($216). How to avoid it: Calculate your total annual returns including idle yield. If you will not use Bybit Earn, Kraken's combined value proposition is significantly higher at Standard tier.

For zero-complexity European spending: Kraken with 1% uncapped cashback, 400+ assets, zero fees everywhere, 3.6% APY automatic yield, and 0% ATM. No tiers, no VIP requirements, no management needed.

For active Bybit traders at VIP tiers: Bybit at 4%+ net cashback with $250K/month Supreme limits and 8% APR on idle USDT. The reward ceiling and yield rate are unmatched, but only accessible to high-volume traders.

For Bybit Standard users spending cross-currency: Consider switching to Kraken. The 1% clean net outperforms Bybit Standard's 0.6% net, and the 400+ asset support and zero ATM fees add significant practical value.

For users outside EEA/UK: Bybit is the only option between these two in LATAM, APAC, and Australia (excluding banned countries).

Outlook: Kraken has never suffered a security breach in over 14 years of operation, and its zero-fee card model is positioned well under MiCA's transparency requirements. Bybit faces ongoing regulatory pressure with 6-country bans and mandatory EEA migration. Both products are stable in the EEA, but Kraken's simpler regulatory profile creates less uncertainty. Watch for potential Kraken cashback tier increases (currently a flat 1%) and Bybit's post-MiCA migration stability.