Bybit vs OKX

Both cards serve the EEA and APAC, creating genuine competition in Europe's largest crypto markets. Bybit additionally covers the UK, LATAM, and Australia. OKX does not serve those regions. In the UK, LATAM, or Australia, Bybit is the only option between these two.

Both exchanges face significant regulatory pressure in APAC. They share five banned markets: Malaysia, Philippines, Thailand, Japan, and Singapore. Bybit is additionally banned in France (AMF regulatory action, January 2025). OKX is additionally banned in India (FIU-IND non-compliance, March 2024) and Canada (OSC restrictions). In total, Bybit is restricted in 6 countries and OKX in 7.

The practical impact: APAC users in any of the five shared ban countries cannot use either card. Users in India or Canada can use Bybit but not OKX. Users in France can use OKX but not Bybit. The genuine head-to-head competition exists primarily in the EEA (minus France for Bybit) and in unrestricted APAC markets like South Korea, Australia (Bybit only), and Hong Kong.

As of January 2026, EEA Bybit users must migrate to Bybit EU accounts for MiCA compliance. Both exchanges are privately held with no public financial disclosures.

Both cards charge 0.9% on crypto-to-fiat conversion. OKX adds nothing else. Bybit adds 0.5% FX on cross-currency transactions. Total cost per cross-currency transaction: OKX 0.9%, Bybit 1.4%.

At base tiers, both cards deliver poor returns. OKX at 0.1% net and Bybit at 0.6% net are both underwhelming for a cross-currency spender. The comparison only becomes meaningful when you can reach mid-tier rewards on either platform.

At matching 3% tiers, OKX nets $63/month on $3,000 spending versus Bybit's $48/month at a hypothetical 3% tier (extrapolated). That $15/month gap ($180/year) comes entirely from the 0.5% FX differential. At OKX's 5% max versus Bybit's Standard 2%, the difference widens dramatically: $123/month versus $18/month ($1,260/year).

The picture inverts at Bybit's Supreme VIP. At 10% headline (8.6% net), Bybit earns $258/month on $3,000 spending - more than double OKX's maximum of $123/month at 5% (4.1% net). But Supreme VIP requires institutional-grade trading volume and asset balances on the exchange. The overwhelming majority of retail users will never qualify.

The 0.5% FX gap is the headline, but ATM fees widen the difference further.

OKX: 0% FX, 0.9% conversion, 1% ATM fee, $500/day ATM limit. Six spendable assets: OKB, USDT, USDC, BTC, ETH, SOL.

Bybit Standard: 0.5% FX, 0.9% conversion, 2% ATM fee, $2,000/day ATM limit. Five spendable assets: USDT, USDC, BTC, ETH, XRP.

Bybit Supreme: 0.5% FX, 0.9% conversion, 0% ATM fee, $5,000/day ATM limit.

A $500 ATM withdrawal costs $5 on OKX (1%) versus $10 on Bybit Standard (2%). For cash-dependent travelers withdrawing $500 twice weekly, the ATM fee difference alone is $520/year. Bybit Supreme eliminates ATM fees entirely, but again requires VIP status.

In SpendNode's head-to-head on same-currency spending, the FX fee disappears. A German user paying in euros on a euro-denominated card pays only the 0.9% conversion fee on both cards. Net returns become identical at matching headline rates. The 0.5% OKX advantage exists only on cross-currency transactions. For users who spend primarily in their home currency, this comparison point evaporates.

Bybit's spending limits are significantly higher: $50,000/month Standard, $250,000/month Supreme versus OKX's $30,000/month. For high-volume spenders, this is a decisive advantage. A user spending $40,000/month simply cannot do it on OKX.

Both cards function as extensions of their exchange ecosystems, creating a lock-in dynamic. Your card reward tier depends on exchange-specific activity:

OKX ties cashback tiers to your 30-day average OKB balance and trading volume. Reaching 5% requires holding significant OKB and maintaining consistent trading activity. This incentivizes OKB accumulation, which concentrates your portfolio in a single exchange token.

Bybit ties VIP tiers to overall trading volume and asset balance. Higher tiers require more exchange activity, but no specific token purchase is mandatory. Bybit also offers 8% APR on idle USDT through Bybit Earn, generating passive income without spending. A user holding $20,000 in USDT on Bybit earns approximately $1,600/year in yield before any card cashback. OKX has no comparable idle yield product built into the card ecosystem.

For a user with $20,000 in idle stablecoins spending $3,000/month at mid-tier rates: OKX generates $756/year in cashback (3% tier). Bybit generates $216/year in cashback (Standard 2%) plus $1,600/year in idle yield = $1,816/year total. Bybit's total ecosystem return exceeds OKX's by $1,060/year despite the lower card cashback, because the idle yield dominates. Below $10,000 in stablecoins, the yield advantage narrows and OKX's higher net cashback rate at mid-tiers takes the lead.

Choosing OKX for the 5% headline rate without checking your actual tier. The 5% maximum requires substantial OKB holdings and sustained 30-day trading volume. New OKX users with no OKB start near the base tier, where approximately 1% cashback minus 0.9% conversion fee nets just 0.1% - worse than Bybit's Standard 0.6% net. A user spending $2,000/month at OKX base tier earns $24/year. The same user on Bybit Standard earns $144/year. How to avoid it: Check your actual OKB tier in the OKX app before committing. If you are at or near the base tier with no plans to accumulate OKB, Bybit's Standard 2% (0.6% net on cross-currency) outperforms OKX's base tier by 6x. OKX only overtakes Bybit Standard when your cashback rate exceeds approximately 2.5%, which requires meaningful OKB holdings.

Ignoring Bybit's 8% idle yield when comparing card-to-card cashback. Users often compare only the card cashback rates and conclude OKX wins at equivalent tiers because of 0% FX. But Bybit Earn's 8% APR on idle USDT has no OKX equivalent. A $15,000 USDT balance on Bybit generates $1,200/year in passive yield, which exceeds the annual FX fee difference ($180/year at $3,000/month cross-currency spending) by more than six times. 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 $5,000 in stablecoins, the yield advantage is modest ($400/year) and OKX's fee structure likely wins. Above $15,000, Bybit's combined ecosystem return dominates regardless of the 0.5% FX disadvantage.

For cross-currency EEA spenders at mid-tier rewards: OKX delivers 0.5% more net per transaction. At 3% cashback on $3,000/month, that is $180/year more than Bybit at the same headline rate. Best for users who actively hold OKB and can reach the 3%+ tiers.

For stablecoin holders with $15K+ on exchange: Bybit with 8% APR idle yield ($1,200+/year) combined with Standard 2% cashback outperforms OKX's card-only returns. Best for users who keep significant USDT reserves.

For high-volume spenders (over $30K/month): Bybit is the only option, with limits up to $250K/month Supreme versus OKX's $30K cap.

For UK, LATAM, or Australian users: Bybit is the only option between these two.

For users in France: OKX is the only option (Bybit banned under AMF action).

Outlook: Both exchanges face ongoing APAC regulatory pressure, sharing 5 banned markets with no signs of reinstatement in 2026. Bybit's EEA migration to Bybit EU under MiCA is underway, creating short-term friction for existing European users. OKX is expanding Apple Pay support to additional EEA markets and maintains a stable European position. Neither exchange has announced major card program changes for 2026. The key variable to watch is whether either exchange loses or gains access to additional European markets under MiCA enforcement - a single market loss (like Germany for Bybit or the Netherlands for OKX) would significantly shift this comparison.