1️⃣ 执行摘要1️⃣ Executive Summary
核心判断：Bybit 是先发者，产品更成熟（130只美股CFD、两种账户模式、24/5延时交易）；Bitget 是后来居上的挑战者，以极低费率（$0.09/lot起）和更大的用户基数（1.2亿 vs 6200万）快速追赶，上线首月即实现 $40亿/日 成交量。两家均将 MT5 CFD 定位为"加密 × 传统金融一站式"的核心战略，这一赛道正从差异化卖点演变为标配功能。
Core Assessment: Bybit is the first mover with mature products (130 US stock CFDs, dual account modes, 24/5 delayed trading); Bitget is a fast-catching challenger using ultra-low fees ($0.09/lot) and larger user base (120M vs 62M) to gain ground, reaching $4B/day trading volume in its first month. Both position MT5 CFD as core strategy for "crypto × traditional finance one-stop," transitioning this segment from differentiation to standard capability.
2024
Bybit TradFi 上线年份（早于 Bitget 约1年）Bybit TradFi Launch Year (1 year ahead of Bitget)
2026-01
Bitget TradFi 正式公开上线Bitget TradFi Official Public Launch
$40B
Bitget TradFi 上线首月日均交易量峰值Bitget TradFi First Month Peak Daily Volume
130 vs 79
Bybit 美股CFD品种数 vs Bitget 上线初始品种数Bybit US Stock CFD Count vs Bitget Initial Launch Count
2️⃣ 公司与产品背景2️⃣ Company & Product Background
| 维度Dimension |
🔵 Bybit |
🟣 Bitget |
| 成立时间Founded |
2018年2018 |
2018年2018 |
| 用户规模User Base |
约 6,172万 活跃用户~61.7M Active Users |
约 1.2亿 注册用户~120M Registered Users |
| 监管牌照Regulatory License |
UAE（VARA）、欧洲（MiCA）等主要司法管辖区UAE (VARA), Europe (MiCA), Other Major Jurisdictions |
毛里求斯金融服务委员会（FSC）Mauritius Financial Services Commission (FSC) |
3️⃣ 产品全景对比3️⃣ Product Overview Comparison
3.1 美股个股CFD3.1 US Stock CFDs
| 🔵 Bybit TradFi |
🟣 Bitget TradFi |
优势方Advantage |
| 130只130 Stocks（AAPL、TSLA、AMZN、META等）(AAPL, TSLA, AMZN, META, etc.) |
⚠️ 暂不支持Not Supported个股CFD；仅通过 Ondo Finance 合作提供 200+ 代币化美股(Only 200+ Tokenized US Stocks via Ondo) |
Bybit 领先Ahead |
6️⃣ 各方优劣势分析6️⃣ SWOT Analysis
Bybit TradFi 核心优势Bybit TradFi Key Strengths
- 先发优势：MT5 TradFi 上线约1年，产品更成熟稳定First-Mover Advantage: 1 Year Ahead, More Mature & Stable
- 品种最全：130只美股CFD + 61个外汇对 + 18个指数，总量约230+Most Instruments: 130 US Stock CFDs + 61 Forex Pairs + 18 Indices, ~230+
- 24/5 美股延时交易，加密用户全天候可交易24/5 Delayed US Stock Trading, 24/5 Availability for Crypto Users
- 监管牌照更全（UAE VARA、MiCA），合规信任度高More Regulatory Licenses (UAE VARA, MiCA), Higher Compliance Trust
Bitget TradFi 核心优势Bitget TradFi Key Strengths
- 费率极低（$0.09/手），比传统加密合约低90%以上，获客力强Ultra-Low Fees ($0.09/Lot), 90%+ Lower than Crypto Futures, Strong Acquisition
- 1.2亿注册用户，内部分发能力远超 Bybit120M Registered Users, Internal Distribution Far Exceeds Bybit
- 上线首月即达 $40亿/日 成交量峰值，爬坡速度惊人$4B/Day Peak Volume First Month, Remarkable Ramp Speed
- Ondo Finance 合作提供 200+ 代币化真实资产，是 RWA 赛道布局Ondo Partnership Provides 200+ Tokenized Real Assets, RWA Track
7️⃣ 市场趋势洞察7️⃣ Market Trends Insights
趋势1：加密交易所 × 传统金融 CFD 融合正在成为标配Trend 1: Crypto Exchange × Traditional Finance CFD Fusion Becoming Standard
Bybit 和 Bitget 相继推出 MT5 CFD，信号明确——这一功能正从"差异化卖点"演变为"基础能力"。两家均通过 MT5 CFD 赛道实现了产品和用户基数的双驱动增长。Bybit and Bitget's sequential MT5 CFD launches signal this function is shifting from "differentiation" to "baseline capability." Both platforms achieve dual growth through instruments and user distribution.
📌 综合判断📌 Overall Assessment
当前阶段：Bybit TradFi 产品更成熟，Bitget TradFi 增长势头更猛。Current Stage: Bybit TradFi More Mature, Bitget TradFi Has Stronger Growth.两者竞争焦点：Bybit 用"品种深度"守擂，Bitget 用"费率+用户规模"进攻。 Competition focus: Bybit defends with "instrument depth", Bitget attacks with "fees + user scale."
这一赛道的准入门槛正在快速提高：最低要达到100只以上美股CFD、$0.1/手以下的佣金、24/5交易，这些将成为基线能力而非差异化亮点。Track entry barriers rising fast: min 100+ US stock CFDs, commissions under $0.1/lot, 24/5 trading become baselines, not differentiators.