Bybit’s Private Wealth Management (PWM) said its top-performing fund delivered a 20.30% APR in 2025, with the result attributed to a strategic pivot away from directional trading and toward yield-focused, risk-managed exposure. In a year marked by central-bank tightening, regulatory uncertainty, and fragmented liquidity, the headline message is that process and positioning mattered more than chasing beta.
The outcome is relevant for traders and treasury teams because the performance was presented as deliberate, not accidental. PWM leaned into income-generating instruments and market-neutral techniques intended to preserve capital through drawdowns while still producing steady yield.
What Drove the 2025 Performance
PWM’s approach was described as diversified and institutional-grade, built around stablecoin yield, delta-neutral arbitrage, and selective BTC exposure. The emphasis was on stacking return sources that don’t all depend on price going up at the same time.
Delta-neutral arbitrage was highlighted as a key engine because it targets cross-market dislocations while limiting directional risk. In that framing, the strategy can keep producing when spot markets are choppy, which helps explain resilience during deeper drawdowns.
The reported performance breakdown reinforces that a significant portion of return came from yield and structure rather than pure BTC upside. PWM cited its best-performing fund at 20.30% APR for 2025, while high-yield USDT strategies averaged about 9.61% APR and BTC-based strategies averaged roughly 4.54% APR.
Taken together, those figures describe a multi-pronged implementation where stablecoin yield provided baseline income, market-neutral positioning captured inefficiencies, and targeted BTC exposure preserved optionality. The common thread is that volatility was treated as something to manage, not something to fully embrace.
Access Changes and the Risk Trade-Offs
Bybit also changed the access profile late in 2025 by lowering the minimum subscription threshold to 250,000 USDT, positioning it as part of a scale-up strategy. The adjustment is material because expanding the eligible investor base can change concentration dynamics and operational flows inside a product suite.
The same coverage surfaces practical risks that sit underneath the headline APR. Stablecoin yield concentration introduces counterparty and liquidity exposure, delta-neutral strategies depend on reliable execution and funding conditions across venues, and lower minimums can shift the investor mix in ways that affect governance and behavior under stress.
Looking into 2026, the real test is whether the yield-first framework holds up as conditions evolve. Treasuries and allocators will be watching PWM’s next results and any shifts in funding liquidity or regulatory constraints to see whether 2025’s approach scales without sacrificing risk discipline.
