Bybit's newly granted VARA license is strictly limited to spot exchange services and does not authorize derivatives trading.

From the articleBybit Secures Dubai Licence as Crypto Exchanges Expand in UAEAlso in Bybit Secures First Full Dubai Spot Trading Licence, Bybit Wins Dubai VASP License, but Derivatives Must Wait - Blockonomi, Bybit wins Dubai spot trading licence, eyes derivatives approval, Bybit wins VARA approval for spot exchange services in Dubai, Bybit Secures Dubai VASP License for Crypto Spot Trading