Friction losses are an important parameter for evaluating the operational behaviour of high-speed rolling bearings. Specifically, in machine tool applications, the bearings are subjected to high radial loads and high speeds, which lead to increased forces in the rolling contact and, as a result, increased bearing friction. In this high-speed application, hybrid spindle bearings, typically made of ceramic balls and steel raceways, show better frictional behaviour compared to full steel-made bearings. Therefore, precise knowledge of the friction characteristics of high-speed hybrid bearings can improve friction models and generalise them to spindle bearings with different types, geometries, and operating conditions. In this article, a new straightforward and cost-efficient method for measuring the frictional torque in spindle bearings is presented. A rigidly arranged 7008 hybrid spindle bearing pair was tested up to rotational speeds of 24,000 rpm and high radial loads of 3 kN. The effects of oil–air and grease lubrication are discussed in characteristic diagrams of the tested bearings. Then, based on the test results, a friction calculation model is presented and validated for the outer race control and minimised power dissipation regarding the influence of radial forces.