USDC Insurance Fund

(Avg. Entry Price * MM Rate + Bankruptcy Price * 0.075% ) * Contract Size 


Long: 

Bankruptcy Price = Avg. Entry Price * (1 - 1 / Leverage) / (1 + Taker Fee Rate) - Available Balance / [(Contract Size * (1 + Taker Fee Rate)]

 Short: 

Bankruptcy Price = Avg. Entry Price * (1 + 1 / Leverage) / (1 - Taker Fee Rate) + Available Balance / [Abs (Contract Size) * (1 - Taker Fee Rate)]

USDC Options

USDC Basic Data

A trader sells a BTC call option with a strike price of 38,000 USD for 1,500 USD. The delivery price at the expiry is 37,999 USD.The call option expires worthless. The buyer lost 1,500 USD, and the seller gained 1,500 USD.

A trader sells a BTC put option with a strike price of 37,000 USD for 1,800 USD. The delivery price at the expiry is 37,001 USD. The option expires worthless. The buyer lost 1,800 USD, and the seller gained 1,800 USD.

The symbol of an options contract consists of Underlying asset-Expiry date-Strike price-Option's type (C - call/ P - put). Example: BTC-29OCT2021-48000-C This is a call option (C), with a strike price of 48,000 USD, expiring on October 29, 2021.

Highest Bid Price = Options Mark Price + 5% * Index * Max[1 , 4 * Abs(Delta)]

Lowest Ask Price = Max{5, Options Mark Price - 1% * Index * Max[1 , 4 * Abs (Delta)]}

The trader bought a BTC call option with a strike price of $40,000, and paid $2,500 as the premium. He now has the right to buy 1 BTC at a price of $40,000. 

Let's assume that the price of BTC is $46,000 and the delivery price of the contract is $46,000 on the expiration date. 

In this case, the seller will pay the trader $6,000 on the expiration date. Because the trader paid $2,500 as the premium, his profit amounts to $3,500 (6,000 - 2,500). 

If the price of BTC is lower than $40,000 on the expiration date, the call option will expire worthless, and the trader will lose the premium paid. This delivery will happen automatically on Bybit, and the call option cannot be exercised by the trader before the expiration date.

The trader bought a BTC put option with a strike price of $30,000, and paid $2,000 as the premium. He now has the right to sell 1 BTC at a price of $30,000. 

Let's assume that the delivery price of the contract is $27,000 on the expiration date. 


In this case, the trader will receive $3,000 on the expiration date. Because he paid $2,000 as the premium, his profit amounts to $1,000 (3,000 - 2,000). 


If the delivery price is higher than $30,000 on the expiration date, the put option will expire worthless.

Weekly, biweekly, monthly, bimonthly, and quarterly

The Options Contracts will be cash settled on the expiration date. On Bybit, this delivery will happen automatically.

Weekly, Bi-weekly, Monthly, Bi-monthly, Quarterly.

8AM (UTC) on the stipulated expiration date

Trading 

Taker 0.03% / Maker 0.03% 

Trading fees can never be higher than 12.5% of the Option's position value. 

Delivery 

0.015% 

Delivery fees can never be higher than 12.5% of the Option's position value. 

Liquidation 

0.2% 

Liquidation fees (exclusive of trading fees) will be automatically added to the insurance fund.

Initial Margin is the total margin required to open a position. Please refer to the Help Centre article for more details.

Maintenance Margin is the total margin required to maintain a position. Please refer to the Help Centre article for more details.

The mark price is the current value of an Options Contract calculated using Bybit's risk control system. Bybit will set hard limits on the minimum and maximum implied volatility allowed.

The multiplier on Bybit equals to 1. Each contract has only 1 BTC as the underlying.

Highest Bid Price = Options Mark Price + {maxBuyFactor} * Index * Max[1 , 4 * Abs(Delta)]
 
Lowest Ask Price = Max{tickSize}, Options Mark Price - {minSellFactor} * Index * Max[1 , 4 * Abs (Delta)]}

Trading Fee 

Taker {takerFeeRate} / Maker {makerFeeRate} 

Trading fees will not exceed {maxProportionOfTransactionInOrderPrice} of the Option's position value. 

Delivery Fee 

{basicDeliveryFeeRate} 

Delivery fees will not exceed {maxProportionOfDeliveryInOptionValue} of the Option's position value. 

Liquidation Fee 

{liquidationFeeRate} 

Liquidation fees (exclusive of trading fees) will be automatically added to the insurance fund.

Trading Fee \n\nTaker {takerFeeRate} / Maker {makerFeeRate} \n\nTrading fees will not exceed {maxProportionOfTransactionInOrderPrice} of the Option's position value. \n\nDelivery Fee \n\n{basicDeliveryFeeRate} \n\nDelivery fees will not exceed {maxProportionOfDeliveryInOptionValue} of the Option's position value. \n\nLiquidation Fee \n\n{liquidationFeeRate} \n\nLiquidation fees (exclusive of trading fees) will be automatically added to the insurance fund.

The contract multiplier for Bybit Options is 1. Each contract has only 1 {baseCoin} as the underlying asset.

Premiums for {baseCoin} Options are quoted at a minimum tick size of {tickSize} USDC.

The Options Contracts will be exercised on the expiration date in USDC. The delivery price is calculated using the average of the Bybit {baseCoin} Index over the last 30 minutes before the expiration of the contract. The delivery amount in USDC equals the difference between the strike price and the settlement price of the contract if it expires in the money. The Bybit {baseCoin} Index tracks the spot price of {baseCoin}. It's derived from a weighted average of quotes on multiple spot exchanges — Kraken, Gemini, Coinbase Pro, Bittrex and Bitstamp — and has been adjusted by their data usability.

Depends on the price of {baseCoin}, which may vary between ${minStrike} to ${maxStrike}.

{symbolName} Contract Details

USDC

The Options Contracts are priced in USDC. 

Implied Volatility 

The Options Contracts can also be priced in implied volatility (IV). IV orders are updated once every 6 seconds to keep the IV at a fixed value.

The tick size for BTC-Options' premium is $5.

The trader sells a call option with a strike price of $38,000. He receives $1,500 as the premium. 

Let's assume that the delivery price of the contract is $37,999 on the expiration date. 

The call option will expire worthless. The trader will collect a premium of $1,500, while the buyer will lose the $1,500 premium paid.

The trader sells a put option with a strike price of $37,000. He receives $1,800 as the premium. 

Let's assume that the delivery price of the contract is $37,001 on the expiration date. 

The put option will expire worthless. The trader will collect a premium of $1,800, while the buyer will lose the $1,800 premium paid.

The Options Contracts will be exercised on the expiration date in USD. The delivery price is calculated using the average of the Bybit BTC Index over the last 30 minutes before the expiration of the contract. The delivery amount in USD equals to the difference between the strike price and the settlement price of the contract if it expires in the money. 

The Bybit BTC Index tracks the spot price of BTC. It's derived from a weighted average of quotes on multiple spot exchanges — Kraken, Gemini, Coinbase Pro, Bittrex and Bitstamp — and has been adjusted by their data usability.

The Options Contracts will be exercised on the expiration date in USDC. The delivery price is calculated using the average of the Bybit {baseCoin} Index over the last 30 minutes before the expiration of the contract. The delivery amount in USDC equals the difference between the strike price and the settlement price of the contract if it expires in the money. The Bybit {baseCoin} Index tracks the spot price of {baseCoin}. It's derived from a weighted average of quotes on multiple spot exchanges — OKX, FTX, Coinbase Pro and Binance — and has been adjusted by their data usability.

It depends on the BTC price and may vary between $500 to $1,000,000.

In-the-money, at-the-money, and out-of-the-money strike prices will be listed. New strike price will be listed when the underlying trades above the current highest strike price or below the current lowest strike price.

Each contract name consists of the underlying, expiration date, strike price, and the contract type (C indicates a call option and P indicates a put option). 

For instance, BTC-29OCT2021-48000-C refers to a call option with a strike price of 48,000 USDC, expiring on Oct. 29, 2021.

BTC-Options Contract Details

Highest Bid Price = Last Trade Price * (1 + 3%)

Lowest Ask Price = Last Trade Price * (1 - 3%)

Taker Fee 0.075% / Maker Fee 0.01% / Liquidation Fee 0.075%

The funding fee is exchanged directly between buyers and sellers every {hour} hours. This ensures that Bybit's last traded price is anchored to the reference index price.

The funding fee is exchanged directly between buyers and sellers every {hour} hours. It ensures that Bybit's last traded price is anchored to the reference index price.

(Avg. Entry Price * IM Rate + Bankruptcy Price * 0.075% ) * Contract Size 


Long: 

Bankruptcy Price = Avg. Entry Price * (1 - 1 / Leverage) / (1 + Taker Fee Rate) - Available Balance / [(Contract Size * (1 + Taker Fee Rate)]

 Short: 

Bankruptcy Price = Avg. Entry Price * (1 + 1 / Leverage) / (1 - Taker Fee Rate) + Available Balance / [Abs(Contract Size) * (1 - Taker Fee Rate)]

(Avg. Entry Price * MM Rate + Bankruptcy Price * 0.075% ) * Contract Size 


Long: 

Bankruptcy Price = Avg. Entry Price * (1 - 1 / Leverage) / (1 + Taker Fee Rate) - Available Balance / [(Contract Size * (1 + Taker Fee Rate)]

 Short: 

Bankruptcy Price = Avg. Entry Price * (1 + 1 / Leverage) / (1 - Taker Fee Rate) + Available Balance / [Abs(Contract Size) * (1 - Taker Fee Rate)] 



The base value for maintenance margin starts at 0.5%. It will increase linearly by 0.5% for every $1,000,000 increase in your position value.

Mark price can be considered as a price that reflects the real-time spot price on major exchanges. It may temporarily deviate from the spot index to protect traders against market manipulations. 

Mark Price = Index Price + 30-Second Exponential Moving Average of (USDC Perpetual Market Price - Index Price). 

The USDC Perpetual market price will be the last traded price if it falls between the current best bid and the best ask. If the last traded price is lower than the best bid, the market price will be the best bid. If the last traded price is higher than the best ask, the market price will be the best ask.

Unrealized profits and losses will be settled every {hour} hours for higher capital efficiency.

BTC-PERP Contract Details


The amount of balance that can be used to open new positions. Available Balance = Wallet Balance + Unrealized P&L - Initial Margin.

Basic Data

References

contractlinearRulesTitle

Perpetual 24hrs

The total equity under your USDC Account. Equity = Wallet Balance + Unrealized P&L + Position Value (USDC Options).

{symbol} futures contract will expire on {nextTime}. 1 contract is worth 1 USD.

{symbol} Futures Contract Details

Inverse Futures 

futureInverseSettleTitle1

futureInverseSettleTitle2

This contract expires at {date}, and settles at .{baseSymbol}30M index price as of {date}.

The .{baseSymbol} index tracks the spot price of {coin}/USD and is updated every second.

{baseSymbol} perpetual contract and {baseSymbol} futures contract use this index.

When a futures contract expires, all outstanding positions will be settled at the 30-min Time Weighted Average Price (TWAP) of the corresponding index price. Settlement will be completed within 5 minutes after expiry.

Take 2021 futures contracts as an example:

Futures Contracts

Bybit currently offers quarterly futures only. The contract will be delivered at 8:00:00 UTC on the settlement date.

Inverse Futures

{symbol}合约到期交割时间为{nextTime}。每张合约代表1{coin}。

Enjoy trading USDC Perpetual Contracts with no expiration date. Trade flexibly with regular or portfolio margins to magnify your profits.

BTCUSDC | Buy, Sell & Trade USDC-Perpetual | Bybit Derivatives

Highest 24H Turnover

Popular Trading Pairs

USDT Equivalent

Real-time Weightage

A {coin}USD perpetual contract has no expiry date. Each contract is worth 1 USD in {coin} . Funding occurs every 8 hours, the next funding will take place at {time} UTC Bybit uses the interest rate and premium index per minute to calculate the funding rate.  {coin} Interest Rate = 0.03% USD Interest Rate = 0.06% .{coin}USDPI-

A {coin}USD perpetual contract has no expiration date. Each contract is worth 1 USD in {coin} . Funding occurs every 8 hours, the next funding will take place at {time} UTC 

Bybit uses the interest rate and the premium index to calculate the funding rate through Time-Weighted-Average-Price (TWAP) over the series of minute rates. 

The above rates are used to calculate the funding rate every eight hours. For a detailed calculation, please <a href='{links}' target='_blank' style='color:rgba(255,177,26,1)'>click here</a> .

The above rates are used to calculate the final funding rate every eight hours. For a detailed calculation, please 

A {coin}USD Perpetual Contract has no expiration date. Each contract is worth 1 USD in {coin} . Funding occurs every {hour} hours, and the next funding will take place at {time} UTC.

Contract Details

Inverse Perpetual

The .{coin}USDPI index tracks the premium / discount of {coin} perpetual contracts relative to the mark price per minute.

.{coin}PI: {coin} Premium Index

The {coin}USD index tracks {coin} spot prices, with a frequency of every second. The {coin}USD latest price index is shown on multiple pages of Bybit, as is the current {coin} spot price.

The index represents the market consensus price of the underlying asset , so its price is derived from multiple spot exchanges. The reference exchange price that has passed the data availability verification will be weighted to obtain the final index. For the source and weight of the quoted exchanges, please refer to the "Index Price Component Breakdown" below.

Learn more about the validation of the data availability and calculation of 

The {coin}USD index tracks the average spot price of {coin}/USD and is updated every second. This index reflects the consensus price of the underlying asset, and its price is derived from multiple spot exchanges. The reference prices that pass the data availability validation will be weight adjusted to derive an index price. For the source and weight of the quoted exchanges, please refer to the &quot;Index Price Component Breakdown&quot; below. Learn more about validation of the data availability and calculation of <a href='{links}' target='_blank' style='color:rgba(255,177,26,1)'>index price</a>. {coin}USD perpetual and futures contracts use this index.

.{coin}: {coin} Spot Index

Large Order(s)

New Trading Pair

[[leverageRate]]% ROI if BTC price drops by 1%

To protect traders from market manipulations, Bybit implements the following price limits for futures contracts and perpetual contracts.

The price limits of BTC trading pairs are ± 3%, i.e.

Highest Bid Price = Last Traded Price * (1 + 3%);
Lowest Ask Price = Last Traded Price * (1 - 3%);

The price limit applies to all contracts that has BTC as an underlying asset, including BTCUSD and BTCUSDT perpetual contracts, and all BTC futures contracts. 

The price limit applies to opening and closing positions.

If the order price is higher than the highest bid price when the trader opens long or closes short positions, the highest bid price limit will be applied. The order will be placed at the highest bid price or canceled based on the order type.

If the order price is lower than the lowest ask price when the trader opens short or closes long position, the lowest ask price limit will be triggered. The order will be placed at the lowest ask price or canceled based on the order type.

Note: The price limit range is subject to changes.

Calculation of Mark Price

The est. liquidation price is calculated based on your position margin and the available margin balance in your account. Having multiple positions simultaneously will affect the est. liquidation price for each position. Please note that the est. liquidation price is for reference only.

Please be aware that in the event of extreme price movements or deviation from the price index, Bybit will undertake additional protective measures, including but not limited to:

Mark Price

{symbol} Mark Price

A display of last traded prices, trading volumes, charts, and other data metrics for Bitcoin and other popular cryptocurrencies.

Market & On-Chain Analysis | Reference | Bybit

Max. 24H Change %

The amount of balance that can be used as margin. Liquidation may be triggered if the margin balance is lower than the maintenance margin. Margin Balance = Wallet Balance + Unrealized P&L.

Note

Premium Index 

.{symbol}PI Premium Index

.{symbol}PI Index Details

The .{symbol}PI index tracks the premium / discount of {symbol} perpetual contracts relative to the mark price per minute.

TP/SL Price Protection

Contract Rules & Platform Answers | Bybit Terms of Service

.{symbol} Index

.{symbol} Index Details

The {symbol} index tracks the average spot price of {coin}/USDC and is updated every second.

The {symbol} index tracks the average spot price of {coin}/USDT and is updated every second.

This index reflects the consensus price of the underlying asset, and its price is derived from multiple spot exchanges. The reference prices that pass the data availability validation will be weight adjusted to derive an index price. For the source and weight of each reference price, please refer to the ‘Index Component Breakdown’ below.

For the validation and calculation process of the index price, please 

{symbol} contract uses this index.

Announcement Info Derivatives

View and select your preferred trading pairs. Stay tuned for more listings!

Customize your order type, quantity, price and leverage. Click on "Buy/Sell" to complete your order.

Mark Price is used to calculate your unrealized profit and loss as well as your margin requirement.

View your positions, order status, trade history and more.

USDC Account is a Derivatives trading account using USDC as collateral. You can trade Perpetual and Options products that are quoted in USD and settled in USDC. You can also view the definitions of Initial Margin (IM), Maintenance Margin (MM), Available Balance (AB), and Equity on this page.

Select Trading Pair

Place Your Order

Positions and Order History

USDC Account

USDC Perpetual

View your margin, margin rate, margin balance and available balance. Maintain a sufficient margin balance to reduce the risk of liquidation.