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

Notes:

1) 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 of BTC trading pairs applies to all contracts that has BTC as an underlying asset, including BTCUSD and all BTC futures contracts.

2) The price limits apply to opening and closing positions. TPSL is excluded from these price limits. 

3) 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.

4) Conversely, the same logic applies for the lowest ask price. If the order price is lower than the lowest ask price when the trader opens short or closes long positions, the lowest ask price limit will be applied.

5) The above price limit is applicable to Inverse contracts, USDT Perpetual contracts and USDC Perpetual contracts.

6) The price limit range is not conclusive and can be subjected to changes in the future. 
 

Example: 

LTP is $10,000. Trader A places a BTCUSD buy long limit order of 100 quantity with an order price of $11,000.
With the price limit of 3%, the highest bid price that can be placed is $10,300 ($10,000 * 1+3%). As a result, the system will correct the order price from $11,000 to $10,300 when Trader A placing the order. 
 
As the order price is placed at a worse price compared to best ask price, this order is immediately executed. Assuming Trader A is using a GTC time-in-force and there is only 70 contracts quantity filled at $10,300, the remaining 30 contracts quantity will be placed into order book to await execution.