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Contract Types

Derivatives are financial instruments that derive value from the performance of an underlying asset. They are used to manage financial risk by allowing parties to hedge against potential adverse movements in market prices.

Overzicht perpetual-contracten

Een perpetual-contract is een derivaat dat te vergelijken valt met een future. Het verschil met futures is echter dat

Handelsmechanisme van perpetual-contract

When the funding rate is positive, long position holders pay short position holders.

When the funding rate is negative, short position holders pay long position holders.

The Financieringskosten calculation is: Funding Fee = Position Value * Funding Rate.

For funding rate details, click here.

Futurescontracten

Bybit offers quarterly Inverse Futures contracts and USDC Futures contracts for the current week, next week, third week, current month, next month, third month, current quarter, and next quarter. The contract delivery time is 8AM UTC on the delivery date. Upon contract expiration, the system will use the average index price of the last half hour as the settlement price for all open contracts. The delivery settlement will be completed within five (5) minutes after expiration.

Expiration dates are based on the last day of the following period: Current week, next week, third week, current month, next month, third month, current quarter, and next quarter.

Settlement: The settlement price is based on the average index price in the last half-hour before expiration. The settlement time is at 08:00 UTC on the expiration date. USDC contracts are "cash-settled", meaning the contract seller pays the proceeds in USDC to the buyer instead of transferring the underlying asset. Inverse contracts are settled in the underlying asset.

Options Overview

Bybit offers European-style cash-settled options. European options cannot be exercised before the expiration date and can only be exercised at the expiration. On Bybit, European options are automatically exercised at expiration for in-the-money options. Cash settlement means that at the expiration of the option contract, the seller of the option contract pays the proceeds to the buyer instead of transferring the underlying asset. Bybit's options are priced in USDC and settled in USDC. This price is determined using the latest traded price of the underlying futures or spot. Additionally, the implied volatility corresponding to the option price will also be displayed. One Call option represents the right to buy 1 BTC or 1 ETH at a specific price (the strike price), while one Put option represents the right to sell 1 BTC or 1 ETH at a specific price (the strike price).

Margin Types

In derivatives trading, margin acts as collateral for holding positions. Initial Margin is the amount needed to open (or increase) a position, while Maintenance Margin is the minimum amount that must be maintained to keep the position open.

Indexprijs

De indexprijs vertegenwoordigt de marktconsensusprijs van het onderliggende activum. Het is afgeleid van een gewogen gemiddelde van meerdere spot-koersen, aangepast op basis van gegevensbruikbaarheid en gewichtsaanpassingsfactoren. Test voor de gegevensbruikbaarheid omvat de tijdigheid en validiteit van de gegevens. De vermelde prijs van referentie-exchanges die de bruikbaarheidstest hebben doorstaan, wordt gewogen met een aangepast gewicht op basis van het transactievolume en de prijsafstand ten opzichte van de volume-gewogen gemiddelde prijs. Uiteindelijk wordt de indexprijs van elk paar berekend door de prijzen van de verschillende belangrijke spot-exchanges te vermenigvuldigen met het aangepaste gewicht.

Voor indexreferenties,click here.

Mark Price Overview

The Mark Price, used by exchanges to estimate the true value of derivatives contracts, is derived from the Index Price, and adjusted with additional factors such as the Funding Rate, reflecting the cost of holding an open position in the market. In trading, the Mark Price is primarily used to:

Calculate unrealized profit and loss.

Price Level 2 = Index Price + 5-min Moving Average

Mark Price for Perpetual Contracts

Mark Price = Median (Price 1, Price 2, Last Traded Price)

Price 1 = Index Price × [1 + Last Funding Rate × % Time Remaining to Funding]

Price 2 = Index Price + 5-min Moving Average

5-min Moving Average = Moving Average [(Bid Price + Ask Price) / 2 - Index Price] (sampled once per second for the past 5 minutes)

Mark Price for Futures Contracts

Bybit maakt gebruik van eerlijke prijsmarkering om liquidatie te voorkomen die wordt veroorzaakt door een lage liquiditeit of marktmanipulatie. Liquidatie wordt getriggerd door de markeerprijs. Markeerprijs = indexprijs * ( 1 + basispercentage) Let op: Wanneer een order wordt uitgevoerd, kun je een onmiddellijke ongerealiseerde winst/verlies zien door het verschil tussen de laatst verhandelde prijs en de markeerprijs. Het betekent niet dat je winst of verlies gemaakt hebt.

Mark Price for Option Contracts

Spline Volatility Surface

SABR Volatility Surface

References

For information on Contract Details, click here.

For details on Trading Parameters, click here.

For details on Margin Parameters, click here.