2024-10-28 11:44:00What is a USDC Perpetual contract?
A USDC Perpetual contract uses USDC as the settlement asset and is quoted in USD. Traders can place long or short contracts using USDC with no expiration date.
Taking BTC-PERP as an example, traders place an order based on the quantity of BTC, and calculate the margin, profit and loss based on USDC.
What is a USDC Futures contract?
Similar to the USDC Perpetual contract, the USDC Futures contract is also quoted in USD and settled in USDC. However, it has no Funding Fees and has a set expiration date (settlement date) that allows traders to buy or sell assets at a predetermined price on that future date. Upon the settlement date, the corresponding Futures positions will be settled and closed.
What’s the difference between USDC Perpetual contracts and USDC Futures contracts?
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Other than the difference mentioned above, USDC Futures contracts work similarly to USDC Perpetual contracts. For more information, please refer to Introduction to USDC Perpetual and Futures Contracts.
What’s the difference between USDT Perpetual contracts and USDC Perpetual contracts?
Both USDT Perpetual and USDC Perpetual contracts are linear Perpetual contract products. The difference between the two lies in the collateral used:
USDC Perpetual Contract — Perpetual contract uses USDC as the collateral.
USDT Perpetual Contract — Perpetual contract uses USDT as the collateral.
With Bybit, some of the differences between USDT and USDC Perpetual contracts are as follows:
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Can the USDC Perpetual and Futures contracts use the cross margin and isolated margin?
No. Only cross margin is supported. Traders can select their preferred leverage in this mode.
Why am I not able to trade USDC Futures?
Please note that USDC Futures is only available for users who have upgraded their account to Unified Trading Account.
What types of USDC Futures contracts does Bybit offer?
The types of USDC Futures contracts offered by Bybit include: Weekly, Bi-Weekly, Tri-Weekly, Monthly, Bi-Monthly, Quarterly, and Bi-Quarterly.
When will the new USDC Futures contracts be listed?
The USDC Futures will be listed every Friday at 8 AM UTC. After the weekly contract has been delivered, the bi-weekly contracts will turn into the new weekly contract, while the tri-weekly contracts will become the new bi-weekly. At this point, a new tri-weekly contract will be generated.
Please note that if the delivery date of the monthly contract overlaps with the delivery date of the upcoming tri-weekly contract, the monthly contract will turn into a new tri-weekly contract. The bi-monthly contract becomes the new monthly contract, and a new bi-monthly contract will be generated at this point.
What is an 8-hour session settlement mechanism?
USDC Perpetual and Futures contracts adopt a settlement mechanism every 8 hours to settle the unrealized profit and loss in the position into a realized profit and loss, which is reflected in the wallet balance account to improve the utilization rate of your assets.
For example, if the position held at the time of settlement has a profit of 200 USDC, it’s credited to the wallet balance.
Settlement occurs every 8 hours at 8 AM UTC, 4 PM UTC, and 12 AM (midnight) UTC.
For more information, please refer to 8-Hour Session Settlement Mechanism (USDC Perpetual & Futures).
I haven't placed any new orders, why has my average entry price changed?
This is due to the 8-hours settlement mechanism applied to USDC Perpetual and Futures Contracts. The average entry price of the USDC Perpetual contract is the weighted average price of your position during the current settlement cycle, which will be affected by the increases in position size. At the end of each settlement cycle, the Mark Price at the time of settlement will become the new average entry price.
Can the unrealized profit of Perpetual contracts be used to open a position?
Yes. Unrealized profit can be used to open a position at any time.
Will the unrealized profit and loss after 8 hours of settlement be credited to the account?
Yes. Unrealized profit and loss will be credited to your wallet balance after settlement.
Can I hold both long and short positions simultaneously on a contract?
No. Only the One-Way Mode is supported. Traders can hold either a long or a short position in a contract.
What’s the trading fee for a Bybit USDC Perpetual and Futures contract?
Bybit charges the taker a 0.055% trading fee, and the maker a 0.02% trading fee.
For more details, please refer to Perpetual & Futures Contract: Fees Explained.
What is Maker/Taker?
Maker: Traders pre-set the quantity and order price and place the order into the order book. The order waits in the order book to be matched, thus increasing the market depth. This is known as a maker, which provides liquidity for other traders.
Taker: A taker occurs when an order is executed instantly against an existing order in the order book, thus decreasing the market depth.
For more information, please refer to the Difference Between Maker Orders and Taker Orders.
What is the maximum leverage that can be used when trading USDC Perpetual and Futures contracts?
The maximum leverage for each symbol is different. Please refer to Risk Limit (USDC Contract).
How many orders can a trader place?
— A maximum of 500 active orders can be placed, of which the latest 100 will be displayed in the active tab.
— Up to 10 conditional orders can be placed, and all orders will be displayed in the position tab.
What order types does the USDC Perpetual and Futures contracts support?
We support Market Order, Limit Order, Conditional Order and TP/SL Order for USDC Perpetual and Futures Contracts.
For more information, please refer to the following articles:
How to correctly place a limit order and ensure that orders are executed only as maker orders?
Make sure that the order price you enter meets the following requirements:
For long orders, Order Price < Best Ask
For short orders, Order Price > Best Bid
In addition, enable the Post-Only feature to ensure that limit orders are executed only as maker orders.
For more information, please refer to the following articles:
Are there any limits on the order price setting of the Bybit USDC Perpetual and Futures contract?
Yes. The lowest/highest prices that can be set are as follows:
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Please refer to Contract Price Limits for more details.
Under the portfolio margin, will the initial margin occupied by my position be less than that under the cross margin?
The proportion of initial margin (IM) in the account depends on the hedging relationship of all USDC Perpetual contracts and Options.
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If there are hedging positions, the IM under the portfolio margin will be lower than the IM under the cross margin.
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If all positions are in the same direction, the IM under the portfolio margin will be higher than that under the cross margin.
This is based on the calculation of different risk mechanisms in the two modes.
For more information, please refer to Margin Calculations under Portfolio Margin (Options).
Can I transfer USDT to my USDC account to trade USDC Perpetual and Futures?
Yes. On the asset transfer page, traders can convert the USDT in the Spot Account into USDC at the real-time exchange rate and transfer directly to the USDC Derivatives Account (USDC Perpetual) or Unified Trading Account (USDC Perpetual & Futures).
For more information, please refer to How to Transfer Assets on Bybit.
How to manage position risk in USDC Perpetual and Futures Contract trading
You can manage position risk through Subaccounts. The P&L of Subaccounts is segregated from the Main Account. Currently, the transfer of assets between Subaccounts and Main Accounts is only done via your Spot Account.
For more details about Subaccounts, please refer to the following two articles:
Note: Isolated margin is not supported in USDC Perpetual contract trading.
What is laddered liquidation?
Bybit uses laddered liquidation to reduce the required MM to avoid full liquidation of your USDC positions. For more details, please refer to Liquidation Process (USDC Contract).
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