Introduction to Delta Neutral Mode

Delta Neutral Mode is designed to enhance the trading experience for users running delta-neutral strategies. When enabled, positions that meet the Delta Neutral criteria are ranked lower in the ADL (Auto-Deleveraging) queue, reducing the risk of being auto-deleveraged during extreme market conditions.

Eligibility Requirements

A position qualifies as Delta Neutral only when all of the following conditions are met:

Delta Neutral Mode is enabled.
The account is set to Cross Margin (CM) or Portfolio Margin (PM) mode.
coinDelta is maintained at 0.05 or below.

Note: Delta Neutral Mode is enabled at the account level. Enabling it on your Main Account does not automatically apply to Subaccounts.

How ADL Ranking Changes With Delta Neutral Mode

Positions that qualify as Delta Neutral are assigned lower priority in the ADL queue than non-qualifying positions. ADL will only be applied to Delta Neutral positions after all non-qualifying positions have been settled.

Within the Delta Neutral group, the existing ADL ranking logic remains unchanged. For more details, refer to the Auto-Deleveraging (ADL) Mechanism.

ADL ranking before the change:

User	VIP Level	Margin Mode	Delta Neutral Mode	coinDelta	Delta Neutral	Ranking
User 1	5	PM	Enabled	< 0.05	Yes	1
User 2	5	PM	Enabled	> 0.05	No	2
User 3	4	CM	Disabled	N/A	No	3
User 4	4	CM	Enabled	< 0.05	Yes	4
User 5	1	PM	Not eligible	N/A	No	5
User 6	3	IM	Enabled	< 0.05	No	6

ADL ranking after the change:

User	VIP Level	Margin Mode	Delta Neutral Mode	coinDelta	Delta Neutral	Ranking
User 2	5	PM	Enabled	> 0.05	No	1
User 3	4	CM	Disabled	N/A	No	2
User 5	1	PM	Not eligible	N/A	No	3
User 6	3	IM	Enabled	< 0.05	No	4
User 1	5	PM	Enabled	< 0.05	Yes	5
User 4	4	CM	Enabled	< 0.05	Yes	6

In the example above:

User 5 is a VIP 1 user and is therefore not eligible to use Delta Neutral Mode.
User 1, User 2, User 4 and User 6 have enabled Delta Neutral Mode. However, User 2's coinDelta exceeds 0.05, and User 6 is using Isolated Margin (IM). As a result, only User 1 and User 4 qualify as Delta Neutral, and their positions are ranked lower in the ADL queue.
Within the Delta Neutral group, the original ranking order remains unchanged. Therefore, User 4 continues to rank lower than User 1.

Note: Although coinDelta is calculated in real time, there may be a slight delay before the ADL ranking reflects the update.

Calculation of coinDelta

coinDelta measures how close your overall exposure is to being delta neutral. It takes into account all assets and open positions associated with the same underlying asset.

The formula is as follows:

coinDelta = coinAccountSize ÷ coinBaseSize
coinAccountSize = abs(longSize + shortSize)
coinBaseSize = max(longSize, abs(shortSize))

Where:

coinAccountSize represents your net exposure after offsetting long and short positions.
coinBaseSize represents your larger directional position.

coinDelta is calculated independently and is not affected by other risk metrics, such as collateral requirements or liquidation thresholds.

Example

Assume you hold the following BTC assets and positions:

Base Coin	Asset Equity	USDT Perp	USDC Perp	Inverse Perp	USDT Expiry	USDC Expiry	Inverse Expiry
BTC	5	-4	-3	3	3	-2	3

The calculation is as follows:

longSize = 5 + 3 + 3 + 3 = 14
shortSize = -4 − 3 − 2 = -9
accountSize = abs(longSize + shortSize) = abs(14 - 9) = 5
baseSize = max(longSize, abs(shortSize)) = max(14, abs(-9)) = 14
Delta = accountSize ÷ baseSize = 5 ÷ 14 ≈ 0.357

Since 0.357 exceeds the 0.05 threshold, these BTC positions do not qualify as Delta Neutral.

How to Enable Delta Neutral Mode

Step 1: Log in to your Bybit account and click Trade → Futures in the top navigation bar.

Step 2: Select the Settings icon in the upper-right corner to access Preferences.

Step 3: Under the Trade tab, turn on the Delta Neutral Mode toggle.