Introduction to TradFi Perpetual Contracts

Traditional financial markets operate within fixed trading hours, which limits traders' ability to respond to breaking news and major global events outside market hours. To address this limitation and provide 24/7 access to Futures on traditional assets, Bybit has introduced TradFi Perpetual Contracts.

This enables traders to react immediately to significant political or economic developments, even when the underlying traditional markets are closed.

What Are TradFi Perpetual Contracts

Bybit TradFi Perpetual Contracts are USDT-denominated and USDT-settled Perpetual Contracts that track the price of traditional financial (TradFi) assets, such as precious metals. These contracts allow traders to gain exposure to the price movements of traditional assets without holding the underlying asset.

Currently, gold and silver Perpetual Contracts are supported under the symbols XAUUSDT and XAGUSDT. Additional assets may be supported in the future.

To ensure fair and reliable pricing when traditional markets are closed or liquidity is limited, specific mechanisms are applied to the Index Price and Mark Price calculations. As a result, these mechanisms may differ from those used for Perpetual Contracts on digital assets, particularly during the off-hours of traditional markets.

Index Price

During regular trading hours, the Index Price is calculated using constituent prices provided by third-party data vendors. When the underlying markets are closed — such as during weekends, holidays or daily maintenance periods — and external pricing data is unavailable, the Index Price will remain fixed at its most recent value.

The Index Price operates under two calculation modes depending on the trading period.

Calculation Mode

Index Price

Standard Mode

(Regular hours)

As with standard USDT Perpetual Contracts, the Index Price is updated every second and calculated as the weighted average of all index components. For more details, refer to Index Price Calculation.

The final Index Price is capped within ±3% of the Anchor Price:

Final Index Price = clamp(Calculated Index Price, Anchor Price × (1 − 3%), Anchor Price × (1 + 3%))

Example:

Calculated Index Price = 5,500
Anchor Price = 5,000

Allowed range:

Lower limit = 5,000 × (1 − 3%) = 4,850

Upper limit = 5,000 × (1 + 3%) = 5,150

Final Index Price = 5,150 (upper limit applied)

Fixed Mode

(Daily maintenance, holidays, weekends)

When certain index components are unavailable, the Index Price remains unchanged at its last calculated value.

The final Index Price is capped within ±3% of the Anchor Price.

This approach helps maintain stable and continuous pricing even when underlying markets are closed or market data is temporarily unavailable.

Notes:

— The Anchor Price is an external reference price used as a benchmark to help prevent abnormal deviations in the Index Price.

— Bybit reserves the right, at its sole discretion, to determine what constitutes "regular trading hours".

— Bybit may adjust the timeframe of any trading session or the applicable calculation mode, including starting or ending a session earlier or later when necessary.

— Price movement may be limited and liquidity reduced outside the underlying asset's regular trading hours in its primary market. During weekends, some symbols may be subject to position risk controls, and only reduce-only orders will be allowed.

Mark Price

The Mark Price for TradFi Perpetual Contracts is calculated using the same mechanism as regular USDT Perpetual Contracts:

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

For more details, refer to Mark Price Calculation (Perpetual Contract).

Mark Price Deviation Constraints

Since the underlying assets are derived from traditional markets, Bybit applies deviation constraints to the Mark Price to ensure it remains closely aligned with the Index Price and serves as a reliable pricing reference.

A maximum deviation limit of ±3% is applied to prevent artificial volatility, reduce the risk of unnecessary liquidations or funding distortions, and ensure that the Mark Price remains economically meaningful.

Actual Mark Price = clamp(Calculated Mark Price, Index Price × (1 − 3%), Index Price × (1 + 3%))

Example

Assume the following:

Index Price = 5,150
Deviation Constraint = ±3%
Calculated Mark Price = 4,900

Allowed range:

Lower limit = 5,150 × (1 − 3%) = 4,995.5
Upper limit = 5,150 × (1 + 3%) = 5,304.5

Final Mark Price = 4,995.5 (lower limit applied)

Note: The example is provided for illustrative purposes only and may not reflect actual market conditions.

How to Access TradFi Perpetual Contracts

On the Futures trading page, open the symbol dropdown menu in the top-left corner and navigate to Perpetual → USDT → Commodity. From there, you can find XAUUSDT and XAGUSDT.

Alternatively, search for XAUUSDT or XAGUSDT directly in the search bar.

Trading Fees

Trading fees for TradFi Perpetual Contracts follow the same fee structure as regular USDT Perpetual Contracts and are subject to discounts based on your VIP level. For more details on the Bybit fee structure, refer to this article.

Disclaimer

– TradFi Perpetual Contracts are not associated with, sponsored, endorsed or affiliated with the issuer of the relevant underlying commodity or the exchange on which it is listed.

– Futures trading in traditional assets involves significant market risk and price volatility, especially outside the underlying asset's regular market hours. In the event of adverse price movements, your entire margin balance may be liquidated. Bybit is not responsible for any losses you may incur and does not provide financial advice. For more details, please refer to our Terms and Conditions for TradFi Perpetuals.