Traditional financial markets operate within fixed trading hours, limiting 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 introduced TradFi Perpetual Contracts.

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

TradFi perpetual contracts currently cover two main categories of underlying assets:

1. Commodities: such as precious metals and crude oil
2. Stocks: including major market equities such as US stocks

1. What Are TradFi Perpetual Contracts

2. How to Access TradFi Perpetual Contracts

3. Trading Fees

4. Index Price

5. Mark Price

6. Risk Disclaimer

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. These contracts allow traders to gain exposure to the price movements of traditional assets without holding the underlying asset.

TradFi Perpetual Contracts follow the same margin, funding rate, and liquidation mechanisms as standard USDT perpetual contracts. However, certain parameters — such as index price calculation and mark price deviation limits — are specifically adjusted to better reflect the characteristics of traditional markets.

Note:

TradFi Perpetual Contracts are derivatives and do not represent ownership of the underlying asset. Holding these contracts does not grant any shareholder rights (including voting or dividend rights), rights to physical delivery of commodities or any other asset-related entitlements.

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 / Stock.

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, please refer to this article.

Index Price

The index price of TradFi Perpetual Contracts is calculated based on the following methodology to ensure fair and reliable pricing during traditional market closures or periods of low liquidity.

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. The upper and lower limits of the anchor price may be adjusted based on various factors, including but not limited to market volatility and changes in trading sessions.

— 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.

Commodity Contract: Index Price Rollover Mechanism

Commodities do not have a traditional spot market, index price is determined based on designated futures contracts. Prior to the expiration of the underlying contract, a rollover process (Contract Transition) will take place. During this period, the reference price will gradually shift from the current active contract to the next active contract.

Taking CLUSDT (Crude Oil) as an example, the weight allocation during the rollover period is as follows:

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, to minimize the impact of potential market manipulation and reduce the risk of unnecessary liquidations.

The upper limits of deviation for different contract types are as follows:

1. Stock Contracts (Single Stocks): +5%
2. ETF Contracts and Commodity Contracts: +3%

Actual Mark Price = clamp ( Calculated Mark Price, Index Price × (1 − Maximum Deviation Limit), Index Price × (1 + Maximum Deviation Limit))

Example (Stock)

Assume the following:

1. Index Price = 5,150
2. Calculated Mark Price = 4,890
3. Deviation Constraint = ±5%
4. Allowed Range = 4,892.5 ~ 5,407.5
5. Final Mark Price = 4,892.5 (lower limit applied)

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

Risk Disclaimer

Trading TradFi Perpetual Contracts involves significant market risks. Please ensure that you fully understand the following risks before trading:

1. Gap Risk: Events such as earnings releases or major news may cause significant price gaps, which may trigger liquidation.
2. Liquidity Risk: During underlying market closures, contract liquidity may be significantly reduced, resulting in wider bid-ask spreads.
3. Leverage Risk: The use of leverage may result in the loss of your entire margin within a short period of time.
4. No Asset Ownership: Holding contracts position does not represent ownership of the underlying asset and does not grant any rights, including ownership, dividend entitlement, or voting rights.
5. Regulatory Risk: Users in certain jurisdictions may be restricted from accessing this product due to regulatory requirements.

No Ownership Disclaimer

1. Trading TradFi Perpetual Contracts does not constitute ownership of any underlying stocks, equities, securities, commodities, or tokenized assets.
2. Users holding these contracts do not own the underlying assets and are not entitled to dividends, interest, or distributions. They also do not have any voting rights, shareholder privileges, or governance rights, nor do they have any rights to subscription, preferential purchase, conversion, or redemption. Unless explicitly reflected by Bybit through pricing or contract adjustments, users will not benefit from any corporate actions.

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.