What is a USDC Perpetual contract?
A USDC Perpetual contract uses USDC as the settlement assets and is quoted in USDC. Traders can place long or short contracts using USDC with no expiration date.
Taking BTCUSDC as an example, traders place an order based on the quantity of BTC, and calculate the margin, profit and loss based on USDC.
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:
Can the USDC Perpetual Contract use the cross margin and isolated margin?
Yes, isolated margin, cross margin and portfolio margin are supported. Traders can select their preferred leverage in this mode.
What is a session settlement mechanism?
USDC Perpetual contracts adopt a settlement mechanism to settle the unrealized profit and loss in the position into a realized profit and loss, which is reflected in the cash 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, that profit will be credited to the wallet balance.
For more information, please refer to USDC Perpetual Session Settlement Mechanism.
How long is the session settlement interval?
The session settlement interval is not fixed, it occurs at the same time as the funding rate interval. Different contracts have different settlement intervals (e.g., 1 hour, 2 hours, 4 hours, or 8 hours).
Any update to the funding rate interval also updates the session settlement interval. For example, when the funding interval of a USDC Perpetual contract is updated from 8 hours to 4 hours interval, session settlement will be updated from 8 hours to 4 hours interval as well.
I did not open any new orders, why did my average entry price change?
This is due to the settlement mechanism applied on USDC Perpetual contracts. The average entry price of a 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 the session 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 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?
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.
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 contracts?
The maximum leverage for each symbol is different. Please refer to Contract Details page for more information.
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 Open Orders tab.
— Up to 10 conditional orders can be placed, and all orders will be displayed in the Conditional tab.
What order types do USDC Perpetual support?
We support Market Order, Limit Order, Conditional Order and TP/SL Order on USDC Perpetual Contract.
For more information, please refer to:
- Market, Limit and Conditional Order
- Introduction to Take Profit and Stop Loss (Perpetual and Futures Contracts)
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:
Is there any price limit for order placement for USDC Perpetual contracts?
Yes. The lowest/highest prices limit information can be found here: Trading Parameters.
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.
- If there are hedging positions, the IM under the portfolio margin will be lower than the IM under the cross margin.
- 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).
How to manage position risk in USDC Perpetual Contract trading?
You can manage position risk through Subaccounts. The P&L of Subaccounts is segregated from the Main Account.
For more details about Subaccounts, please refer to the following two articles:
What is laddered liquidation?
Bybit uses laddered liquidation to reduce the required MM to avoid full liquidation of USDC positions. For more details, please refer to the Liquidation Process (USDC Contract).