BITOUSDT Price Today Live Bybit Perpetual
Live BITOUSDT price data, funding rates, and market stats on Bybit. Trade BITO ETF perpetual futures with leverage 24/7. Index, mark, and last prices.
The current BITOUSDT price is displayed below in USDT (Tether USD, a dollar-pegged stablecoin), approximately equal to USD. Updates in real time.
[LIVE PRICE WIDGET]
| Mark Price | Last Price | Index Price | 24h Change |
|---|---|---|---|
| $— | $— | $— | —% |
Last updated: [timestamp]
BITOUSDT Market Stats
| Funding Rate (8h) | Next Payment | Open Interest | 24h Volume |
|---|---|---|---|
| —% | —h —m | $— | $— |
| 24h High | 24h Low | Max Leverage | Long/Short Ratio |
|---|---|---|---|
| $— | $— | —x | — |
On this page:
- BITOUSDT Price Chart
- BITOUSDT Market Data
- What Is BITOUSDT?
- BITO ETF vs. Bitcoin: Understanding the Price Relationship
- How to Trade BITOUSDT on Bybit
- BITOUSDT Frequently Asked Questions
- Risk Disclaimer
BITOUSDT Price Chart
Source: Bybit. Historical BITOUSDT data is accessible via the Bybit API.
[Interactive candlestick chart, 1D default. Timeframe selector: 1m / 5m / 15m / 1H / 4H / 1D / 1W / All]
BITOUSDT Market Data
BITOUSDT Funding Rate
The funding rate is a payment exchanged between long and short position holders every 8 hours on Bybit. A positive rate means longs pay shorts, signaling that the market is positioned net-bullish and that the perpetual price is trading above the index price. A negative rate means shorts pay longs, indicating net-bearish positioning. Traders holding long BITOUSDT positions pay this rate three times per day when the rate is positive, so a sustained elevated positive rate meaningfully increases the cost of carrying a long position over time and may signal crowded bullish sentiment.
[Funding rate history chart: last 30 days]
Understanding BITOUSDT Prices
Three distinct price values display for BITOUSDT: the index price, the mark price, and the last price, each serving a different function.
The index price for BITOUSDT is derived from BITO's market price on NYSE across multiple data sources. Unlike most crypto perpetuals whose index prices come from other crypto exchanges, BITOUSDT's reference price originates from traditional market data. Because BITO trades only during U.S. market hours, Bybit constructs the index price using multiple data feeds to keep it current 24/7.
The mark price is calculated from the index price plus a moving average of the basis. Bybit uses the mark price to determine unrealized P&L and to trigger liquidations. Positions are liquidated when the mark price reaches the liquidation price, not when the last price does. The last price is simply the most recent trade executed on Bybit's order book.
BITOUSDT Contract Specifications
| Specification | Value |
|---|---|
| Contract Type | Linear Perpetual (USDT-margined) |
| Settlement Currency | USDT |
| Max Leverage | See Bybit specifications |
| Trading Hours | 24/7 |
| Funding Interval | Every 8 hours |
| Tick Size | Verify on Bybit |
| Lot Size | Verify on Bybit |
| Initial Margin Rate | Varies by leverage tier |
| Maintenance Margin Rate | Varies by leverage tier |
Verify current specifications on Bybit's contract specifications page before trading.
Open Interest: Open interest is the total USDT value of all outstanding BITOUSDT contracts that have not been closed. Rising open interest during a price move confirms new capital entering the market; falling open interest may signal position unwinding or profit-taking. Open interest measures contracts currently outstanding, which is distinct from 24h volume, which measures contracts traded during the period. Traders can review open interest limits on Bybit perpetual futures for additional context.
Long/Short Ratio: The long/short ratio shows the proportion of traders holding long vs. short BITOUSDT positions. A reading above 1.0 indicates net-long sentiment.
24h Volume: 24h volume is the total USDT value of BITOUSDT contracts traded in the last 24 hours, and indicates how liquid the market is for position entry and exit.
| Metric | Value | 24h Change |
|---|---|---|
| All-Time High | $— | — |
| All-Time Low | $— | — |
What Is BITOUSDT?
BITOUSDT is a USDT-margined perpetual futures contract on Bybit (a centralized cryptocurrency derivatives exchange), based on the ProShares Bitcoin Strategy ETF (NYSE: BITO). Unlike most crypto perpetuals, BITOUSDT does not track Bitcoin directly. It tracks BITO, an ETF that holds CME Bitcoin futures contracts, creating a three-layer derivative structure between the perpetual contract and Bitcoin spot price.
Trading BITOUSDT on Bybit does not mean owning BITO ETF shares. BITOUSDT is a derivatives contract settled in USDT, and positions can be opened long or short around the clock.
What Is a Perpetual Futures Contract?
A perpetual futures contract is a derivative that never expires, unlike dated futures contracts that have a fixed settlement date. BITOUSDT is a linear (USDT-margined) perpetual, meaning both P&L and margin deposits are denominated in USDT. A funding rate mechanism paid every 8 hours keeps the perpetual price anchored to the BITO index price over time, preventing the contract from drifting too far from its underlying.
What Is the BITO ETF?
The ProShares Bitcoin Strategy ETF (NYSE: BITO), issued by ProShares and launched October 19, 2021, was the first U.S. Bitcoin-linked ETF approved by the SEC. BITO holds CME Bitcoin futures contracts, not spot Bitcoin. This structure was approved under existing SEC regulatory frameworks at a time before any spot Bitcoin ETF had been authorized. Spot Bitcoin ETFs were subsequently approved by the SEC in January 2024, but BITO remains a futures-based fund. BITO's NYSE market price serves as the reference used to calculate the BITOUSDT index price on Bybit. Like all ETFs, BITO's market price may differ slightly from its Net Asset Value (NAV), the per-share intrinsic value of its holdings.
The Three-Layer Derivative Chain
BITOUSDT sits at the top of a three-layer derivative chain: BITOUSDT (Bybit perpetual, no expiry) tracks BITO ETF (NYSE, U.S. market hours only) which holds CME Bitcoin Futures (monthly expiry, dated contracts) which derive their value from BTC spot price. Each layer introduces a structural nuance: the perpetual's funding mechanism at the first layer, the ETF's management fee and share structure at the second layer, and the futures roll cost at the third layer. This chain is the reason BITOUSDT's price behavior can diverge from a simple Bitcoin trade over medium and longer timeframes.
BITOUSDT derivative chain: BITOUSDT (Bybit perpetual) → BITO ETF (NYSE) → CME Bitcoin Futures → BTC Spot
BITO ETF vs. Bitcoin: Understanding the Price Relationship
BITO's price does not move in lockstep with Bitcoin, and traders holding BITOUSDT long positions over weeks or months are exposed to that structural gap.
Why BITO Does Not Equal Bitcoin
BITO holds CME Bitcoin futures contracts, not spot Bitcoin, which means its performance depends on both Bitcoin's price and the cost of maintaining futures exposure over time. BITO's per-share price is a fraction of Bitcoin's spot price, representing fund shares rather than a unit of BTC. Because BITO must continuously roll from expiring futures contracts into new ones, its performance can diverge materially from BTC spot, particularly during periods when futures markets are priced above spot.
Contango, Roll Costs, and Tracking Error
When Bitcoin futures markets are in contango (the condition where next-month contracts cost more than current-month ones), BITO incurs a roll cost each month. The mechanism works as follows: each month before expiry, BITO sells the expiring contract and purchases the next-month contract at a higher price. Paying that premium repeatedly over time reduces BITO's return relative to simply holding Bitcoin spot. This is called contango drag or roll cost, and it is the primary cause of BITO's tracking error versus BTC.
The reverse condition is backwardation, where next-month contracts trade below current-month ones. In backwardation, rolling futures generates a gain rather than a cost, which benefits BITO's performance relative to BTC spot. Bitcoin futures markets have historically spent more time in contango than backwardation, so the roll cost has been the dominant long-term structural headwind for BITO.
Traders holding BITOUSDT long for extended periods are exposed to the same structural drag as holding BITO directly. This does not affect short-term trades where the roll cycle is not a factor, but it is a relevant consideration for positions held across multiple weeks or months.
| BITO ETF | Bitcoin (BTC) Spot | |
|---|---|---|
| Asset type | ETF (fund shares) | Cryptocurrency |
| Exchange | NYSE Arca (U.S. market hours) | Crypto exchanges (24/7) |
| Trading hours | U.S. market hours only | 24/7 |
| Price level vs. BTC | Fraction of BTC price (fund NAV per share) | Full BTC spot price |
| Long-term performance vs. BTC | Tends to underperform in sustained contango | Baseline reference |
| Contango exposure | Yes: direct roll cost from CME futures | No |
| Relevant for | Institutional and retail ETF investors; derivatives traders via BITOUSDT | Direct BTC exposure, spot traders |
BITOUSDT vs. BTCUSDT: Why Choose This Pair?
BITOUSDT and BTCUSDT are both USDT-margined perpetuals on Bybit, but they track different underlying assets with different structural implications.
| BITOUSDT | BTCUSDT | |
|---|---|---|
| Underlying asset | BITO ETF (ProShares Bitcoin Strategy ETF) | BTC spot price |
| Index price source | BITO market price on NYSE | BTC price from major crypto exchanges |
| Typical liquidity/volume | Lower than BTCUSDT | Among the highest on Bybit |
| Structural layers | Three layers (perpetual + ETF + CME futures) | One layer (perpetual tracks BTC directly) |
| Use case | ETF inflow/outflow thesis; BITO premium/discount arbitrage | Direct BTC price exposure |
| Contango exposure | Indirect (through BITO's holdings) | No |
Traders with a thesis on Bitcoin ETF institutional demand, or those seeking to arbitrage the spread between BITO's ETF market price and its NAV, may prefer BITOUSDT over the more liquid BTCUSDT perpetual. BITOUSDT typically has lower volume and wider spreads than BTCUSDT, which means position sizing and entry/exit costs differ between the two.
BITO's market price may trade at a slight premium or discount to its NAV at any given time. The BITOUSDT index price is derived from BITO's market price, not its NAV, so any ETF premium or discount feeds directly into the BITOUSDT index.
How to Trade BITOUSDT on Bybit
BITOUSDT is a perpetual futures contract on Bybit. Trading it requires a Bybit account with USDT available in the derivatives wallet.
- Log in to your Bybit account. If new to Bybit, create and verify an account before proceeding.
- Navigate to Derivatives, then select USDT Perpetual from the product menu.
- Search for "BITOUSDT" in the pair selector and open the trading interface.
- Select your leverage. Higher leverage reduces the price movement required to trigger liquidation. For example, at 10x leverage, a 10% adverse price move results in full liquidation of the deposited margin. Verify current maximum leverage on Bybit's contract specifications page before sizing a position.
- Choose your order type: Market (immediate execution at the current price) or Limit (set a specific entry price).
- Enter your position size in USDT or contracts. Going long (Buy) means the position profits if the BITO perpetual price rises. Going short (Sell) allows traders to profit if the price falls, or to hedge an existing BITO ETF position.
- Review and confirm the order. The BITOUSDT position is now open.
Liquidation on Bybit perpetuals is triggered by the mark price reaching the liquidation price, not the last traded price. Positions are liquidated directly when maintenance margin falls below the required threshold. Unlike traditional margin calls in stock brokerage accounts, there is no advance warning before liquidation occurs on Bybit perpetual contracts.
Initial and maintenance margin rates vary by leverage tier. Verify current rates on Bybit's contract specifications page before trading.
BITOUSDT Frequently Asked Questions
What is BITOUSDT?
BITOUSDT is a USDT-margined perpetual futures contract on Bybit. Its base asset is the ProShares Bitcoin Strategy ETF (NYSE: BITO), a Bitcoin futures ETF. BITOUSDT lets traders take long or short positions on BITO's price with leverage, 24 hours a day, without owning ETF shares or requiring a brokerage account.
What is the BITO ETF?
ProShares Bitcoin Strategy ETF (NYSE: BITO) is the first U.S. SEC-approved Bitcoin-linked ETF, launched October 19, 2021. It holds CME Bitcoin futures contracts, not spot Bitcoin. BITO's NYSE market price is the reference used to calculate the BITOUSDT index price on Bybit, which means changes in BITO's market price flow directly into the BITOUSDT contract's index.
How does BITO price relate to Bitcoin price?
BITO tracks Bitcoin indirectly through CME Bitcoin futures contracts. Its per-share price is a fraction of Bitcoin's spot price, representing ETF fund shares rather than one Bitcoin. Over time, BITO tends to underperform Bitcoin spot because futures roll costs accumulate when Bitcoin futures markets are in contango, eroding BITO's return relative to holding BTC directly.
What is the funding rate for BITOUSDT?
The BITOUSDT funding rate is a payment exchanged between long and short traders every 8 hours on Bybit. A positive rate means longs pay shorts, indicating net-bullish market positioning. A negative rate means shorts pay longs, indicating net-bearish positioning. The current rate is displayed live in the BITOUSDT Market Stats section at the top of this page.
How do I trade BITOUSDT on Bybit?
Log in to Bybit, navigate to Derivatives, then USDT Perpetual, search for BITOUSDT, select your leverage, and place a long (buy) or short (sell) order. Full step-by-step instructions are in the How to Trade BITOUSDT on Bybit section above.
What is the difference between mark price and last price on BITOUSDT?
The mark price is a fair value calculation used to determine unrealized P&L and trigger liquidations. It is derived from the BITOUSDT index price plus a moving average of the basis, which smooths out short-term price manipulation. The last price is the most recent actual trade executed on Bybit's order book. Liquidations are triggered by the mark price reaching the liquidation price, not by the last price.
Is BITOUSDT the same as buying BITO ETF?
No. Trading BITOUSDT on Bybit is not the same as buying BITO ETF shares. BITOUSDT is a perpetual futures contract: no ETF shares are held, and the position is settled in USDT. BITOUSDT provides leveraged, 24/7 exposure to BITO's price without requiring a U.S. brokerage account or access to NYSE Arca.
Why does BITO underperform Bitcoin?
BITO holds CME Bitcoin futures, not spot Bitcoin. When Bitcoin futures markets are in contango, BITO incurs a roll cost each month as expiring contracts are sold and more expensive next-month contracts are purchased to maintain the fund's exposure. This roll cost, compounded across many monthly cycles, erodes BITO's returns relative to Bitcoin spot price. The magnitude varies with market conditions and is larger during periods of sustained contango.
Why trade BITOUSDT instead of BTCUSDT?
BITOUSDT gives exposure to BITO ETF price dynamics, including the effects of institutional ETF inflows and outflows and any premium or discount between BITO's market price and its NAV, rather than direct Bitcoin spot exposure. Traders who hold a view on Bitcoin ETF demand or want to arbitrage BITO's ETF price relative to NAV may prefer BITOUSDT for that specific thesis. BITOUSDT typically has lower liquidity than BTCUSDT, so traders should account for wider spreads and lower order book depth when sizing positions.
Risk Disclaimer
BITOUSDT is a leveraged perpetual futures contract and a high-risk financial instrument. Leverage amplifies both gains and losses, and positions can be liquidated when the mark price reaches the liquidation price. BITOUSDT's three-layer derivative structure (perpetual contract tracking the BITO ETF, which holds CME Bitcoin futures) adds structural complexity compared to trading Bitcoin directly, and traders holding long positions over extended periods are exposed to BITO's futures roll costs. Trade only with capital that can be lost without financial harm. This page provides data and educational information only and does not constitute financial advice.
On Bybit perpetual contracts, positions are liquidated directly when maintenance margin is insufficient. There is no advance margin call.
Price data and market statistics on this page are for informational purposes only and may be subject to delays. Verify current prices on Bybit before trading.