TBTUSDT Price Today: Live Treasury Data

Real-time TBTUSDT price, funding rate, open interest, and contract data for the TBT/USDT Perpetual on Bybit.

What Is TBTUSDT?

TBTUSDT (TBT/USDT Perpetual) is a linear USDT-margined perpetual futures contract listed on Bybit that tracks the price of the ProShares UltraShort 20+ Year Treasury ETF. Traders take a long position to profit when TBT's price rises, or a short position to profit when TBT's price falls, with all margin and P&L settled in USDT. Because TBTUSDT is a linear contract, margin requirements and funding rate payments are denominated in USDT, not in TBT tokens or USD.

What Is TBT? The Underlying Asset Explained

The ProShares UltraShort 20+ Year Treasury ETF (NYSE Arca: TBT) is a leveraged inverse ETF designed to deliver 2x the inverse daily performance of the ICE US Treasury 20+ Year Bond Index. When long-duration Treasury bond prices fall (yields rise), TBT rises; when bond prices rise (yields fall), TBT falls. TBT is a traditional ETF traded on a U.S. stock exchange, not a cryptocurrency. Through the funding rate mechanism, TBTUSDT tracks TBT's market price, allowing crypto traders to express a short-bonds, rising-rates macro view without a traditional brokerage account. A long position in TBTUSDT corresponds to a bullish view on rising U.S. Treasury yields; a short position reflects the opposite thesis.

For a full breakdown of the ProShares UltraShort Treasury contract structure, see What Is TBTUSDT? ProShares UltraShort Treasury Perpetual on Bybit Explained.

How TBTUSDT Works

TBTUSDT is a linear USDT-margined perpetual futures contract, meaning it has no expiry date and positions can be held indefinitely. Two mechanisms govern how the contract price stays anchored to TBT and how positions are valued: the funding rate and the mark price.

Funding Rate: What It Means for TBTUSDT Holders

The funding rate is a periodic payment exchanged every 8 hours between TBTUSDT long and short position holders on Bybit. It keeps the perpetual contract price anchored to TBT's market price by incentivizing traders to take the side that brings the two prices back in line.

A positive funding rate means long holders pay short holders; the perpetual is trading at a premium to TBT's spot price. A negative funding rate means short holders pay long holders; the perpetual is at a discount to TBT. For traders holding long TBTUSDT positions, a persistently positive funding rate is a recurring cost of carry that reduces net returns over each 8-hour settlement interval.

The index price, a weighted average of TBT's market price across reference exchanges, serves as the primary input for calculating both the funding rate and the mark price. Open interest represents the total number of outstanding TBTUSDT contracts that have not been settled, and is a measure of market participation and liquidity depth. The current funding rate, next settlement countdown, and open interest are displayed on Bybit's TBTUSDT trading page.

Mark Price vs. Last Price: Why It Matters

TBTUSDT positions are marked to the mark price, not the last traded price, for the purpose of calculating unrealized P&L and triggering liquidations. The mark price is a fair-value figure derived from the index price plus a funding basis component, and it prevents order book price wicks from causing forced liquidations.

When trading TBTUSDT with leverage, your liquidation price is the mark price level at which Bybit will forcibly close your position. This occurs when your margin falls below the maintenance threshold. Leveraged trading carries significant risk of loss; only trade with capital you can afford to lose.

What Drives TBTUSDT Price?

TBTUSDT rises when long-duration U.S. Treasury bond prices fall (yields rise), and falls when Treasury bond prices rise (yields fall). Because bond prices and yields move inversely, rising U.S. Treasury yields are directionally bullish for TBTUSDT long positions, while falling yields are bearish.

The primary macro catalysts that move TBTUSDT include:

• Federal Reserve interest rate decisions and FOMC statements
• U.S. CPI and inflation data releases
• Treasury auction demand results
• Fiscal policy changes affecting long-duration bond supply

When the Fed raises the federal funds rate or signals a hawkish policy stance, long-duration Treasury yields tend to rise and bond prices fall. This condition pushes TBT and TBTUSDT higher for long holders. The causal chain: Fed raises rates → Treasury yields rise → bond prices fall → TBT rises → TBTUSDT rises (for long holders). The inverse applies when yields fall.

For a detailed 2026 macro scenario analysis and rate cycle context, see TBTUSDT Market Overview 2026: What Perpetual Traders Need to Know.

TBTUSDT Contract Specifications

Contract specifications are subject to change. Verify current parameters on Bybit before trading.

How to Trade TBTUSDT on Bybit

Trading TBTUSDT on Bybit requires an active account and follows four steps.

1. Log in to your Bybit account, or register if you do not have one.
2. Navigate to the TBTUSDT perpetual futures market using the search bar or the derivatives menu.
3. Select your position direction: long if your thesis is rising Treasury yields, or short if falling. Then set your leverage and enter your order size.
4. Monitor your mark price, funding rate, and liquidation price throughout the position.

Trading fees (maker and taker rates) apply to each order beyond the funding rate cost. Verify current fee rates on Bybit's fee schedule before trading.

For a full step-by-step walkthrough including leverage setup, margin mode selection, and stop-loss placement, see How to Trade TBTUSDT UltraShort Treasury Perpetual on Bybit.

For a pre-trade overview of layered leverage risks and 2026 macro scenarios, see TBTUSDT Trading Considerations 2026.

Trade TBTUSDT on Bybit

Leveraged trading carries significant risk of loss. Only trade with capital you can afford to lose.

Related Reading

TBTUSDT FAQ

What is TBTUSDT?

TBTUSDT is a linear USDT-margined perpetual futures contract on Bybit that tracks the price of the ProShares UltraShort 20+ Year Treasury ETF (TBT). It allows traders to gain leveraged long or short exposure to TBT price movements without owning the ETF. All margin and P&L are settled in USDT.

What is the underlying asset of TBTUSDT?

The underlying reference asset is the ProShares UltraShort 20+ Year Treasury ETF (NYSE Arca: TBT), a leveraged inverse ETF that seeks 2x the inverse daily performance of the ICE US Treasury 20+ Year Bond Index. TBT is a traditional ETF, not a cryptocurrency.

How does the TBTUSDT funding rate work?

The funding rate is a payment exchanged every 8 hours between TBTUSDT long and short holders on Bybit to keep the perpetual price anchored to TBT's market price. A positive rate means long holders pay short holders; a negative rate means short holders pay long holders. It functions as a cost of carry for open positions.

What drives TBTUSDT price up or down?

TBTUSDT rises when long-duration U.S. Treasury bond prices fall (yields rise), and falls when bond prices rise (yields fall). Key macro drivers include Federal Reserve rate decisions, U.S. CPI inflation data, and Treasury auction demand. Rising yields, often triggered by hawkish Fed policy, are bullish for TBTUSDT long positions.

What leverage is available on TBTUSDT?

TBTUSDT supports adjustable leverage up to the platform maximum on Bybit. Traders can set leverage from 1x up to the current ceiling. Higher leverage amplifies both potential returns and liquidation risk. Verify the current maximum on Bybit's TBTUSDT contract page before trading.

Is TBTUSDT available to traders in the United States?

Bybit restricts access for users in the United States in accordance with its terms of service and applicable regulations. U.S.-based traders should verify Bybit's current geographic restrictions and consult applicable local regulations before attempting to access TBTUSDT or any other Bybit product.

How is TBTUSDT different from buying the TBT ETF directly?

TBTUSDT on Bybit offers 24/7 market access and adjustable leverage, whereas the TBT ETF trades only during U.S. market hours and has limited leverage via standard margin accounts. TBTUSDT also settles in USDT rather than USD. However, TBTUSDT carries funding rate costs and liquidation risk that the ETF does not.

Cryptocurrency derivatives trading, including TBTUSDT perpetual contracts, involves significant risk of loss and may not be suitable for all investors. Leveraged positions can result in losses exceeding your initial margin. This page provides market data and educational information for informational purposes only and does not constitute financial advice, investment recommendations, or an offer to buy or sell any financial instrument.