Adjustments to Bybit's Spot Trading Limit Order Mechanism

Dec 20, 2024SpotInstitutions

Disclaimer: This is a general announcement. Products and services referred to here may not be available in your region. Please refer to T&C for more details.

To mitigate market risks and enhance your trading experience, Bybit will be adjusting the Limit Order mechanism for Spot Trading on Jan 14, 2025. These updates are part of our ongoing efforts to improve the stability and fairness of our trading platform, ensuring a smoother and safer trading environment for all users.

What’s Changing?

The updated Limit Order rules will apply to all Spot-based trading, including both Spot trading and Margin trading. The specific adjustments are outlined below:

Phase	Maximum Limit Price for Buy Orders	Minimum Limit Price for Sell Orders
Within the First 5 Minutes of a New Coin Listing	Opening Price × 100	Last Traded Price × (1–5%)
After the First 5 Minutes of a New Coin Listing	Min[Max(Index, Index × (1 + y%) + 2-Minute Average Premium), Index × (1 + z%)]	Max[Min(Index, Index × (1 – y%) + 2-Minute Average Premium), Index × (1 – z%)]

The average premium over the past two (2) minutes will be calculated as follows:

1. Data Collection: Retrieve the past two (2) minutes of Spot second-level trading data and Spot Index data.

2. Mid-Price Calculation: For each second, calculate the mid-price using the formula:

Mid-Price = (Best Ask + Best Bid) / 2

3. Premium Basis: Subtract the Spot Index price from the mid-price to obtain the premium basis for each second.

4. Average Calculation: Compute the average of the 120 premium basis values from the past two (2) minutes.

Please note that the data and metrics may be adjusted in real-time based on market conditions without prior notice.

Important Information

- API Users: Please refer to the GET /v5/market/instruments-info, category=spot endpoint for detailed information on the fields: priceLimitRatioX, priceLimitRatioY.

- Detailed Guidelines: For more information on the y and z parameters for Spot and Margin trading, please visit our Spot Trading Rules page.

What You Need to Do

We encourage all users to review these changes and adjust their trading strategies accordingly before Jan 14, 2025. This will help prevent any order rejections or execution issues resulting from the updated Limit Order mechanism.

Thank you for your continued support.

The Bybit Team