How are my Spot Orders filled on Bybit EU?
When you place a spot order on Bybit EU, your order is filled against Liquidity Providers (LPs). All spot trades are executed between you and an LP through a market order or a limit order:
- Market order: When you place a market order, it fills immediately at the best available LP price on the opposite side.
- Limit order: When you place a limit order, your order sits in the background and fills when an LP's price reaches yours. You will always receive your specified price or better.
What is a Liquidity Provider (LP)?
A Liquidity Provider (LP) is an institutional market maker that continuously posts buy and sell prices on the platform. LPs ensure there is always tradeable liquidity available so your orders can be filled promptly at competitive prices. On Bybit EU, all spot trades are executed between users and LPs.
What can I see in the Liquidity View?
The liquidity view (market depth) on the website, application, and API shows LP liquidity only. Your own limit orders are not displayed in the public liquidity view — they are visible only to you under Open Orders in your trading panel.
This means:
- Other users cannot see your limit orders in the liquidity view. However, you can always see and manage your open orders in your Open Orders panel.
- Your orders remain fully active and will fill normally when LP prices reach yours.
Why is my order filled at a price not shown in the liquidity view?
As the displayed liquidity view reflects LP liquidity only, and prices can move between the time the depth is displayed and when your order is filled, your order may occasionally fill at a price that was not visible in the depth at that moment. This is expected behaviour and does not indicate an error.
Why does the liquidity view sometimes show a bid price higher than the ask price?
Because LP buy and sell orders cannot be matched against each other, an LP's bid price may sometimes exceed another LP's ask price.
When this occurs, the overlapping price levels are hidden from the displayed liquidity view, and their quantities are rolled into the next valid price level. The underlying orders remain active — only the display is adjusted.
Will I always get a fair price?
Yes, your orders always fill at the best available LP price at the time of execution. For limit orders, you will receive your specified price or better. Market orders are subject to available LP liquidity and the platform's standard slippage protection.
What is slippage protection?
Slippage protection limits how far a market order can fill from the expected price. It is applied automatically to all market orders on Bybit EU to protect you from extreme price moves at the moment of execution. If the market moves beyond the slippage threshold before your order fills, the order will not execute.