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Contract Types

Derivatives are financial instruments that derive value from the performance of an underlying asset. They are used to manage financial risk by allowing parties to hedge against potential adverse movements in market prices.

Contrats perpétuels

A perpetual contract is a type of derivative that, unlike traditional futures, has no expiration or settlement date. Bybit's perpetual contracts are margined in USDT, USDC, and base assets (also known as coin-margined).

Funding Mechanism: This process entails the exchange of funding fees between long and short position holders every 8 hours, based on the funding rate. This exchange is contingent on the position being open at specific timestamps (00:00 UTC, 08:00 UTC, and 16:00 UTC).

When the funding rate is positive, long position holders pay short position holders.

When the funding rate is negative, short position holders pay long position holders.

The Frais de financement calculation is: Funding Fee = Position Value * Funding Rate.

For funding rate details, clique ici.

Contrats à terme

Bybit Futures contracts are denominated in USDT, USDC, and the underlying assets.

Expiration dates are based on the last day of the following period: Current week, next week, third week, current month, next month, third month, current quarter, and next quarter.

Settlement: The settlement price is based on the average Index Price within the last 30 minutes before expiration. The settlement time is at 8AM UTC on the expiration date. USDT and USDC contracts are cash-settled, meaning the contract seller pays the buyer's profit or loss in USDT or USDC, rather than transferring the underlying asset. Inverse contracts are settled in the underlying asset.

Options Contracts

Bybit Options are European options with BTC, ETH, or SOL as the underlying assets. The price is determined based on the last traded price (LTP) of the underlying asset and implied volatility. Settlement and margin are denominated in USDT or USDC.

Margin Types

In derivatives trading, margin acts as collateral for holding positions. Initial Margin is the amount needed to open (or increase) a position, while Maintenance Margin is the minimum amount that must be maintained to keep the position open.

Prix d'indice

Le prix d’indice est calculé à partir d’une moyenne pondérée de plusieurs cotations de plateformes d’échange Spot, ajustée en fonction de facteurs liés à l'exploitabilité des données et à la pondération. Le prix Spot des plateformes d’échange sera pondéré en fonction du volume de trading et de l’écart entre le prix et le prix moyen pondéré en fonction du volume.

For index price calculations, clique ici.

Prix repère

The Mark Price, used by exchanges to estimate the true value of derivatives contracts, is derived from the Index Price, and adjusted with additional factors such as the Funding Rate, reflecting the cost of holding an open position in the market. In trading, the Mark Price is primarily used to:

Calculate unrealized profit and loss.

Trigger liquidation when the Mark Price reaches or exceeds the Liquidation Price.

The Mark Price (Perpetual Contracts) calculation is:

Prix repère = Médiane (Prix 1, Prix 2, Dernier prix tradé)

Price 1 = Index Price × [1 + Last Funding Rate × % Time Remaining to Funding]

Price 2 = Index Price + 5-min Moving Average

5-min Moving Average = Moving Average [(Bid Price + Ask Price) / 2 - Index Price] (sampled once per second for the past 5 minutes)

The Mark Price (Futures Contracts) calculation is:

Mark Price = Index Price * (1 + Basis Rate)

The Mark Price (Options Contracts) calculation is:

Black-76 model with inputs of forward price, strike price, time to expiration, interest rate, and implied volatility (IV).

The IV is based on: Spline Volatility Surface, SABR Volatility Surface

Références

For information on Contract Details, clique ici.

For details on Trading Parameters, clique ici.

For details on Margin Parameters, clique ici.