What are Pre-Market Perpetuals?

Pre-Market Perpetuals are akin to Pre-Market Trading but tailored specifically for Perpetual Contracts, allowing you to speculate on the value of new tokens before their official launch on Bybit.

 

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Introduction to Pre-Market Perpetuals

How to Get Started With Pre-Market Perpetuals

 

 

 

What are the key advantages of Pre-Market Perpetuals on Bybit?

Pre-Market Perpetuals on Bybit provides an early opportunity for traders to participate in the hype around new tokens before their official launch. This allows traders to take advantage of potential price movements and market opportunities prior to the tokens' official release.

 

 

 

What is the difference between Pre-Market Trading and Pre-Market Perpetuals Trading?

Pre-Market Trading refers to Spot trading, while Pre-Market Perpetual trading involves Perpetual Contracts. For more information, please refer to Introduction to Pre-Market Perpetuals.

 

 

 

Is Identity Verification required for Pre-Market Perpetuals trading?

Yes, Identity verification is required. To learn more about how to complete the verification process, please refer to the following articles:

• How to Complete Individual Identity Verification

• FAQ — Business KYC

 

 

 

How does Bybit Pre-Market Perpetuals work?

Bybit Pre-Market Perpetuals enables traders to participate in the pre-listed token(s) before its official release. Once the token is officially listed, these contracts will gradually transform into regular Perpetual Contracts. Traders can engage in long and short positions, creating orders and setting quotes in advance. All transactions are denominated in USDT.

 

Pre-Market Trading Phases:

1. Call Auction: Traders submit orders, which are placed but not immediately matched. The final auction price is determined by the maximum quantity of matches that can be achieved at one (1) price point.

• Auction Phase 1 (50 Minutes)

  • Time: T-Day 8 AM - T-Day 8:50 AM UTC

  • Actions: Traders can create and cancel orders.

• Auction Phase 2 (5 Minutes)

• Time: T-Day 8:50 AM - 8:55 AM UTC

• Actions: Traders can create orders, but cannot cancel them.

• Price Matching (5 Minutes)

• Time: 8:55 AM - 9 AM UTC

• Actions: Bid and ask orders are matched at the auction price. No orders can be placed or canceled at this stage. 

 

2. Continuous Auction: Once the call auction ends and the contract is officially listed on the Pre-Market platform, it will enter the continuous auction stage. During this phase, Pre-Market Perpetuals trading functions similarly to regular Derivatives contract trading.  

 

 

Will the Pre-Market auction fail upon entering a continuous auction?

Yes, if the minimum order quantity on either the long order or short order does not meet the required threshold of 10, the auction will fail. In such cases, all orders will be canceled, and the contract will be delisted.

 

 

 

What is the difference between continuous auction and regular Derivatives trading?

Continuous auction is akin to regular Derivatives contract trading, with the order placement process and mechanics remaining the same, but the key difference lies in the method used to calculate the index price.

 

 

 

Will the orders in the call auction affect the IMR and MMR in the UTA?

Yes, orders placed during the call auction phase do indeed impact the Initial Margin Rate (IMR) and Maintenance Margin Rate (MMR) within the UTA.

 

 

 

How to determine the Pre-Market Perpetuals opening price?

To determine the opening price for Pre-Market Perpetuals contracts, the system will accumulate both buy and sell orders to identify the price at which the maximum quality of orders can be matched. This price, which achieves the maximum quantity order matching for buy and sell orders, will be selected as the opening price.

 

It's important to note that the price determined during this pre-market phase may differ from the price of the token once it is officially listed on Spot Market.

 

 

 

What is Price Matching in Pre-Market Perpetuals?

Price Matching refers to the process of pairing buy and sell orders at a price point that matches the maximum quantity of orders before the pre-market opens. Traders cannot cancel orders or modify orders during this stage. 

 

 

 

What account type is required for Pre-Market Perpetual Trading?

To trade Pre-Market Perpetuals, you need a Unified Trading Account (UTA). 

 

 

 

Does the Subaccount support Pre-Market Perpetuals trading?

Yes, Pre-Market Perpetuals is supported in Subaccount.

 

 

 

Can I trade Pre-Market Perpetuals on a demo account?

No, Pre-Market Perpetuals are not available for demo trading. Please switch to live trading before trading Pre-Market Perpetuals.

 

 

 

What are the fees for trading Pre-Market Perpetuals?

1. For Call Auction Phase, there is no trading fee incurred. 

2. For Continuous Auction Phase, the trading fees are as follows:

 

3. Once a Pre-Market Perpetual contract turns into a standard perpetual contract, the trading fee structure will follow the standard Perpetual and Futures trading fee rate, according to the VIP and Pro levels respectively.

 

 

 

What are the funding fees for Pre-Market Perpetuals?

1. For Call Auction Phase, there is no funding fee incurred.

2. For Continuous Auction Phase, the funding fee calculation remains the same as regular perpetual trading.

 

 

 

What margin modes are supported for Pre-Market Perpetuals?

Pre-Market Perpetuals can only be traded in Isolated Margin or Cross Margin mode. Both Isolated Margin and Cross Margin modes support leverage up to 5x, with a default leverage of 2x. Please note that Portfolio Margin mode is not supported. 

 

 

 

How is the index price determined when index components are unavailable?

In situations where index components for Pre-Market or official Perpetual Contracts cannot be obtained in a timely manner, the index price will be calculated using the buy and sell order prices of the contract itself.

 

 

 

How is the funding rate calculated for Pre-Market Perpetuals trading?

Call Auction Phase: The funding rate is set to 0.

Continuous Auction Phase: To maintain stable funding rates, the premium index (PI) is set to 0. As a result, the PI is not included in the actual funding rate calculation during this period.

 

 

 

What is the maximum leverage for Pre-Market Perpetuals?

The maximum leverage for trading Pre-Market Perpetuals is 5x. 

 

 

 

What is the position limit for Pre-Market Perpetuals?

Each trader trading Pre-Market Perpetuals is subject to a maximum position limit of $250,000.

 

 

 

What are the price limit rules for Pre-Market Perpetuals? 

• Maximum purchase price = Last Traded Price (LTP) x (1 + 5%) 

• Lowest selling price = LTP x (1 - 5%)

 

 

 

What are the risk limits for Pre-Market Perpetuals?

 

 

 

 

When will Pre-Market Perpetuals transition to regular perpetual contracts?

The specific time is not determined. The transition will occur only when the spot market is sufficiently developed to derive the index price; only then can the shift to regular perpetual contract. There is no guarantee that pre-market perpetual contracts will always transition into regular contracts.

 

 

 

Does Pre-Market Perpetuals affect the spot listing price of tokens on Bybit?

While Pre-Market Perpetuals may reflect market expectations, the official listing price is influenced by various factors and may not directly correlate with the pre-market price. Both prices are ultimately determined by the dynamics of market supply and demand.

 

 

 

What happens to my Pre-Market Perpetuals orders if my Unified Trading Account (UTA) is liquidated?

Pre-Market Perpetuals only supports under UTA, hence UTA liquidation rules apply. In the event of liquidation all Pre-Market Perpetuals orders associated with the account will be automatically canceled. If your Pre-Market Perpetuals order is matched and position opened, it may be forcibly closed to reduce your account’s liquidation risk.