2024-08-30 05:30:47How to Place an Order/Open a Position
You can place basic and advanced orders in the order zone, and also personalize the setting for each order based on your trading strategy. Please find below a detailed guide on the different orders and settings available on Bybit.
1. Margin Mode, Position Mode and Leverage
Set the Margin Mode, Position Mode, and Leverage that you would like to use for your order. The default order will use Cross Margin with 10x leverage in One-Way Mode.
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Parameter |
In a Standard Account |
In Unified Trading Account |
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Margin Mode |
The Margin Mode can be changed at any time, regardless of pending orders or open positions, as long as you have sufficient available balance to cover the margin requirements. To learn more about the Margin Mode supported in Standard Account, please visit here. |
You can only change your Margin Mode if the criteria are met. For more information, please refer to Differences Between the Margin Modes Under the Unified Trading Account. |
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Position Mode |
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Under Cross Margin mode, fully hedged positions under the same trading pairs will never be liquidated. |
Under Cross Margin and Portfolio Margin mode, the hedged position may be closed in the event of liquidation to save account MMR to a safe state. For more details, please visit here. | |
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Leverage |
The maximum allowable leverage is different according to different risk limit tier. Once you change the leverage, the initial margin and maintenance margin occupied to the position will be changed accordingly. | |
2. Order Type
Select the type of order you wish to place, and the order zone will show the relevant fields to complete accordingly. For a comprehensive overview of the available order types on Bybit, please refer to this page.
3. Price Settings
Different order types will require you to set up various prices, such as the order price and trigger price. Please make sure to understand what each setting implies for your order. You can refer to the following guides for more information:
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The Reason Why Conditional Orders Are Triggered But Not Successfully Executed
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What Are The Pros And Cons Of Using LTP Or Mark Price To Trigger Your Conditional Orders?
4. Order Amount
Enter your order amount. You can place your order by the quantity, by cost (calculated as Initial Margin + Trading Fees to Open and Close), or by order value (derived from the required margin and selected leverage). Based on the order placement preference selected, you will see the order amount in the other two (2) options and both directions in the box below.
5. TP/SL (Take Profit and Stop Loss Orders)
You can set up a TP/SL for your order by selecting this option. Once your order is filled, the system will auto-place the pre-set TP/SL order. If you would like to modify them afterward, you can go to your Current Orders tab to update the TP/SL of your unfilled Limit orders or go to the Position tab to update the TP/SL of your open position.
For more details on TP/SL orders, please refer to the following:
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Introduction to Take Profit and Stop Loss (Perpetual and Futures Contracts)
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How to Set Up and Modify Your TP/SL (Perpetual and Futures Contracts)
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What Are The Pros And Cons Of Using LTP Or Mark Price To Trigger Your Conditional Orders?
6. Order Settings
For Limit and Conditional orders, additional order settings can be selected to better accommodate your trading strategy:
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You can select the order’s execution strategy between GTC (Good-Till-Canceled), IOC (Immediate-Or-Canceled) and FOK (Fill-Or-Kill). The default time in force will be Good-Till-Canceled.
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You can select the Post-Only option to avoid Limit orders being filled as a taker order. Please note that by default, Market orders will be executed as taker orders so the Post-Only option will not be available.
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If you are trading in One-Way Mode, you can place a Limit order with the Reduce-Only option or a Conditional order with the Close On Trigger option to ensure that your order will act as a closing or partial closing order.
7. Position Direction
After setting up your order and verifying the entered information, you can proceed to click on the Buy/Sell buttons to complete the order.
Then, the order will either enter the system or wait to be triggered. It’s not possible to cancel an order that is executed immediately, but you can modify or cancel a pending order by going to the Current Orders tab in your position table.
How to Adjust Margin on Your Position
Traders are allowed to add or reduce the margin of a position when under Isolated Margin Mode. You can adjust your position margin by tapping on the position information and then entering the margin.
When additional margin is added to the position, the leverage used for opening the position and the leverage in the order zone will not be affected. The liquidation price of the position will be recalculated based on the new position margin. Traders can preview the adjusted liquidation price before confirming the adjustment.
The following are three (3) scenarios that will affect the extra margin that was added to the position.
Scenario 1
After additional margins are added to the position, and Trader A changes the leverage at the order zone, the initial margin of the position will be reset to the initial margin required for the new leverage. Any extra margin previously added to the position will be removed.
Please note that traders are only allowed to lower the leverage when there is a sufficient available margin, and set higher leverage only when liquidation will not be triggered immediately. Otherwise, the leverage changing operation will be rejected.
Scenario 2
After adding an extra margin to the position and adding a new position with the same trading direction. The additional margin added will be applied to the total position.
Example
1) A trader has a 1 BTC long position with a liquidation price at 9,500 USDT and an entry price of 10,000 USDT.
2) $1,000 has been added to the position, which lowers the liquidation price to $8,500.
3) The trader adds a new long position with a contract size of 1 BTC at 10,000 USDT. Now the total contract size is 2 BTC.
4) The added 1,000 USDT will be shared by the total 2 BTC position, moving the liquidation price up to 9,000 USDT.
Scenario 3
After adding an extra margin to the position and partially closing the position. The extra margin added will be reduced proportionally according to the percentage of partial closure. The liquidation price of the position will not change after a partial position closure.
Example
1) A trader has a 1 BTC long position with a liquidation price at 9,500 USDT and an entry price of 10,000 USDT.
2) 1,000 USDT has been added to the position, lowering the liquidation price to 8,500 USDT.
3) 50% of the position (0.5 BTC) is partially closed. The remaining contract size is 0.5 BTC. The extra margin added will be reduced to 500 USDT (50%). The liquidation price of the position will remain at 8,500 USDT.
The Mark Price refers to a global Spot price index along with a decaying funding basis rate. It serves as a reflection of the real-time Spot price observed across major exchanges. Bybit uses Mark Price as a trigger for liquidation and to measure unrealized profit and loss.
To view the Mark Price, you can switch your chart from the Last Traded Price chart to the Mark Price chart.
Alternatively, you can find the Mark Price displayed in the order book, indicated by the yellow price located to the right of the current Last Traded Price.
On the Last Traded Price chart, you can also see a yellow line representing the changes in the Mark Price. By default, it shows the closing Mark Price. Click on the Settings icon located on the Mark Price bar for a more accurate representation of the Mark Price depending on the direction of your position.
You can cancel an order before it is executed by going to your Current Orders tab and clicking on the Cancel Button.
Otherwise, you can cancel an order on the Current Orders page accessible by clicking on Orders → Derivatives Order → Current Orders.
You may close your current position via the following two (2) methods:
1. Close your current position by clicking on the Close By Limit or Market buttons.
2. Place a new closing order.
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Under One-Way Mode, simply place an order in the opposite direction of your current position with the same quantity, and the position will be closed once the order has been executed. For example, if you have a position of 1 BTCUSD Short, you will need to place an order for 1 BTCUSD Long to close the position. You can also select the option Reduce Only if you want to place a Limit closing order and ensure that no new position in the opposite direction will be opened.
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Under Hedge Mode, simply place an order using the Close tab and click on the Close button matching the relevant position’s direction.
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