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Bybit currency-based contract tutorial
In Bybit's currency-based contracts, traders speculate on crypto price movements against a stablecoin, with positions settling in the quoted currency (USDT or BUSD), ensuring enhanced liquidity and reduced volatility.
Nov 19, 2024 at 02:48 pm
- Currency-based contracts, also known as inverse perpetual contracts, are derivative instruments that allow traders to speculate on the price movements of cryptocurrencies against a stablecoin, typically USDT or BUSD.
- Unlike traditional futures contracts, which settle in the underlying asset, currency-based contracts settle in the quoted currency, providing increased liquidity and reduced volatility.
- Traders can take long or short positions on these contracts, betting on whether the price of the cryptocurrency will rise or fall against the stablecoin.
- Bybit offers a wide range of currency-based contracts, each based on a different cryptocurrency pair.
- Popular pairs include BTC/USDT, ETH/USDT, and LINK/USDT.
- Traders should consider the volatility and liquidity of each pair before selecting a contract.
- To trade currency-based contracts on Bybit, traders must first fund their accounts.
- Bybit supports various funding methods, including cryptocurrencies, credit/debit cards, and bank transfers.
- Once funds are deposited, traders can transfer them to their trading account.
- To open a long position, traders need to buy the contract.
- To open a short position, traders need to sell the contract.
- The position size represents the number of contracts traded and determines the potential profit or loss.
- Bybit offers leverage of up to 100x on currency-based contracts, which can amplify both profits and losses.
- It is crucial to use leverage wisely and set appropriate stop-loss orders to manage risk.
- Stop-loss orders automatically close positions when the price reaches a predetermined level, preventing excessive losses.
- Traders can monitor their open positions in the "Positions" section of the Bybit interface.
- Positions can be closed manually or through take-profit or stop-loss orders.
- Upon closing a position, gains or losses are settled in the quoted currency.
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