How to open contract cooling-off period on Bybit

By understanding eligibility and the activation process, users can leverage the Contract Cooling-Off Period on Bybit to manage their risk and protect their funds in volatile market conditions.

Nov 09, 2024 at 08:28 pm

How to Open Contract Cooling-Off Period on Bybit

Step 1: Understand the Contract Cooling-Off Period

• The Contract Cooling-Off Period is a mechanism that allows Bybit users to terminate a contract within 10 days of its creation.
• During this period, users can close their positions and withdraw their funds without facing any penalties or transaction fees.
• The Cooling-Off Period is designed to provide users with flexibility and protect them from potential market volatility.

Step 2: Eligibility for the Contract Cooling-Off Period

• The Contract Cooling-Off Period is only applicable to newly created contracts.
• Existing contracts are not eligible for this mechanism.
• Users who have already executed any trades within the contract will not be able to activate the Cooling-Off Period.

Step 3: Activating the Contract Cooling-Off Period

• To open a Contract Cooling-Off Period, users need to visit the 'Positions' page on the Bybit website.
• Select the contract for which you wish to activate the Cooling-Off Period.
• Click on the 'More' button and choose 'Activate Cooling-Off' from the dropdown menu.

Step 4: Closing Positions and Withdrawing Funds

• Once the Cooling-Off Period is activated, users can close their positions by clicking on the 'Close' button.
• The closed positions will be instantly settled, and the funds will be transferred to the user's account.
• Users can then withdraw their funds by following the standard withdrawal process on Bybit.

Step 5: Important Considerations

• The Contract Cooling-Off Period is a voluntary mechanism, and users are not obligated to use it.
• Activating the Cooling-Off Period will result in the termination of the contract, and any unrealized profits or losses will be closed.
• Users should carefully consider the market conditions and their trading strategies before deciding to activate the Cooling-Off Period.