When is the delivery time of Bybit contract

When is the Delivery Time of Bybit Contract?Introduction:

Bybit is a cryptocurrency exchange that offers a wide range of products and services, including spot trading, perpetual contracts, and futures contracts. Bybit's perpetual contracts are unique in that they do not have a fixed expiry date and can be held indefinitely. This makes them ideal for traders who want to avoid the risk of their contracts expiring and becoming worthless.

Delivery Time:

The delivery time of a Bybit contract is the time at which the contract expires and the underlying asset is delivered to the holder of the contract. For perpetual contracts, there is no fixed delivery time, as they can be held indefinitely. However, Bybit does offer a settlement procedure for perpetual contracts that allows traders to close their positions and receive the underlying asset at a predetermined price.

The settlement procedure for perpetual contracts takes place on a daily basis at 8:00 UTC. At this time, Bybit will calculate the settlement price for each perpetual contract and traders will be able to close their positions and receive the underlying asset at that price.

Steps to Settle a Perpetual Contract on Bybit:

1. Place a closing order. To settle a perpetual contract on Bybit, you must first place a closing order. This order can be placed in the same way as any other order on Bybit.
2. Select the settlement option. When you place your closing order, you will be given the option to settle the contract. You can choose to settle the contract in either USDT or the underlying asset.
3. Confirm your order. Once you have selected the settlement option, you will need to confirm your order. Once your order is confirmed, it will be processed by Bybit and you will receive the underlying asset in your account.

Important Notes:

• The settlement price for perpetual contracts is calculated based on the weighted average price of the underlying asset over the previous 24 hours.
• Traders who do not settle their perpetual contracts before the settlement time will have their positions automatically closed by Bybit.
• Traders who have open perpetual contracts at the time of a settlement will be charged a settlement fee. The fee is calculated based on the size of the position and the length of time the position has been open.