How to lock Bybit contract

How to Lock Bybit Contract

Bybit offers a variety of contract locking options to help traders manage their risk and protect their profits. In this guide, we will walk you through the steps on how to lock a Bybit contract.

Step 1: Choose a Contract

The first step is to choose the contract you want to lock. Bybit offers a variety of contract types, including:

• Inverse perpetual contracts: These contracts are quoted in the underlying asset, and their value is inversely proportional to the price of the asset.
• USDT perpetual contracts: These contracts are quoted in USDT, and their value is directly proportional to the price of the underlying asset.
• Inverse futures contracts: These contracts are quoted in the underlying asset, and their value is inversely proportional to the price of the asset. They have a fixed expiration date.
• USDT futures contracts: These contracts are quoted in USDT, and their value is directly proportional to the price of the underlying asset. They have a fixed expiration date.

Once you have chosen a contract, you will need to select the size of the contract you want to lock. The contract size is the number of units of the underlying asset that the contract represents.

Step 2: Fund Your Account

Once you have chosen a contract, you will need to fund your account with enough margin to cover the initial margin requirement for the contract. The initial margin requirement is the minimum amount of margin that you must have in your account to open a position.

You can fund your account using a variety of methods, including:

• Bank transfer: You can transfer funds from your bank account to your Bybit account.
• Credit/debit card: You can use a credit or debit card to fund your account.
• Cryptocurrency: You can deposit cryptocurrency into your Bybit account.

Step 3: Open a Position

Once you have funded your account, you can open a position in the contract you have chosen. To open a position, you will need to specify the following:

• Order type: You can choose to open a position using a market order or a limit order.
• Order side: You can choose to open a long position or a short position.
• Quantity: You can specify the number of contracts you want to open.
• Price: If you are using a limit order, you will need to specify the price at which you want to open the position.

Once you have specified the order details, you can click on the "Buy/Sell" button to open the position.

Step 4: Lock Your Position

Once you have opened a position, you can lock it to protect your profits or limit your losses. To lock a position, you will need to click on the "Lock" button in the position details page.

When you lock a position, you will be able to specify the following:

• Lock price: The lock price is the price at which you want to lock your position.
• Lock type: You can choose to lock your position for a specific period of time or until a specific price is reached.

Once you have specified the lock details, you can click on the "Lock" button to lock the position.

Step 5: Monitor Your Locked Position

Once you have locked a position, you will need to monitor it to make sure that it is performing as expected. You can monitor your locked positions in the "Positions" tab of your account dashboard.

If the price of the underlying asset moves in your favor, you will be able to unlock your position and take profit. If the price of the underlying asset moves against you, you may need to add more margin to your account to prevent your position from being liquidated.