How to play contract on Bybit

Understanding contract specifications, involving factors like underlying asset, contract size, leverage, and liquidation price, is essential before engaging in contract trading on Bybit.

Nov 22, 2024 at 04:00 pm

How to Play Contract on Bybit

Step 1: Register for a Bybit Account

• Visit the Bybit website (https://www.bybit.com/)
• Click on "Register" in the top-right corner
• Enter your email address and create a password
• Verify your account via email
• Complete KYC (Know Your Customer) verification

Step 2: Fund Your Account

• Log in to your Bybit account
• Click on "Assets" in the top-right corner
• Select "Deposit"
• Choose the deposit method you prefer (fiat currency, cryptocurrency, etc.)
• Follow the instructions to complete the deposit

Step 3: Choose a Contract

• Navigate to the "Trade" page
• Select "Contract" from the left-hand menu
• Choose from a variety of perpetual contracts available (BTCUSDT, ETHUSDT, etc.)

Step 4: Understand the Contract Specifications

• Each contract has specific specifications, including:

  • Underlying asset: The cryptocurrency that the contract represents
  • Contract size: The amount of the underlying asset per contract
  • Leverage: The amount of borrowed capital you can use to amplify your position
  • Funding rate: A fee paid or received depending on market conditions
  • Liquidation price: The price at which your position will be liquidated

Step 5: Open a Contract Position

• Select "Buy" or "Sell" to enter a contract position
• Adjust the leverage and contract quantity
• Enter the order price (optional)
• Click "Buy/Sell" to execute the trade

Step 6: Manage Your Risk

• Risk management is crucial in contract trading
• Use stop-loss orders to limit your losses
• Monitor your position regularly and adjust it if necessary
• Close your position when you no longer need it or if market conditions warrant it

Step 7: Withdraw Your Profits

• Once you have made a profit on your contract trading, you can withdraw it
• Navigate to the "Assets" page
• Select "Withdraw"
• Choose the withdrawal method and enter the amount
• Follow the instructions to complete the withdrawal

Step 8: Additional Features on Bybit

• Bybit offers various advanced features for contract traders:

  • Trading bots: Automated scripts that execute trades based on predefined parameters
  • Copy trading: Following the trades of experienced traders
  • Options trading: Derivatives that allow you to speculate on price movements