How to trade crypto contracts on Bybit for the first time?

Setting Up Your Bybit Account

1. Visit the official Bybit website and click the 'Sign Up' button located at the top right corner of the homepage.

2. Enter a valid email address and create a strong password that includes uppercase letters, lowercase letters, numbers, and special characters.

3. Complete the CAPTCHA verification and click “Register” to submit your information.

4. Check your inbox for a confirmation email from Bybit and click the activation link to verify your account.

5. Log in to your newly created account and proceed to the “Security Center” to enable two-factor authentication using Google Authenticator or SMS.

Funding Your Trading Wallet

1. Navigate to the “Assets” section and select “Deposit” from the dropdown menu.

2. Choose a cryptocurrency such as BTC, ETH, or USDT — ensure it matches the network supported by Bybit (e.g., ERC-20, TRC-20, or BEP-20).

3. Copy the provided deposit address and send funds from your external wallet or exchange.

4. Wait for blockchain confirmations — the number required varies by coin and network congestion.

5. Once confirmed, the balance will appear under “Unified Trading Account” or “Contract Wallet”, depending on your selected account type.

Selecting and Configuring a Contract

1. Click “Trade” in the main navigation bar and choose “USDT Perpetual” or “Inverse Perpetual” based on your preference for quote currency and settlement method.

2. Search for the desired trading pair — for example, BTC/USDT or ETH/USDT — using the search bar at the top of the trading interface.

3. Adjust leverage using the slider or input field; new users are advised to start with 5x or lower to manage risk exposure.

4. Set order type: market orders execute immediately at prevailing prices, while limit orders allow price control but may not fill instantly.

5. Input position size in USDT or contracts, review margin requirements, and confirm the order by clicking “Buy” or “Sell”.

Managing Open Positions

1. Open positions appear under the “Positions” tab in real time, displaying entry price, PnL, liquidation price, and margin ratio.

2. Use the “Close Position” button to exit manually, or set a take-profit and stop-loss via the “TP/SL” panel next to the order form.

3. Monitor funding rate indicators — positive values mean longs pay shorts, negative values indicate shorts pay longs — this impacts holding costs every 8 hours.

4. Adjust leverage mid-trade only when the position is closed; Bybit does not permit dynamic leverage changes on active positions.

5. View trade history under “Order History” to track executed orders, fills, and associated fees calculated in real time.

Frequently Asked Questions

Q: Do I need KYC verification to trade perpetual contracts on Bybit?Yes. Identity verification is mandatory before withdrawing funds or accessing higher trading limits, though basic contract trading can begin without full KYC if deposit volume remains below thresholds.

Q: What happens if my position gets liquidated?Liquidation occurs when your margin balance falls below the maintenance margin level. Bybit closes the position automatically at the bankruptcy price, and any remaining equity is forfeited after clearing fees.

Q: Can I hold a perpetual contract indefinitely?Yes. Perpetual contracts have no expiry date, but funding payments occur every 8 hours and affect net PnL continuously while the position remains open.

Q: Is there a difference between isolated and cross margin modes?Yes. In isolated margin, only the allocated margin is at risk per position. In cross margin, all available wallet balance supports open positions, increasing both potential gains and liquidation risk.