How to place a limit order on Bybit?

Placing a limit order on Bybit allows traders to set a specific price at which they want to buy or sell a cryptocurrency. This type of order gives greater control over entry and exit points, helping users avoid slippage and execute trades based on predefined strategies.

Accessing the Trading Interface

1. Log in to your Bybit account through the official website or mobile application.

2. Navigate to the 'Derivatives' or 'Spot' section depending on the type of trading you wish to engage in.
3. Select the cryptocurrency pair you intend to trade, such as BTC/USDT or ETH/USD.
4. Ensure that the trading view is set to the correct mode—either linear or inverse contracts for futures, or standard spot trading.
5. Confirm your account has sufficient balance in the required currency to support the intended trade.

Configuring the Limit Order Parameters

1. Locate the order panel typically found at the bottom or side of the trading chart.

2. Switch the order type from 'Market' to 'Limit' using the dropdown or toggle option.
3. Enter the desired price at which you want the order to be executed—this must differ from the current market price.
4. Input the quantity of the asset you wish to buy or sell, making sure it aligns with your risk tolerance and available margin.
5. Review any applicable fees and the estimated cost before proceeding to submission.

Limit orders will only execute when the market reaches the specified price. If the price does not hit the target, the order remains open until canceled or expired.

Managing Open Limit Orders

1. After placing the order, it appears in the 'Open Orders' section of the interface.

2. You can modify the price or quantity if the order hasn’t been filled, by selecting the edit option next to the order.
3. To cancel the order entirely, click the 'Cancel' button associated with the specific order line.
4. Monitor the order status regularly, especially during volatile market conditions where prices may skip levels.
5. Be aware that using post-only settings may prevent execution during fast-moving markets but avoids paying taker fees.

Understanding Time-in-Force Options

1. Choose between time-in-force options like Good-Til-Canceled (GTC), Immediate-or-Cancel (IOC), or Fill-or-Kill (FOK).

2. GTC keeps the limit order active until manually canceled or filled.
3. IOC attempts to fill part or all of the order immediately and cancels any unfilled portion.
4. FOK requires the entire order to be filled instantly; otherwise, it’s rejected completely.
5. Selecting the appropriate option depends on your trading strategy and urgency.

Frequently Asked Questions

What happens if my limit order isn't filled?If market conditions don’t reach your specified price, the order remains open. You must manually cancel it or wait for favorable movement.

Can I place a limit order outside the current price range?Yes. Buy limit orders are placed below the current market price, while sell limit orders are set above it. This is standard behavior for this order type.

Are there fees for placing limit orders on Bybit?Bybit offers maker fee rebates for limit orders that add liquidity. These fees can be negative, meaning you earn a small rebate when your limit order gets filled.

Do limit orders work during low liquidity periods?They remain valid but may take longer to execute. In extremely thin markets, even reaching the limit price might not guarantee full fill due to lack of matching orders.