Term

Definition

Formula

Total Equity

Total equity of all assets under the account without considering the collateral value ratio (calculated in USD)

Wallet Balance + Perp & Expiry Unrealized P&L + Option Value - Spot Borrow

Margin Balance

The total amount that can be used as margin under the account after considering the collateral value ratio (calculated in USD)

Cross Margin

Wallet Balance + Perp & Future Unrealized P&L - Spot Borrow

Portfolio Margin

Wallet Balance + Perp & Future Unrealized P&L+ Option Value - Spot Borrow

Account IM Rate

Initial margin base rate of the account

Cross Margin

Total Initial Margin / (Margin Balance - Haircut Loss + Order Loss)

Portfolio Margin

Total Initial Margin / (Equity - Haircut Loss + Order Loss)

Note: Under PM mode, Equity is adjusted by the Collateral Value Ratio before margin calculations.

Account MM Rate

Maintenance margin base rate of the account

Cross Margin

Total Maintenance Margin / (Margin Balance - Haircut Loss + Order Loss)

Portfolio Margin

Total Maintenance Margin / (Equity - Haircut Loss + Order Loss)

Note: Under PM mode, Equity is adjusted by the Collateral Value Ratio before margin calculations.

Total Initial Margin

The total amount of initial margin under the account (calculated in USD)

Σ Initial Margin for Open Positions + Σ Initial Margin for Active Orders + Σ Initial Margin on Borrowed Assets

Total Maintenance Margin

The total amount of maintenance margin under the account (calculated in USD)

Σ Maintenance Margin on Borrowed Asset + Σ Maintenance Margin for Open Positions + Σ Maintenance Margin for Active Orders

Perp & Expiry Unrealized P&L

Total unrealized profit and loss under USDT Perpetual & Expiry and USDC Perpetual Contracts

∑ Asset - Based Perp & Futures Unrealized P&L

Haircut Loss

Total potential value loss of margin due to spot orders (calculated in USD)

∑ Spot Symbol Haircut Loss (All Spot orders)

[Note: See definition of Haircut Loss]

Order Loss

The total potential value loss of the margin caused by the deviation of the perpetual order price from the Mark Price

∑ Asset - Based Order Loss (All Perpetual & Expiry orders)

Buy Order Loss:

Min [0, (Mark Price - Order Price ) × Order Size]

Sell Order Loss:

Min [0, (Order Price - Mark Price ) × Order Size]

[Note: See definition of Order Loss]

Option Value

Total option value under the account (calculated in USD)

∑ Asset - Based Option Value

Spot Margin Leverage

The spot leverage multiple of the asset dimension selected by the user

Leverage is set at the asset level, not the trading pair.

For example, if you set leverage for USDC, it will apply whenever you borrow USDC (e.g., to buy BTC in BTC/USDC). Likewise, if you set leverage for BTC, it applies when borrowing BTC to sell.

Term

Definition

Formula

USD Value

The USD value of the asset

(calculated in USD)

–

Wallet Balance

The amount of assets you physically hold in your UTA wallet, calculated in USD.

–

Equity

The equity of the asset without considering the collateral value ratio

Asset Wallet Balance + Perp & Expiry Unrealized P&L (USDC and USDT) + Option Value - Spot Borrow

Perp & Expiry Unrealized P&L

Unrealized profit and loss under USDT Perpetual & Expiry and USDC Perpetual Contracts

USDT and USDC Contracts:

1. Long Position

(Mark Price - Average Entry Price) × Position Size

2. Short Position

(Average Entry Price - Mark Price) × Position Size

Inverse Contracts:

1. Long Position

Position Size x [(1 / Average Entry Price) - (1 / Mark Price)]

2. Short Position

Position Size x [(1 / Mark Price) - (1 / Average Entry Price)]

Option Value

Total option value calculated in USD

Option Mark Price × Position Size

Margin Balance

The amount of an asset that can be used as a margin after considering the collateral value ratio (USDC and USDT)

Cross Margin

Wallet Balance + Perp & Expiry Unrealized P&L - Spot Borrow

Portfolio Margin

Wallet Balance + Perp & Expiry Unrealized P&L + Option Value - Spot Borrow

Available Balance (AB)

This is the Available Balance shown on the Asset page and it refers to the estimated amount of funds available based on the current margin mode.

In Isolated Margin mode, AB represents the actual amount that can be used to place orders and transfer out of the UTA account.

In Cross Margin (CM) / Portfolio Margin (PM) mode, AB is an indicative value derived from margin requirements (up to an IMR of 100%) and is for reference only. The actual amount that can be used to place an order may vary due to factors such as haircut loss or order loss.

Isolated Margin

AB = Wallet Balance - Initial Margin - Amount Frozen for Orders

Available Balance for Spot Trading

This is the Available Balance shown on Spot Trading page and this shows the amount that can be used to place Spot Trading.

AB for spot trading is determined by two limits:

1. The AB calculated from the formula stated, or
2. The maximum amount you can use before your Initial Margin Ratio (IMR) reaches 100%.

The system will take the lower of these two values as your final AB to ensure sufficient margin and effective risk control.

Cross Margin

Max (0, Margin Balance + Asset Spot Borrow + Asset Reservation + Negative Option Value - Spot Frozen - Bonus - Positive Option Order Initial Margin)

Portfolio Margin

Max (0, Equity + Asset Spot Borrow + Asset Reservation - Spot Frozen - Bonus)

Initial Margin (for Open Positions and Active Orders)

The initial margin is the minimum amount of funds required to create derivative orders and positions

Active Order Initial Margin = (Order Value / Leverage) + Estimated Fee to Open + Estimated Fee to Close Position

USDT & USDC Contracts:

Order Value = Order Size × Order Price

Inverse Contracts:

Order Value = Order Size ÷ Order Price

Position Initial Margin =

(Position Value / Leverage) + Estimated Fee to Close Position

USDT & USDC Contracts:

Position Value = Position Size × Mark Price

Inverse Contracts:

Position Value = Position Size ÷ Mark Price

IM for Hedged Positions (Cross Margin Mode):

Position with Higher Value:

1. Long position

IM = (Mark Price × Hedged Position Size ÷ Leverage) + [Entry Price × Hedged Position Size × (1 - 1 ÷ Leverage) × Taker Fee Rate × 2] + (Entry Price × Net Position Size × (1 - 1 ÷ Leverage) × Taker Fee Rate)

When fully hedged, net position size = 0

2. Short position

IM = (Mark Price × Hedged Position Size ÷ Leverage) + [Entry Price × Hedged Position Size (1 + 1 ÷ Leverage) × Taker Fee Rate × 2] + (Entry Price × Net Position Size × (1 + 1 ÷ Leverage) × Taker Fee Rate)

When fully hedged, net position size = 0

Position with Lower Value:

1. Long position

IM= Entry Price × Hedged Position Size × (1 − 1 / Leverage) × Taker Fee Rate × 2

2. Short position

IM= Entry Price × Hedged Position Size × (1 + 1 / Leverage) × Taker Fee Rate × 2

Initial Margin (on Borrowed Assets)

The amount of initial margin taken up for Spot Margin Trading

Asset Borrow Size × IM Rate for Borrowed Asset

IM Rate (for Borrowed Assets)

The initial margin rate required for borrowing assets

IMR for borrowed assets = 1/Leverage

Borrowed Amount

Total borrowing amount for a corresponding asset with an insufficient available balance

Cross Margin

ABS (Min (0, Asset Equity + Asset Spot Borrow + Asset reservation - Asset Frozen - Positive Option Value - Positive Option Order IM )) + Asset Spot Borrow + Asset Reservation

Portfolio Margin

ABS (Min (0, Asset Equity + Asset Reservation + Asset Spot Borrow - Asset Frozen)) + Asset Reservation + Asset Spot Borrow

Maintenance Margin (for Open Positions and active orders)

The maintenance margin is the minimum amount of funds required to maintain derivatives position.

The maintenance margin rate required is based on your risk limit. MMR requirements for open positions and order increases as your risk limit tiers rise. Please check the risk limit of the respective trading pair here.

Maintenance Margin = Position Size × Mark Price × Maintenance Margin Rate + Estimated Fee to Close Position

MM for Hedged Positions (Cross Margin Mode):

Position with Higher Value:

1. If it is a long position

MM = [(Mark Price × Net Position Size × MMR) − MM Deduction] + [Entry Price × Hedge Position Size × (1 - 1 ÷ Leverage) × Taker Fee Rate × 2] + [Entry Price × Net Position Size × (1 - 1 ÷ Leverage) × Taker Fee Rate]

When fully hedged, net position size = 0

2. If it is a short position

MM = [(Mark Price × Net Position Size × MMR) − MM Deduction] + [Entry Price × Hedge Position Size × (1 + 1 ÷ Leverage) × Taker Fee Rate × 2] + [Entry Price × Net Position Size × (1 + 1 ÷ Leverage) × Taker Fee Rate]

When fully hedged, net position size = 0

Position with Lower Value:

1. If it is a long position

MM = Entry Price × Hedged Position Size × (1 − 1 / Leverage) × Taker Fee Rate × 2

2. If it is a short position

MM = Entry Price × Hedged Position Size × (1 + 1 / Leverage) × Taker Fee Rate × 2

Maintenance Margin (for Borrowed Assets)

The amount of maintenance margin occupied by the asset that has triggered auto borrowing.

Borrowed Amount × MM Rate by Borrowed Asset

Maintenance Margin Rate (for Borrowed Assets)

The rate of margin required to maintain borrowed assets

The maintenance margin rate required is based on your position tiers. MMR requirements for borrowed funds increase as your position tiers rise.

Please refer to the maintenance margin rate required for each borrowed coin here.

Initial Margin and Maintenance Margin for Options

For more details on how to calculate the Initial and Maintenance Margin for Options, please refer here.

24hr Volume

Amount of transaction volume performed in the last 24 hours

24hr High

Highest recorded last traded price in the last 24 hours

24hr Low

Lowest recorded last traded price in the last 24 hours

Open Orders

Orders that are inside a trader's Active tab pending for execution. This also represents orders that are pending for execution inside the order book.

Auto-Deleveraging (ADL)

ADL is a mechanism used to cover for contract losses sustained on the platform when the insurance fund is unable to fully cover for such losses.

ADL Ranking

This is a banding system used to indicate the risk of being chosen for ADL. It is derived in the order of highest profit and effective leverage use and each LED lighted up represents a 20% increment in ADL ranking.

Ask Price

The prices that traders are willing to accept to sell a given quantity of contracts for a particular coin on the platform.

Auto Margin Replenishment (AMR)

A mechanism that enables the system to automatically replenish margin from their available balance into an existing open position when Mark Price is close to its liquidation price.

API

An acronym for Application Programming Interface, which is a software intermediary that allows two applications (e.g. Bybit to trading bots and vice versa) to talk to each other.

Available Balance

The amount of margin available inside a trader's asset balance to perform trading activities or asset withdrawals.

Average Entry Price (AEP)

The consolidated entry price derived from the averaging of multiple entry prices based on multiple entry orders .

Bankruptcy Price

This is the price level indicating the total loss (100%) of the position's initial margin.

Base Currency

It is one part of a perpetual contract's price mechanism (Quote and Base) and mainly quoted in cryptocurrencies and used to calculate margin, fees, and profits/losses.

Bid Price

The prices that traders are willing to accept to buy a given quantity of contracts for a particular coin on the platform.

Buy Long

Opening a position expecting to make a profit with a rise in price movement of the underlying asset.

Conditional Orders

Advanced orders that can be submitted and automatically executed when the selected reference price (Last, Mark, Index) reaches the trigger price.

Closed on Trigger

An additional option to conditional orders, this function seeks to execute as a closing order that guarantees its execution regardless of margin requirements.

Closed P&L

Net profit and loss of a trader's position after fees.

Contract Value

The value of the position with respect to its order's execution price.

Close by Limit

A type of limit order that comes with close on trigger to close your position.

Close by Market

A type of market order that comes with close on trigger to close your position.

Cross Margin

It is a type of margin mode that utilizes a trader's account's available balance margin into the open position.

Dual-Price Mechanism

Dual price mechanism consists of mark price & last traded price. It is mainly used to protect traders from market manipulations.

Daily Realized P&L

Daily realized P&L accounts for all profit and losses, trading and funding fees paid/collected for the time period between 0000 UTC and 0000 UTC of the following day.

Decaying Funding Basis Rate

It is defined as the funding rate multiplied by time until funding divide by funding interval. The decaying funding basis rate serves to slowly close the gap between mark price and index price.

Entry Price

Shown inside a trader's closed P&L, this is the average entry price for your open position.

Exit Price

Shown inside a trader's closed P&L, this is the average exit price for your closed position.

Fee to Open

Trading fees set aside by the system to afford the estimated trading fee to open the position.

Fee to Close

Trading fees set aside by the system to afford the estimated trading fee to close the position.

Funding

Funding is the primary mechanism to ensure Bybit’s last traded price is always anchored to the global spot price.

Funding Rate

Funding rate is used to calculate the funding fee exchanged directly between long and short positions at scheduled funding intervals. The funding interval may vary depending on the trading pair.

FillOrKill (FOK)

It is a kind of time-in-force (TIF) strategy to allow traders to vary their order execution according to their trading strategies. FOK orders must immediately be executed at the order price or better, otherwise, it will be completely canceled. Partial filling of an order will not be accepted.

GoodTillCancelled (GTC)

It is a kind of time-in-force (TIF) strategy to allow traders to vary their order execution according to their trading strategies. GTC orders will remain valid until it is fully executed or manually canceled by the trader.

Haircut Loss

When a collateral value ratio of a coin is set below 100%, such as 85%, it means that only a fraction of the asset's value, specifically 85%, can be used as collateral. This reduction in the collateral’s value is known as haircut loss. It is the total potential value loss of margin due to pending Spot orders. To view the collateral value ratio for each coin, please refer to Margin Specification.

If the collateral value ratio is set below 100%, such as 25%, it means that only a fraction of the asset's value, specifically 25%, can be used as collateral. This reduction in the collateral’s value is known as haircut loss.

For example, Trader Bob buys 1 BTC and pays 20,000 USDT.

Assuming the collateral value ratio of BTC is 95% and the USD price of BTC is $19,992, the collateral value ratio of USDT is 99.5% and the price of USDT is $0.9996.

1. Collateral Value of BTC: 1 × 19,992 × 95% = $18,992.4
2. Collateral Value of USDT: 20,000 × 0.9996 × 99.5% = $19,892.04
3. Haircut Loss (Difference in Collateral Value) = $19,892.04 - $18,992.4 = $899.64

Hedging

Hedging is a type of strategy used by traders to reduce and control their exposure to risks by hedging a Buy Long and Sell Short position of the same quantity under cross margin mode. Currently, this is only available on USDT perpetual.

Impact Bid Price

The average fill price to execute the Impact Margin Notional on the Bid side. This is used to calculate the Premium Index, which in turn is used to calculate the Funding Rate.

Impact Ask Price

The average fill price to execute the Impact Margin Notional on the Ask side. This is used to calculate the Premium Index, which in turn is used to calculate the Funding Rate.

Impact Margin Notional

Impact Margin Notional is the notion available to trade with 0.1 BTC/1 ETH worth of margin (i.e. 0.1 BTC or 1 ETH / Initial Margin) and is used to determine how deep in the order book to measure either the Impact Bid or Ask Price.

Index Price

Index price is derived from the sum of the prices from various spot exchanges multiplied by their respective weightage.

Initial Margin Rate (IMR)

IMR refers to the total amount of margin required by all active orders and open positions under both Derivatives and Spot Margin Trading, in USD. If the IMR is equal to or greater than 100%, it means that all margin balance has been deployed for your active orders and open positions and you would no longer be able to place active orders that may increase your position size.

Interest Quote Index

The Interest Rate for borrowing the quote currency. It is currently fixed at a daily 24 hour rate of 0.06%. This is used to calculate the Interest Rate, which in turn is used to calculate the Funding Rate.

Interest Base Index

The Interest Rate for borrowing the base currency. It is currently fixed at a daily 24 hour rate of 0.03%. This is used to calculate the Interest Rate, which in turn is used to calculate the Funding Rate.

Initial Margin

Initial Margin is the amount of margin collateral required to open a position for leverage trading.

Insurance Fund

The Insurance Fund is a pool of funds used to absorb contract losses and decrease the possibility of auto-deleveraging (ADL) occurring on the platform.

Inverse Contract

The Inverse contracts use BTC/ETH/XRP as the base currency. Traders need to confirm the traded quantity in terms of USD (Quoted currency), and then use their base currency (such as BTC, ETH) to calculate margin, profit and loss.

Isolated Margin

It is a type of margin mode that isolates the margin placed into an open position from the trader's account balance.

ImmediateOrCancel (IOC)

It is a kind of time-in-force (TIF) strategy to allow traders to vary their order execution according to their trading strategies. IOC orders attempt to fill immediately at the order limit price or better. If the order cannot be filled immediately, the unfilled contracts will be automatically canceled.

Limit Order

Limit order is an order type that allows traders to place orders at an order price better than current best bid/ask prices inside the order book.

Liquidation

Liquidation refers to the event when the position's margin is unable to maintain above the maintenance margin requirements, causing the complete loss of the entire margin collateral. On Bybit, liquidation is triggered when mark price reaches the liquidation price of the position.

Last Traded Price (LTP)

This is the platform's current market price.

Maintenance Margin

Maintenance Margin is the minimum margin required to continue holding a position.

Maintenance Margin Rate (MMR)

MMR refers to the minimum amount of margin required for holding positions in Derivatives and Margin Trading on Spot, in USD. Liquidation may be triggered if your margin balance is equal to or less than your maintenance margin (i.e. maintenance margin rate is equal to or greater than 100%).

Market Depth

Market depth refers to the order book's ability to sustain relatively large market orders without impacting its execution price.

Market Order

A market order is an order type that is executed immediately at the current best available market prices inside the order book.

Maker Order

Maker order is a type of order execution that adds liquidity to an order book before being executed. After it has been successfully executed, such orders will pay a lower fee.

Mark Price

Mark price refers to a global spot price index plus a decaying funding basis rate.

Mark Price to Liq. Price (Distance)

This highlights the price gap between the order's estimated liquidation price and current mark price. It allows traders to check the price gap, assess the risk of immediate liquidation before confirming the order placement.

Notional Value

The floating contract value of the position based on mark price on the platform.

Order Book

It is an electronic list of buy and sell orders for Bybit's trading pairs organized and sorted by price level.

Order Cost

Order cost consists of the initial margin of the position + fee to open + fee to close.

Order Loss

When placing an order for Perpetual or Expiry contracts, users may experience a deviation in order price and current Mark Price. If the price of a buy order is higher than the Mark Price, or the price of a sell order is lower than the Mark Price, it will result in an immediate equity loss once the order is filled. This loss is known as the potential order loss from pending Perpetual and Expiry orders and we need to consider this when calculating the margin balance.

For example, if the current Mark Price of a Perpetual contract is $2,000 and Trader Charlie submits 2 buy orders at $2,050, the potential Order Loss is ($2,050 - $2,000) × 2 = $100.

Order Price

Order price is the price that traders can manually input when setting up limit orders.

Open Interest

Open interest is the total number of perpetual contract positions currently being held on the platform.

Order History

Order history records all the orders that have been successfully placed by the trader on the platform.

Order Margin

Order margin consists of the sum of all margins for active orders that are pending for execution

Order#

Order ID that is uniquely assigned to each individual order successfully placed on the platform

Post-Only

An additional option to limit or conditional limit orders, this function serves to ensure that the order will be executed as a maker order.

Predicted Rate

The predicted funding rate for the subsequent funding timestamp (within 16 hours). It is not fixed and is updated dynamically every minute according to Interest Rate and Premium Index

Premium index

Premium index is a floating variable used to raise or lower the next funding rate to be level consistent with where the contract is trading

P&L

Profit and loss. Inside the Bybit calculator, this highlights a position's P&L relative to the position's contract value.

P&L%

Profit and loss percentage. Inside the Bybit calculator, this highlights a position's P&L relative to the position's contract value in terms of percentage.

Position Margin

Position's initial margin + fee to close

Quote Currency

It is one part of a perpetual contract's price mechanism (Quote and Base) and mainly quoted in USD to determine the orders' and position's number of contracts quantity

Quantity

The unit of measurement for the order size and position size on Bybit.

Reduce-Only

An additional option to limit orders, this function serves to ensure that the order will be executed as a position closing order to reduce a position size.

Risk Limit

Risk limit is a risk management measure to limit the risk exposure of traders.

ROI

Return of Investment percentage. Inside the Bybit calculator, this highlights a position's P&L relative to the position margin in terms of percentage.

Stop Loss (SL)

A stop-loss order is an order placed to limit a trader's losses on an existing open position. SL orders can be easily placed via the TPSL function.

Sell Short

Opening a position expecting to make a profit with a fall in price movement of the underlying asset.

Take Profit (TP)

A take-profit order is an order placed to close a trader's position at a profit. TP orders can be easily placed via the TPSL function.

Taker Order

Taker order is a type of order execution that 'takes' and consumes liquidity out from the order book when it is executed. Such orders will pay a higher fee.

Tiered Margin

Tiered margin means that the larger the position/order quantity, the higher the required initial/maintenance margin rate. This forms the Risk Limit mechanism on the platform.

Time In Force

'Time in Force' is a set of order execution strategies to allow advanced traders to vary the order's effective execution method to suit their trading needs.

Trailing Stop

Trailing stop is an order function that will allow a stop order to dynamically follow the last traded price based on a pre-set distance to lock in an open position's profit or stop loss.

Target Price

The target price is the estimated exit price to close your position based on a pre-determined ROI % shown inside the calculator.

Total Realized P&L

Total realized P&L accounts for all profit and losses, trading, and funding fees paid/collected since the first successfully placed trade.

Trigger Price

Trigger price refers to the pre-determined price criteria that can be set to trigger conditional orders or TPSL on the platform.

Trading Fee

The trading fees received/payable by the traders to execute orders on the platform.

Transaction Fee

Shown inside your withdrawal history. It is equivalent to the mining fees paid to withdraw your asset.

Transaction ID

Trade History

Trade History records the transaction details of all your successfully executed orders, trading fees and funding fees that were paid/collected.

UID

Account unique ID number.

Unrealized P&L

Estimated profit and loss of your position based on the current LTP/Mark Price and does not include trading or funding fees.