What is Pre-Market Spot Trading?

Pre-Market Spot Trading is an over-the-counter (OTC) trading service designed for trading new tokens before they are officially listed. It allows buyers and sellers to set up quotes and match trades, ensuring transactions at desired prices before tokens are officially listed.

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Introduction to Pre-Market Spot Trading 

How to Get Started With Pre-Market Spot Trading 

How does Bybit Pre-Market Spot Trading work?

On Bybit Pre-Market Spot, users can buy or sell a particular token before its official release. Sellers and buyers create orders and set quotes in advance. All transactions are denominated in USDT. 

• As a Buyer: To place a buy order, users pay a transaction fee and the order value. Once your order is matched with a seller, you only need to wait for the settlement time for the seller to deliver your tokens. If the seller fails to deliver tokens at the settlement time, buyers receive 90% of the seller’s collateral as compensation on top of recovering the payment amount.

• As a Seller: To place a sell order, users pay a transaction fee and provide collateral based on the pledge rate. Sellers must be ready to deliver tokens at settlement time. Tokens must be in the Unified Trading Account by settlement time. Once the tokens are delivered successfully, you will receive the payment in your Unified Trading Account. Failure to deliver the tokens on time will result in the loss of the respective amount of collateral placed for the corresponding pre-market order. 

Please take note that the token will only be delivered at the settlement time. To view the settlement time of your active pre-market orders, go to your Order History here.

How is the price for Pre-Market Spot determined?

Prices for pre-market trades are determined by buyers and sellers. They can set a price quote, which may differ from the price of the token once it is officially listed.

How is the Last Traded Price Change determined?

The Last Traded Price Change is calculated as follows: 

(Current Transaction Price - Previous Transaction Price) / Previous Transaction Price.

What are the key advantages of Pre-Market Spot on Bybit?

Bybit Pre-Market Spot provides an early opportunity to participate in the hype around new tokens before their official launch. Users have the potential to acquire trending tokens at more favorable prices compared to post-launch trading.

What is Enable Partial Fill?

Enable Partial Fill allows your order to be filled in parts. This means that your counterparty can fill only a portion of your total order. For example, a buy order may be matched with multiple sellers, and some of them may deliver the order while others may not, causing your order to be partially delivered. Similarly, a sell order may be matched with multiple buyers. If it is turned off, it means your order must be matched in full with one counterparty. 

What is the difference between Full and Partial Order Type?

A Full order type indicates that you must take the order in full, i.e., fulfill the price and quantity specified in the Maker’s order entirely while for the Partial order type, you can buy or sell a partial of the order by entering your preferred investment amount. 

Why was my buy order only partially delivered at settlement time?

This can happen to buy orders with Partial Fill enabled. Your buy order may have matched with multiple sellers, and some of them may have failed to deliver the tokens at settlement time.

How do I complete the delivery as a seller?

To complete the delivery, you will need to have sufficient tokens in your Unified Trading Account by settlement time. Upon settlement time, the system will deliver the token to your buyer and the payment amount will be credited to your Unified Trading Account.

Here are two (2) ways to get the token:

1. Deposit enough tokens from an external Wallet to your Unified Trading Account

2. Purchase tokens in the spot market after the trading pair is listed before settlement time

Can I partially complete the delivery as a seller?

At the settlement time, the system processes the delivery of tokens from your UTA account. Partial settlements are possible for the total order quantity; however, each sub-order must be fully matched to complete settlement. The system follows a FIFO (First In, First Out) principle, meaning orders matched first will be settled first.

For example:

• If you place a sell order for 100 USDT, Buyer A may match with 50 USDT, and Buyer B may match with the remaining 50 USDT later.

• At settlement, if your UTA balance only contains 80 USDT, Buyer A's sub-order for 50 USDT will settle successfully.

• However, the remaining 30 USDT in your balance will not be sufficient to fully settle Buyer B's sub-order, resulting in a settlement failure for that portion.

Can I complete the delivery to the buyer before settlement time?

No, the delivery will only be conducted at the settlement time even if you have prepared the token in your Unified Trading Account beforehand.

What are the risks associated with Pre-Market Spot Trading?

All trades carry risks, and Pre-Market Spot Trading is no exception.

• For sellers, failure to deliver tokens in full and on time will result in the loss of collateral for the order.

• For buyers, if the seller fails to deliver tokens in full or on time, compensation and a refund will be provided. If the seller delivers on time, you'll get the tokens that you paid for.

How is the pledge rate determined?

Pledge rates are determined based on various factors, including the token’s perceived risk and volatility. For specific pledge rates, please refer to the order page.

How to ensure liquidity in Pre-Market Spot Trading?

Liquidity in Pre-Market Spot Trading is secured through the active participation of traders. As an over-the-counter (OTC) market, buyers and sellers set quotes in advance, ensuring price stability and liquidity.

What is the transaction fee rate in Bybit Pre-Market Spot Trading?

The transaction fee rate is specific to the total order value and varies based on the traded token. Please refer to the latest fee rate stated on the Pre-Market Spot page.

Please note that no fee will be charged for canceled orders. However, if the order has been matched with a counterparty and the seller fails to fulfill the order, the transaction fees will not be refunded to the seller's account.

Are there fees for failure to deliver within the settlement period?

Yes. In the event of a seller's failure to deliver at the settlement time (not within the settlement period), you will lose 100% of the collateral placed. Of this, 10% is allocated to the platform as a fee, while the remaining 90% is distributed to the buyer as compensation.

Does Pre-Market Spot support the use of leverage?

No, leverage is not available for the Pre-Market Spot at the moment. Traders must hold the entire amount of funds or tokens they intend to trade.

What happens if there is a delay in the token listing schedule?

• In the event of a listing delay, filled orders in Pre-Market Trading remain valid.

• A new settlement time will be announced later through notifications and emails.

Is it possible to cancel orders once they are matched?

No, it is not possible to cancel an order once it has been matched with a counterparty. For partial orders, only the unmatched portion can be canceled. When an order is matched, it means that both counterparties have already agreed to buy or sell the coin. At this stage, the order status changes to "Order Filled, Pending Delivery," and the coins or order amount will be released upon settlement.

Does Pre-Market Spot affect the initial listing price of tokens on Bybit?

While Pre-Market Spot may reflect market expectations, the official listing price is influenced by various factors and may not directly correlate with the pre-market price. Both prices are ultimately determined by the market.