This article highlights the features and retackle the Bybit cryptocurrency margin exchange. In this tutorial, you will learn how much Bybit charges in fees and how you can save money on fees. These fees will be compared against other exchanges. To begin with, the fees on Bybit are -0.025% for maker orders while 0.075% for a taker.
See the Bybit’s Fees Schedule on: help.bybit.com
Maker versus Taker
From a simple perspective, it is called a maker order when you submit an order and wait for it to get fulfilled. On the other hand, it is a taker order when you market sell/buy. The makers ‘make’ liquidity and takers ‘take’ it away that is why the orders got these names.
As mentioned earlier, the maker fee on Bybit is -0.025%. This means you can actually gain 0.025% instead of paying it in fees because you are helping Bytbit to bring out liquidity on their exchange.
Moreover, the taker fee or market fee is 0.075% out of the total notional value. This means you pay the fee on the total order value, rather than your margin amount. Are you kind of lost? Don’t sweat it. You will eventually understand this as you go through this guide.
A lot of people are trading on Bybit it offers a leverage of up to 100x. What does this imply? With this leverage, you can trade more than you own with no risk of losing more than your balance. This is considered a dangerous or risky way of trading. However, if you handle it well, it can be extremely effective to maximize profits and losses.
When you trade on Bybit, you yield (or get a rebate) fees on the total value of the trade. This implies that you will pay more fees as the leverage you use goes higher.
Bybit Fees Example
For instance, you do a taker order of 1 BTC at X leverage. In this case, you will pay 0.075% on the value of 10 BTC instead of paying 1 BTC. This means 0.0075 BTC would be your total fee for the trade.
Are you now enlightened? Well, if not, you can try using Bybit calculator to know your exact fee.
Tips to save money on Bybit Fees
There are various ways you can refer in order for you to lessen the number of fees you pay on the Bybit exchange. Here are some of those:
- Avail less leverage
- When possible, try to make use of maker order
- Try to trade as less often as possible
Discussing deposit and withdrawal fees
Bybit does not require its users a deposit fee. However, there is a withdrawal fee that is dependent on the asset you are withdrawing.
You can be guided on the withdrawal fees on Bybit with the table below:
Are there are any overnight fees?
There are no overnight fees on Bybit. Nonetheless, there exists a funding rate and it settles every eight hours.
What are Funding fees?
Funding fees or rate is basically the interest rate that will be paid by the traders who have open positions with leverage. The purpose of this is to balance out the borrowed funds from other users. The funding fees are dependent on the asset you are trading and the condition of the market. To access the latest funding rate, you can go and open the chart on Bybit. Look for the Contract Details and you will find it below that section.
On average, the funding fee on Bybit is 0.0100% and that is every 8 hours.
How does it match up?
Below is a table comparing the Bybit’s fees with FTX, BitMEX, and Deribit.
As shown in the table above, Bybit, BitMEX, and Deribit’s derivatives exchanges have the same standard fees. On the other hand, FTX has slightly lower fees.