VICTORIA, Seychelles, July 25, 2022 (GLOBE NEWSWIRE) — Bybit, the third most visited cryptocurrency exchange in the world, has launched its unified margin account for eligible users on July 25, 2022, with a full release to be expected in the near future.
Bybit’s unified margin account offers a completely new derivatives trading structure. Users can use all assets under their account as collateral to trade USDT perpetual, USDC perpetual, and USDC options contracts.
Currently, the unified margin account supports USDT, USDC, BTC and ETH. More assets will be supported after the full release.
Under the new account, overall risks and assets will be calculated in USD terms. As long as the total maintenance margin (calculated as USD equivalent) under the account meets the requirement, the trader’s positions will remain open.
Traders will be able to trade USDT perpetual, USDC perpetual, and USDC options contracts simultaneously via the unified margin account — without transferring assets back and forth across multiple accounts.
Traders’ USDT, USDC, BTC, and ETH balances under the unified margin account will be calculated as USD equivalent based on their respective conversion ratio. The assets will then be used collectively as their position margin.
The profit and loss of all USDT perpetual and USDC perpetual contracts positions under the unified margin account will be combined and offset against each other. In other words, the loss incurred by one position may not trigger liquidation as long as the overall portfolio risk remains under a critical level.
Another feature of this account is auto-borrowing. If the available balance of an asset under the unified margin account falls below zero due to trades and/or market fluctuations, the system will process auto borrowing of the asset. No interest will be incurred if the amount to borrow falls within the interest-free range of the asset.
“Our new unified margin account affords Bybit users another powerful trading tool to enhance their trading experience and effectively manage portfolio risks,” said Ben Zhou, co-founder and CEO of Bybit. “Our trading system allows our users to enjoy maximum profitability even in times of price fluctuations and unexpected market movements with Bybit’s significant market depth and best-in-class liquidity. We are thrilled to add this new feature, which is one of the best capital efficiency features on the market. We are continually listening to feedback from our 6 million-strong user base, and this feature is another example of our pledge to continually improve our offerings.”
After the full release, users will be able to manually upgrade to the unified margin account via OpenAPI and the PC trading site. Bybit’s expert support staff will be on hand to answer any questions as they are 24/7 all day, every day.
Bybit is a cryptocurrency exchange established in March 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. The company provides innovative online spot and derivatives trading services, mining and staking products, an NFT marketplace as well as API support, to retail and institutional clients around the world, and strives to be the most reliable exchange for the emerging digital asset class. Bybit is a proud partner of Formula One racing team, Oracle Red Bull Racing, esports teams NAVI, Astralis, Alliance, Virtus.pro and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.
For more information please visit: https://www.bybit.com/
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5172b5b6-0f16-495e-8189-29a96219ef0c
This news is republished from another source. You can check the original article here.