What is a Unified Trading Account (UTA)?
The Bybit Unified Trading Account (UTA) is a versatile all-in-one account mode that offers traders access to multi-currency trading and core trading products, including Spot Trading, Spot Margin Trading, USDT Perpetual, USDC Perpetual, Futures, and USDC Options. It provides traders with a powerful option to combine trading and cross-collateral margin without switching between accounts.
In simpler words, supported margin assets in UTA can be collateralized and a margin balance in USD (or your selected currency settings) will be calculated. You can use the available margin balance to place orders for trading products supported in UTA even without holding the respective settlement coin. For more information, please visit here.
What is the difference between a Standard Account and a UTA?
In a Standard Account, traders must possess the specific asset related to a particular trading product in each different account to participate in trading activities. For UTA, it provides flexibility for traders to use a range of supported margin assets as collateral, eliminating the necessity to hold the exact settlement asset for a specific product. For comprehensive details between a Standard Account and a UTA, please refer to the Comparison Between a Unified Trading Account and Standard Account.
What are the benefits of UTA?
Aside from the operational convenience of combining all trading instruments into a single account, UTA offers users several key trading benefits. For more information, please refer to the 8 Key Benefits of Upgrading to Bybit's Unified Trading Account.
How to identify if my account is a Unified Trading Account (UTA)?
With a UTA, you will see the Unified Trading Account type available on your Assets page. To trade Spot, Spot Margin, Leveraged Tokens, USDT Perpetual, USDC Perpetual, USDC Futures, and USDC Options, please ensure you have transferred the margin assets to your Unified Trading Account.
Please note that all newly registered accounts after Oct 1, 2023 will default as Unified Trading Account.
How would my assets change after I upgrade to UTA?
Spot Account will be merged into Unified Trading Account. All assets in your Spot Account and USDT/USDC assets in your Derivatives Account will be automatically transferred to the UTA. Non-USDT and USDC assets in the Derivatives Account will be transferred to the Inverse Derivatives Account.
Below is the account structure under UTA:
1. Funding Account: The function of the Funding Account remains unchanged. You can make deposits or withdrawals via a Funding Account.
2. Unified Trading Account: To trade Spot, Spot Margin, Leveraged Tokens, USDT Perpetual, USDC Perpetual and USDC Options.
3. Inverse Derivatives Account: To trade Inverse contracts. Only settlement assets of the supported Inverse trading pairs can be transferred into the account.
How to upgrade my Standard Account to UTA?
You can go to your Spot or Derivatives Account and click on Upgrade Now. For more information, please refer to How to Upgrade Your Standard Account to a Unified Trading Account.
Via Website
Via App
Why can't I see the Spot Account after I upgrade to UTA?
Spot Account will be merged into a Unified Trading Account and you will just need to transfer your assets to a Unified Trading Account to perform Spot Trading, Spot Margin, or Leveraged Tokens trading. To make a deposit or withdrawal, go to the Funding Account.
Why can't I transfer USDT to the Inverse Derivatives Account?
Inverse Derivatives Account only supports non-USDT or USDC assets that can be used to settle Inverse contracts. To trade USDT Perpetual contracts, you can transfer USDT or other margin assets to your Unified Trading Account.
Are there any changes to my data or trade settings after I upgrade to UTA?
Your pre-upgraded account data will be accessible after the upgrade and trade settings will remain unchanged after the update. Users with Isolated Margin mode will remain at Isolated Margin mode after the upgrade.
Can I upgrade to a Unified Trading Account while I participate in Bybit's trading events?
No, you cannot upgrade to a Unified Trading Account if you participate in any of Bybit's trading events. Therefore, please make sure that you are not participating in any trading events on Bybit before upgrading to a Unified Trading Account.
Can I switch my account back to a Standard Account if I have upgraded to a Unified Trading Account?
No, please note that reversal is not supported. Traders are advised to try out a Unified Trading Account on the Demo Account before upgrading.
Why did I fail to upgrade my account to a Unified Trading Account?
It could be due to you currently having liabilities or active orders in your Standard Account. For more details, please refer to How to Upgrade Your Standard Account to a Unified Trading Account.
What is the Initial Margin Rate (IMR)?
IMR refers to the total amount of margin required by all active orders and open positions under both Derivatives (excl. Inverse) 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.
What is the Maintenance Margin Rate (MMR)?
MMR refers to the minimum amount of margin required for holding positions in Derivatives (excl. Inverse) 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%).
What is Order Loss?
With USDT Perpetual and USDC Perpetual, 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 Futures orders and we need to consider this when calculating the margin balance. For more details, please refer to Glossary (Unified Trading Account).
What is 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.
What is Equity and Wallet Balance in UTA?
Equity comprises the Wallet Balance, as well as the Unrealized P&L of the Derivatives contract(s) and the Option value. The Wallet Balance is the amount of assets you physically hold in your UTA wallet calculated in USD.
What is the Margin Balance and is this the amount I can use to place an order?
Margin Balance is only relevant in UTA Cross Margin and Portfolio Margin mode. It is the total amount that can be used as a margin in your account, including Wallet Balance, and Unrealized P&L of Perpetual contracts. If the margin balance falls below the maintenance margin, liquidation will be triggered. Do note that the value is a converted value after considering the asset index price and collateral value ratio and not the actual USD amount held in your account.
While Margin Balance shows the amount that can be used as a margin in your account, Available Balance is the available margin balance that you can use to place an order. You can see the Available Balance for order placement on the trading page.
Via Website
Via App
Why is the Margin Balance shown on my Assets page different from the amount of assets I held? How is it calculated?
Only assets that are enabled to be Used as Collateral will be calculated as Margin Balance. Also, according to the different liquidity conditions of each coin, the collateral value ratio of different assets varies. The total margin balance in USD value of your Unified Trading Account is based on the following calculation:
Total Asset Value (in USD) = Sum (Asset 1 × Corresponding USD Index Price × Corresponding Collateral Value Ratio + …. + Asset N × Corresponding USD Index Price × Corresponding Collateral Value Ratio)
The collateral value ratio only applies to assets with a positive balance. For assets with a negative balance, the collateral value ratio will default to 100%, regardless of what asset it is. To view the collateral value ratio of each coin, please refer to the Margin Specification.
How to derive the USD Index Price?
The USD Index Price can be derived as follows:
USD Index Price = USDT Perpetual Index Price x USDT Conversion Rate
USDT Conversion Rate = BTCUSD Index Price / BTCUSDT Index Price
If there is no USDT Perpetual Index Price for a certain coin, the Last Traded Price from the Bybit Spot market will be taken as a reference. Take ETH as an example, the USD index price for ETH will be ETHUSDT Index Price x USDT Conversion Rate.
What is the transferable amount?
The transferable amount on your UTA asset page is the maximum amount of the respective coin that you can transfer out from UTA for withdrawal. This is an estimated amount after considering the unrealized loss, initial margin, frozen amount for active orders or borrowings, haircut loss, order loss, or any negative option value.
The actual amount that can be transferred is subject to the real-time display in the Transfer window. You will not be able to transfer out more funds from UTA when IMR reaches 100%. Please note that unrealized profit can only be used for trades but cannot be transferred out.
What margin modes are supported by UTA?
Isolated Margin, Cross Margin, and Portfolio Margin modes are supported in UTA. For more information, please visit here.
How can I switch my margin mode?
You can switch your margin mode from any trading page or Unified Trading Account asset page. Please note that to switch to Cross Margin mode, the leverage and risk limit used for two-way positions (long and short positions) must be the same. Otherwise, the switch will fail. For more information, please refer to the criteria to switch margin modes stated here.
Can I have different margin modes for different trading pairs?
No, the margin mode selected will be applied to the account level and all trading pairs.
Can I have different leverage for different trading pairs?
Yes, you can have different leverages for different trading pairs. However, do note that under Cross Margin Hedge mode, traders are not able to set different leverage for long and short directions.
What position mode is supported in UTA?
Both One-way and two-way (Hedge) modes are supported in Cross Margin and Isolated Margin modes. For the two-way (Hedge) mode, only USDT Perpetual is supported.
What are the differences between each margin mode?
For the details of the difference between each margin mode under UTA, please visit here.
What is Portfolio Margin mode?
Under Portfolio Margin mode, traders can offset the Collateral Risk and unrealized PnL between Spot and Derivatives. It is a risk-based margin policy that uses Stress Testing (the mark price and implied volatility of the underlying asset) to calculate the overall risk of a portfolio. For more information, please refer to Margin Calculations under Portfolio Margin (UTA).
Does Spot hedging necessarily reduce the overall margin under Portfolio Margin mode?
Enabling Spot hedging generally decreases the overall margin requirement under Portfolio Margin mode. However, certain scenarios may lead to an increase in margin:
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Insufficient Spot assets held in the Unified Trading Account.
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Inability to risk hedge the spot and derivative positions, due to opposing delta directions.
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Significant price deviation between the index price and the underlying price for the Derivative position.
Is Spot hedging optional?
Yes, traders have the freedom to decide whether to engage in Portfolio Margin (PM) hedging for Spot assets. By default, the Spot hedging in Portfolio Margin mode is not enabled. To enable it, the system will check if your MMR is below 100% after switching, otherwise, the activation will not be successful.
Why am I unable to place an order?
This might be due to your account having an Initial Margin Rate (IMR) of 100%. Please be aware that when the account's IMR is 100%, new Derivatives and spot margin orders that would occupy the margin cannot be placed. For more details, please refer to the Trading Rules: Liquidation Process (Unified Trading Account).
Can I place an order even if the available balance for the settlement coin is insufficient in UTA?
Yes, if you are using Cross Margin or Portfolio Margin mode, as long as you have supported collateral assets and its equivalent USD value under the account is sufficient, you can open your positions or place orders. However, it may incur liabilities (in that currency) after the trade is executed. You can view the respective available balance under each trading page.
For the Isolated Margin mode, you will need to hold the respective settlement coin to trade the products. For example, you will need to have USDT to trade a USDT Perpetual contract. Under Isolated Margin mode, only Spot Trading, USDT Perpetual and USDC Perpetual & Futures are supported.
Can I open a position with unrealized profits?
Yes, UTA enhances capital efficiency by allowing traders to use unrealized profits to open new positions. This means that even if a position hasn't been closed, its unrealized profits can be leveraged for new trades. However, it is important to note that while this strategy increases potential gains, it also raises the account risk if the market moves unfavorably. Please note that this is only applicable for Cross Margin and Portfolio Margin mode. For more information on how unrealized PnL can affect your available balance, please visit here.
Can all assets in the Unified Trading Account be used as collateral?
Not all assets in UTA can be used as collateral for Derivatives and Spot Margin trading. To view the supported margin assets, please visit here.
Can I select which assets to use as collateral for trading?
Yes, you can choose the assets you want to use as collateral on your UTA asset page. Please note that USDT and USDC will always be set as default collateral, and their collateral status cannot be turned off. For more information, please refer to Collateral and Borrowable Assets (Unified Trading Account).
How to assess my UTA account risk?
Isolated Margin Mode: Under UTA Isolated Margin mode, you assess your account risk with the same method under Derivatives trading in a Standard Account.
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