Before purchasing the Perp Protect Order, please take note of the following:

 

• Perp Protect currently provides protective coverage for the most popular crypto contracts, including BTCUSDT, ETHUSDT, BTC-PERP, and ETH-PERP Perpetual contracts. 
• Perp Protect is exclusively available to users who utilize the Unified Trading Account (UTA) Cross Margin mode.
• Perp Protect is currently supported only on the Bybit App.
• Perp Protect is not a risk-free product, and the liquidation process for your Perpetual position will still adhere to standard procedures. Please ensure you fully understand the product before purchasing. For more details, please refer to Introduction to Perp Protect.

Here’s a step-by-step guide to purchasing your first Perp Protect Order.

Via App

 

Step 1: Access Perp Protect

1. Open your Bybit App and log in to your account.
2. Please navigate to the page of your USDT or USDC Perpetual contract to activate Perp Protect.

 

 

Step 2: Automatically Select a Perp Protect Order

1. Please go to the position tab of the corresponding Perpetual contract, and locate the shield icon.
2. Click on the shield icon to access Perp Protect.
3. The system will provide intelligent recommendations for a Perp Protect product based on your current positions, including leverage, Initial Margin, and the current market asset price.

 

Notes:

— For Perpetual positions using leverage below 25x, the compensation time for the Perp Protect Order will be T+1 day.

 

— For the Perpetual position using leverage above 25x, the compensation time for the Perp Protect Order will range from 12 hours to 36 hours. If the nearest Option expiration time is >= 12 hours, the compensation time for the Perp Protect Order will be T+0 day. Otherwise, the compensation time will be T+1 day if the nearest expiration time is <12 hours.

 

— T represents the nearest expiration date of the respective Option.

 

 

Step 3: Review Plan Details

 

On the Perp Protect order page, you will find important information about the Perp Protect Order, including:

• Compensation Time: Any compensation will only be received at the compensation time. 

 

• Trigger At: This shows the trigger condition for a trader to receive compensation from Perp Protect. 

 

• Coverage: The contract quantity covered in the Perp Protect you purchased. 

 

• Cost: The premium required to purchase the Perp Protect. Please note that market conditions can change rapidly. The actual cost might slightly differ from the estimates provided.

 

• Your Profit/Loss: This shows an illustration of the PnL for your Perpetual position and the compensation you will get from Perp Protect at compensation time at different settlement prices. 

 

 

 

Step 4: Purchase Perp Protect

After reviewing the protection plan details and ensuring you understand the terms, click on Buy to complete your purchase.

 

 

Step 5: View Perp Protect Order details

To access comprehensive information about the current status of your Perp Protect orders and protected Perpetual contract positions, simply click on the Protection Order column within the position tab.

 

 

 

If your Perpetual position is closed prior to the compensation time, you will not be able to view your Options order acquired from Perp Protect from your Perpetual position tab. You can go to the Options Order page to view the Options position. 

 

 

Step 6: Receive Notifications

 

After the compensation time, you will receive App push notifications and email reminders informing you of the details of your Perp Protect order and the price at the time of compensation.

 

You can go to the Order History to view Protect Order details or the UTA Transaction Log to view the settlement details of the options purchased through Perp Protect.