This article is part of our Bybit series, highlighting the features and reviewing the Bybit crypto margin exchange. In this piece, I’ll be looking at how much Bybit charges in fees, how you can save money on fees, and comparing them against other exchanges.
Now you may or may not know exactly what that means, so I’m going to explain it a little further for you.
Maker vs Taker
To put it really simply, a maker order is when you submit an order and wait for it to get filled and a taker order is when you market buy/sell. The orders got these names because makers ‘make’ liquidity and the takers ‘take’ it away.
As I mentioned above, the maker fee on Bybit is -0.025%, meaning that you actually earn 0.025% rather than paying it in fees as you are helping Bybit produce liquidity on their exchange.
The taker fee (market fee) is 0.075% of the total notional value, meaning that you pay the fee on the total order value, not your margin amount. Lost? Don’t worry, I’ll get into this more later on in the guide.
Most people trade on Bybit because it offers leverage up to 100x, meaning that you can trade with more than you own with no risk of losing more than your balance. This is regarded as a risky way of trading if you don’t know what you’re doing but can be extremely powerful to maximize profits (and losses).
When you trade on Bybit, you pay (or get a rebate) fees on the total value of the trade, this means that the higher leverage you use, the more fees you pay.
Bybit Fees Example
For example, say you do a taker order of 1 BTC at 10X leverage, you will pay 0.075% on the value of 10 BTC rather than 1 BTC which means that your total fee for the trade would be 0.0075 BTC.
Got it? Great – if not, try using our Bybit calculator to work out your exact fee – it takes out all the hard work for you.
Tips to save money on Bybit fees
Of course, there are ways in which you can reduce the amount of fees you pay on the Bybit exchange, here are some of my favourites:
- Trade less often
- Try to use maker orders when possible
- Use less leverage
How about deposit & withdrawal fees?
There are no deposit fees on Bybit, however, there is a withdrawal fee which varies by the asset you are withdrawing.
The withdrawal fees on Bybit are as follows:
|Bitcoin (BTC)||0.0005 BTC|
|Ethereum (ETH)||0.01 ETH|
|EOS (EOS)||0.1 EOS|
|XRP (XRP)||0.25 XRP|
Are there any overnight fees?
There are no overnight fees on Bybit, although, there is a funding rate which settles every 8 hours.
Funding fees (rate) is essentially an interest rate paid by traders who have open positions with leverage. This is to balance out the borrowed funds from other traders. The funding fees vary by the asset you are trading and the condition of the market. To get the latest funding rate, just open the chart on Bybit and look for the Contract Details, you’ll fund it under that section.
On average, the funding fees on Bybit is 0.0100% every 8 hours.
How does it match up?
Here is a table comparing Bybit’s fees with that of BitMEX, Deribit and FTX.
|Exchange||Maker Fee||Taker Fee|
As we can see from the table above, the three main cryptocurrency derivatives exchanges have the same standard fees, whereas FTX has slightly lower fees.