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Differences Between Speculators and Market Makers There are two main types of investors in the options market: speculators and market makers. They trade in different ways to make a profit. Speculators: Generally, investors who buy and sell a single option or create a trading strategy of multiple options in the market act as speculators. Speculators profit by successfully predicting movements in the price of an underlying asset over a period of time in the future, including an increase or decrease in the price of the underlying asset or the implied volatility (IV) of an option.Market Makers: Market makers are typically large financial institutions that have contractually agreed to provide liquidity (that is, providing both bids and asks) to the market by continuously buying and selling options simultaneously. Since options for an underlying asset generally have multiple expiration dates, each expiration date provides traders with multiple options for strike prices, and each strike price corresponds to a Call and a put option. Therefore, market makers need to quote a large number of options at the same time, which also provides liquidity to the market. This kind of market operation often requires strong risk tolerance, as well as the support of a large amount of funds, which is why market makers tend to be large financial institutions. Unlike speculators, market makers profit from the spread between the bids and asks of an option. The price difference between the mid-price and the bid-ask quotation can be regarded as a reward for market makers for providing liquidity services to the market. Because of the differences described above, speculators and market makers have different sensitivity to market prices. Speculators tend to seek greater profit between buying and selling on a single trade, while market makers are more concerned with how to profit from the bid-ask spread, such as the small differences between bid-ask prices on a large number of transactions. Market makers often need to manage complex and large positions, especially in the options market, which also makes market makers more sensitive to price than speculators. Option PricingIn the actual investment market, different types of investors don’t always play a singular role. When making quotations, market makers will not only take into account the underlying asset price and market volatility, but also their own holding positions and assessments of market movements. In bull and bear markets, market makers passively hold positions that oppose current market trends because they need to place buy orders and sell orders at the same time. For example, in a bull market, market maker quotes can be significantly skewed, resulting in higher ask prices for Call options and lower bids for Put options. As you can see, there’s a certain competitive relationship between speculators and market makers. The price of options will eventually be formed by the interaction of various factors of different market participants. TipTo learn more about options trading, and to more accurately assess trading opportunities, please refer to Introduction to Implied Volatility (IV) and USDC options....
FAQ — ROAM Token Airdrop on Bybitearn the ROAM token on the ROAM project page?You can check the ROAM App to see if new activities are launched. For more details, you may also confirm with the ROAM project team. Additionally, stay tun...
Spot AccountThe Spot Account on Bybit serves as a dedicated account for the seamless management of crypto deposits and withdrawals, offering a secure and streamlined platform for these essential transactions. Add...
FAQ — Token Splashearn rewards by participating in Token Splash.This event is not meant for Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Irel...
FAQ — Fiat Depositearn more about other payment methods, please visit here.Which fiat currencies are supported for Fiat Deposit?You can find the list of supported currencies for fiat deposit by going to the Fiat deposi...
How to Get Started With a Standard Subaccountearn more about this account type in our Introduction to Custodial Trading Subaccount. Step 4: Select the type of Subaccount you wish to open and enter your preferred username and password, i...
Product Disclosure Statement (Australia)earn interest. Your balance is not a bank deposit. 3. STATEMENTS OF ACCOUNT By successfully applying for and using the Card, you acknowledge we do not provide, and you will not receive, paper sta...
How to Deposit Fiat Currencies on Bybitearn more details.Identity Verification is required for fiat deposits. Please follow this guide to complete the Identity Verification Lv. 1 if you haven't done so before continuing with your fiat ...
FAQ — Leveraged TokenWhat is a Leveraged Token (LT)?A Leveraged Token is a derivatives product with no margin or liquidation risks. It provides you with leveraged exposure to the underlying asset, and is suitable for short-term investments in a one-sided market. What is a Leveraged Token on Bybit? At Bybit, each Leveraged Token represents a basket of Perpetual Contract positions. This means that when you trade a Leveraged Token, you’re investing in a basket of contracts for the underlying asset.As shown below, a basket of BTC3L consists of 254.866 BTC worth of BTCUSDT Perpetual Contracts positions (long). What is net asset value (NAV)?NAV, or net asset value, refers to the value of a Leveraged Token. The NAV of a Leveraged Token moves in line with the price fluctuations in the Perpetual Contracts market. Taking BTC3L as an example, for every 1% increase in the BTCUSDT price, the NAV of BTC3L will rise by 3%. Why is there a slight difference between the price of a Leveraged Token in the Spot market and its NAV?The NAV of the Leveraged Token is calculated according to the price fluctuations of the underlying assets in the Perpetual Contracts market, while the price of the Leveraged Token in the Spot market reflects the result of buying and selling behavior in the Spot market. This causes the slight difference between the NAV and the price of the Leveraged Token. What does the symbol for Leverage Tokens represent? Using BTC as an example, BTC3L refers to a Leveraged Token holding long positions of BTCUSDT Perpetual Contracts with 3x leverage.BTC3S indicates a Leveraged Token holding short positions of BTCUSDT Perpetual Contracts with 3x leverage. Which account do I use to trade Leveraged Tokens on Bybit?Leveraged Token trading will be channeled directly through your Bybit Unified Trading Account. What’s the difference between Leveraged Token and Derivatives trading on Bybit?Please refer to Differences Between Leveraged Tokens and Derivatives Trading. What are the fees associated with a Leveraged Token?Please refer to Bybit Leveraged Tokens: Fees Explained. Will my Leveraged Token position be liquidated?There are no liquidation risks. Taking BTC3L as an example, the target leverage range is [2,4]. The rebalancing mechanism will automatically be triggered when the actual leverage ratio is ≥ 4x or ≤ 2x, to be adjusted to achieve the target leverage of 3x. Note: Please be aware that the net asset value of a Leveraged Token could fall to zero, in which case it would be unrecoverable. What is the rebalancing mechanism?Rebalancing is a process to make sure that the Perpetual Contracts positions of the underlying asset will be dynamically adjusted to achieve the target leverage. The rebalancing mechanism will be automatically triggered when the actual leverage ratio falls outside the target leverage range. For more information, please refer to the Bybit Leveraged Tokens Rebalancing Mechanism. Can Leveraged Tokens be withdrawn?Currently, withdrawals are not supported. Do Bybit Leveraged Token products have a limited supply? No. Since users are able to subscribe/redeem Leveraged Token tokens, which increases/decreases the issuance amount accordingly, there is no fixed supply. Are there any price-setting limits for a buy/sell order in Leveraged Token trading?Yes, the order price limit is ±10%. If the order price limit of a buy order or a sell order deviates from the Last Traded Price by a certain percentage, the order won’t be executed. For example, the limit is 10%, with Last Traded Price of 1 USDT the order price of your buy order cannot exceed 110% (1.1 USDT) of the Last Traded Price, while the order price of your sell order cannot be lower than 90% (0.9 USDT) of the Last Traded Price. Are there any quantity/value limits for a subscription/redemption order in Leveraged Token trading?Yes. For more information, please refer to Order Limits (Leveraged Token). What’s the maximum price deviation between the net asset value (NAV) and the order price when placing a Leveraged Token order?The maximum deviation setting limits that can be set is ±5%. If the maximum price deviation between the net asset value (NAV) and Last Traded Price exceeds ±5%, the order won’t be executed. Note: Please note that order placement will also be restricted when the deviation between the NAV and the price of a Leveraged Token exceeds the above limit. What is the maximum value of the leverage token I can hold?The maximum value that can be held for each leverage token is displayed in the Position Limit tab on this page.Notes:The maximum value of leveraged tokens that can be held is calculated separately for the Main Account and Subaccount. The calculation is as follows:— Quota that can be held = Maximum Value Limit - (Limit Order Quantity x Order Price) - (Leveraged Token Held x Last Traded Price) - TP/SL Order Value— TP/SL Limit Order Value = Order Quantity x Order Price— TP/SL Market Order Value = Order Quantity x Execution PriceAfter the leveraged token purchase, if the total market value of the token surpasses the specified maximum threshold, the quantity of tokens owned will remain unchanged, allowing users to retain the purchased amount of tokens. However, you will not be able to place any new buy orders. Are there any limits on the order value setting of Bybit Leveraged Token products?Yes. For more information, please refer to Order Limits (Leveraged Token). Where can I view my Leveraged Token trading history?Please click on Orders & Trades → Spot Order in the upper right corner of the page to enter the Order History page or you can click here to view. Where can I view my Leveraged Token rebalancing history?Click the Leverage icon next to the trading pair, then click on Read More → About This Leveraged Token. You can then view it in the Rebalancing History column. Are there any KYC requirements for trading a Leveraged Token?Yes, Standard Individual KYC or Business KYC is required. For more information on how to verify your account, please refer to How to Complete Individual KYC Verification. To learn more about KYC verification, please refer to the following articles:Individual KYC FAQBusiness KYC FAQ...
FAQ — Double-Winearn more about Bybit Double-Win, please refer to Introduction to Double-Win.Who is suitable for using Double-Win?Double-Win is ideal for users who:Anticipate Market Movements: You foresee significant...