2024-09-10 12:36:21Starting from September 2023, Bybit will transition new and existing users to the Unified Trading Account (UTA). This shift simplifies asset management by enabling multi-asset, cross-product collateralization through a single account.
This article will explore the differences between the Standard Account and UTA. We recommend traders to try UTA under Demo Trading for a hands-on understanding.
1. Overall Differences
|
|
Standard Account |
Unified Trading Account |
|
Single Vs Multi Asset Margin |
Traders must hold the specific asset related to the trading product in each account to participate. For instance, USDT is required in the Derivatives Account to trade the USDT contracts. |
Traders can use a variety of supported margin assets as collateral, eliminating the need for the exact settlement asset. For example, holding BTC in a UTA allows the trader to place a USDT Contracts order by using the BTC's equivalent USDT value as collateral. |
|
Accounts to Manage |
2. Spot Account | |
|
Unrealized PnL Offset across Products |
Not Supported |
Unrealized profits from one derivatives product can be used to offset losses in another (except in Isolated Margin mode). For more details, visit here. |
To learn more details of the benefits of Unified Trading Account, please refer to Key Benefits of Upgrading to Bybit’s Unified Trading Account.
2. Types of Trading Products
|
Trading Product Types |
Standard Account |
Unified Trading Account |
|
Spot |
Supported |
Supported |
|
Spot Margin |
Not Supported |
Supported (Not in Isolated Margin Mode) |
|
USDT Perpetual |
Supported |
Supported |
|
USDC Perpetual & Futures |
Supported |
Supported |
|
USDC Options |
Not Supported |
Supported (Not in Isolated Margin Mode) |
|
Inverse Perpetual & Futures |
Supported |
Supported |
3. Assets as Collateral Required
|
Standard Account |
Unified Trading Account | |
|
USDT Perpetual |
USDT |
Any supported margin asset within UTA can be used as collateral for trading. |
|
USDC Perpetual & Futures |
USDC | |
|
USDC Options |
USDC | |
|
Inverse Perpetual & Futures |
The respective settlement assets |
For more information, please refer to Collateral and Borrowable Assets (Unified Trading Account).
4. Position and Margin Mode
|
|
Standard Account |
Unified Trading Account |
|
Margin Mode |
1. Isolated Margin 2. Cross Margin |
1. Isolated Margin 2. Cross Margin 3. Portfolio Margin |
|
Position Mode |
1. One-way Mode 2. Hedge Mode
|
1. One-way Mode 2. Hedge Mode
|
In Unified Trading Account, margin mode switching can be supported even when there are open positions or active orders, subject to the criteria stated in Differences Between the Margin Modes Under the Unified Trading Account.
5. Borrowing and Interest
|
|
Standard Account |
Unified Trading Account |
|
Spot Margin Trading |
Not supported |
Borrow supported. Interest on borrowed amounts. Learn more. |
|
USDT Contracts | ||
|
USDC Contracts | ||
|
Inverse Contracts |
6. Risk Management
|
|
Standard Account |
Unified Trading Account |
|
Liquidation |
Liquidation triggers when the Mark Price reaches the Liquidation Price. The liquidation price is calculated based on parameters such as initial margin rate, maintenance margin rate, and available balance. |
According to different margin modes, liquidation is based on different criteria.
Isolated Margin Mode: Similarly to Standard Account, liquidation triggers when the Mark Price reaches the Liquidation Price.
Cross or Portfolio Margin Mode: According to the initial margin and maintenance margin of the position, calculate the account's initial margin rate and maintenance margin rate. When the account's maintenance margin rate reaches 100%, liquidation is triggered. |
To learn more about the liquidation process, please refer to the following articles:
-
Standard Account: Liquidation Process for Derivatives Trading (Standard Account)
-
Unified Trading Account: Liquidation Process (Unified Trading Account)
Da
Nu