There is a borrowing and repayment system under the Unified Trading Account (UTA).

 

 

• Borrowing

• Interest

• Repayment

  • Manual Repayment

  • Auto Repayment

• How to View Borrowing, Interest and Repayment History

 

 

 

 

Borrowing 

The borrowing system only supports auto borrowing. Manual borrowing isn’t available.

 

 

Cross Margin 

Borrowed Amount = ABS [Min (0, Equity − Buy Option Initial Margin - Positive Option Value − Asset Frozen)]

 

 

Portfolio Margin

Borrowed Amount = ABS [Min (0, Equity − Asset Frozen)]

• Equity = Asset Wallet Balance + Perpetual and Futures UPL + Options Value

 

 

 

When any of the below scenarios generate a borrowing amount, the system will process the auto borrowing of the asset. 

 

 

 

 

 

 

Interest

Once the borrowing has been incurred, interest will be accrued hourly. The system will auto-calculate and charge the interest five (5) minutes after each hour, such as 8:05 AM UTC or 9:05 AM UTC, etc. This is based on the interest rate and the amount of borrowing at that time.

 

The interest rate for UTA is not fixed and it is subject to change on a real-time basis. For more information on how the interest rate is derived, please refer to Bybit Floating Interest Rate System. 

 

 

Formula

Hourly Interest Payment = Borrowing Amount × Hourly Interest Rate

 

 

A penalty interest will be charged when your borrowing amount exceeds 100% of the maximum borrowing limit. The interest charges will be multiplied by the cube of the utilization ratio.

 

Penalty Interest Payment = Borrowing Amount × Hourly Interest Rate  × (utilization ratio)³

 

 

Notes: 

— Currently, UTA offers an interest-free amount for USDT and USDC loans. The interest-free amount is only applied to borrowing arising from unrealized losses in the Derivatives position. No interest will be charged on the borrowing arising from unrealized losses if it falls within the maximum interest-free limit. If the unrealized losses exceed the interest-free range, interest will be charged for the entire borrowed amount based on the unrealized losses five (5) minutes after each hour. 

— Realized borrowing such as borrowed amount from Spot Margin Trading, realized fees, realized options premium paid, or realized position loss will not be exempted from interest.

— The maximum interest-free limit is calculated on a per-account basis, while the maximum borrowing limit is shared among your Main account and Subaccounts. To view the UTA maximum borrowing limit for each coin, please visit the Margin Data page.

— Maximum interest-free limit for USDT and USDC stated as follows: 

 

 

Note: Parameters may be modified based on market conditions. Bybit will notify users in advance. 

 

 

 

 

Example 1

Assuming the maximum borrowing limit for USDT is 2,500,000 USDT, the combined borrowing amount for Main Account and two Subaccounts (A & B) must not exceed 2,500,000 USDT. Exceeding this limit will trigger auto repayment.

 

 

Example 2

Assuming the interest-free range for USDT is 30,000 USDT, here's how interest-free works in UTA when the user has no USDT in their wallet balance.

 

 

 

Example 3

Assuming the current borrowing amount is 3,000,000 USDT, the maximum borrowing limit is 2,500,000 and the hourly interest rate is 0.0001%, the penalty interest charge is as follows: 

 

Penalty Interest Payment = Borrowing Amount × Hourly Interest Rate  × (utilization ratio)³

 

Utilization Ratio = 3,000,000/2,500,000 = 120%.

Penalty interest = 3,000,000 × 0.0001%  × (1.2)3 = 5.184 USDT

 

 

 

 

Repayment

Manual Repayment

Currently, traders can do manual repayment on the UTA via the few methods stated below:

 

1. Go to Unified Trading Account and click on the Repay button for repayment. Please note that Bybit will charge a 0.1% repayment handling fee (conversion fee from margin assets into borrowed coins) on the total repayment amount. For more details, please visit here. 

 

2. Make a deposit or manually transfer assets in the respective borrowed amount from another account to your Unified Trading Account. The borrowed amount will be deducted from your wallet balance immediately.

 

3. Manually sell other margin assets via Spot Trading into the assets that you borrowed. However, please note that in the event of IMR=100%, traders are not allowed to place an order to buy lower collateral value ratio assets with high collateral value ratio assets. You can log in to your Unified Trading Account and check the UTA collateral value ratio from here. 

 

 

 

 

Auto Repayment

In the event of auto repayment is triggered, the system will automatically exchange other positive balance assets into the borrowed coin based on the Spot index price to return the loan. Among all accounts with borrowings, the system will select the account for repayment in descending order, starting from the accounts with highest borrowed amount to the least borrowed amount.

 

In the following scenarios, auto repayment will be triggered.

1. When the Maintenance Margin Rate (MMR) of the UTA is ≥ 100%, the auto repayment process will be triggered until all liabilities are repaid in full, and a 2% repayment handling fee will be charged. 

2. When the borrowed asset of the corresponding asset exceeds the maximum borrowing limit, the auto repayment process will be triggered until the borrowed amount is reduced to 90% of the maximum borrowing limit, and a 1% repayment handling fee will be charged.

 

However, Bybit currently supports a delayed automatic repayment mechanism. When the asset's borrowing limit reaches 100%, the system sends an email notification to the traders as a reminder. Only if the account's borrowed amount remains at or above 100% for a continuous 24-hour period or reaches 200%, whichever comes first, the system will initiate an automatic repayment. Once your borrowed amount falls below 100% of the maximum borrowing limit, your account will return to a safe level, and automatic repayments will not be triggered. This does not apply to the case where MMR is ≥ 100%.

 

 

 

The auto repayment process is as follows:

 

Step 1: The system will cancel the active orders from Spot/Spot Margin Trading (i.e. limit orders or TP/SL orders) and Buy Options that occupy the borrowed assets to free up frozen balances.

 

Step 2: Assets with positive equity and without any borrowed amount under the UTA will be auto-exchange into the assets in liability for repayment, without canceling the Spot/Spot Margin or Buy Options active order. Assets will be sold according to the liquidity sequence stated here.

 

Step 3: Cancel the Spot/Spot Margin and Buy Options active order to free up the frozen balance of other coins according to the liquidity sequence to auto-exchange into the assets in liability for repayment.

 

 

Notes: 

— Auto-repayment will continue from Step 1 to Step 3, until the borrowing amount is reduced to 90% of the maximum borrowing limit (for exceeding the maximum borrowing limit scenario) or until all liabilities are fully repaid (for MMR ≥ 100% scenario).

— In the case where traders have borrowings in multiple coins, the system will repay the non-stable coins first according to the liquidity sequence, followed by stablecoins.

— If the MMR remains above 100% after the auto repayment process, liquidation to derivatives position will step in. For more details, please refer to Trading Rules: Liquidation Process (Unified Trading Account).

 

 

 

 

 

 

 

 

How to View Borrowing, Interest, and Repayment History

Borrow History

Go to the Assets page → Unified Trading Account and tap on Borrows to view the borrows history.

 

 

On the Borrow History, you can see the borrowing details under each coin, including the borrowed amount, hourly interest rate, maximum borrowing amount, utilization ratio, and borrowed amount (interest-free).

 

• Maximum borrowing amount: The maximum borrowing limit for each coin, and this limit is shared among your Main Account and Subaccounts. 

• Utilization Ratio: This shows the utilization ratio of your borrowing limit across your Main and Subaccounts. 

• Borrowed Amount (Interest-Free): This shows the borrowed amount arising from unrealized loss and the amount that is exempted from interest charge.

 

 

 

Interest Record and Repayment History

Go to Assets → Unified Trading Account → Transaction log and filter the respective transaction types.

 

To learn more on how to view your repayment history, please refer to here.