How to trade Bybit Odds: Step-by-step guide

Bybit Odds lets you take a view on crypto price movements with a displayed payout ratio and no leverage. But knowing the product exists is only half the story. This guide walks through the full trading flow: setting up your account, placing your first contract, understanding how returns are calculated for each of the three contract types and what happens from entry through settlement.

Key Takeaways:

• Bybit Odds requires only a funded Trading Account and a minimum of 5 USDT per contract, with all trades accessible from Trade > Bybit Odds on both web and app.

• The three contract types use different outcome rules: Up/Down settles against the live index at expiry, while Price Target and Price Range use a 30-minute time-weighted average price (TWAP).

• Contracts settle automatically at expiry with no early exit. The potential return is shown before confirmation, and the final payout ratio locks when the order matches.

What do you need before you start?

To trade Bybit Odds, you need:

• A verified Bybit account with standard Know Your Customer (KYC) verification completed.

• A funded Trading Account (part of the Unified Trading Account, or UTA) with an available Tether (USDT) balance. Bybit Odds draws funds from and settles returns to this account.

• No special product activation is required. The product is available directly from the Trade menu.

Note: Availability varies by region. Check the Bybit Odds Terms and Conditions to confirm eligibility in your country or region before placing a contract.

How do you find Bybit Odds?

On web: Hover over Trade in the top navigation bar and select Bybit Odds from the dropdown menu. Bybit Odds also appears as a sidebar widget on the derivatives trading page.

On App: Tap the Bybit Odds icon on the Home screen quick-access grid. You can also navigate there through the Trade tab. If you don't have the Bybit App yet, download it on iOS or Android.

How do you place your first trade?

The steps below use an Up/Down contract to walk through the basic order flow. Select Up/Down from the product type tabs at the top of the Bybit Odds page to follow along.

Step 1: Select an asset

Choose from BTC or ETH using the asset filter at the top of the trading interface.

Step 2: Choose your expiry

Available timeframes appear in the Select Expiry section below the chart. Up/Down contracts offer windows ranging from 5 to 15 minutes. Select the timeframe that matches your view.

Step 3: Pick your direction

Tap Up or Down. Each option displays a payout multiplier (for example, Up 1.18x / Down 1.08x) that reflects current market conditions. The multipliers update in real time and lock only when your order matches.

Step 4: Enter your amount

Type in an amount between 5 and 500 USDT, or use the preset buttons (5, 25, 100 or Max). The potential return updates in real time as you adjust the amount.

Step 5: Set Order Protection (optional)

This option is available for Up/Down contracts only. Order Protection sets a slippage tolerance for how much the payout ratio may shift during matching. The default tolerance is 3%, and you can adjust it between 2% and 5%.

When Order Protection is turned on, your order fills within the set slippage range, which increases the chance of a complete fill. When it is turned off, the order fills only at the best available payout ratio, which may result in a partial fill. If the payout ratio moves beyond your chosen tolerance before matching, the order is rejected and you are prompted to reconfirm.

Step 6: Review and confirm

A confirmation screen displays all order details: Market, Product, Direction, Entry Detail, Expiry, Invest Amount, Win Probability, Order Protection and Potential Return. Tap Confirm within the 30-second window to submit.

Important: Your Entry Price locks at the moment of matching, not when you tap Confirm. The on-screen price is a live reference only. If the price moves beyond the deviation threshold before your order matches, the order is rejected and you will be prompted to reconfirm. Returning users can activate the one-tap buy toggle (available on web only) to skip the confirmation screen on future trades.

Using the economic calendar

The Bybit Odds trading interface surfaces an economic calendar showing upcoming macro events such as Nonfarm Payrolls (NFP), CPI and FOMC releases. Each event displays its scheduled release time, a countdown, impact level and the Actual, Forecast and Previous figures once data is published. Tap an event to view its description and historical releases, or tap More to browse the full calendar. These events provide additional market context around scheduled periods of potential volatility. For example, placing an Up/Down contract shortly before an NFP release or choosing a Price Range expiry that spans a known data window.

How is your return calculated?

Each contract type uses a different settlement method. The worked examples below show how payouts are determined in each case. Bybit Odds charges a taker fee on every filled order. The fee is deducted separately from your Trading Account at execution, not embedded in the payout ratio. It is calculated as: Taker Fee = Fill Value × Fee Rate × (1 − 1 / Payout Ratio), where the Fee Rate is 0.045 or 0.06 depending on the product type.

Up/Down example:

You allocate 100 USDT to BTC Up at a 1.83x payout ratio. The Entry Price locks at $75,000 at the moment of matching.

• Index above $75,000 at expiry → receive 183 USDT (83 USDT profit before fees)

• Index below $75,000 at expiry → forfeit 100 USDT

• Index exactly $75,000 at expiry → draw; forfeit 100 USDT

Settlement uses the live index price at the exact moment of expiry.

Price Target example:

You allocate 100 USDT to ETH Above $2,600 expiring Jun 27 at a 2.18x payout ratio.

• Settlement TWAP above $2,600 → receive 218 USDT

• Settlement TWAP below $2,600 → forfeit 100 USDT

• Settlement TWAP exactly $2,600 → draw; forfeit 100 USDT

Settlement uses the arithmetic mean of the index price sampled over the 30 minutes prior to 08:00 UTC on the expiry date.

Price Range example:

You allocate 100 USDT to BTC In $76,000–$78,000 expiring Jun 17 at a 1.98x payout ratio.

• Settlement TWAP within the range (above lower bound and below upper bound) → receive 198 USDT

• Settlement TWAP outside the range → forfeit 100 USDT

• Settlement TWAP exactly at either boundary → draw; forfeit 100 USDT

Settlement uses the same 30-minute TWAP method as Price Target.

How do payout ratios relate to breakeven?

The implied breakeven success rate for any contract is 1 ÷ payout ratio. At a 1.83x payout, that works out to approximately 54.6%. This means that across repeated contracts at the same ratio, your outcome would need to be correct more than roughly 54.6% of the time to offset the forfeited allocations from losing contracts.

The interface displays a Win Probability figure for reference. This may closely correspond to the implied breakeven calculation, but it does not guarantee any particular outcome.

Payout ratios are not static. For all contract types, they shift with volatility and time remaining to expiry. For Price Target and Price Range contracts, the distance between the current price and the target or range boundary is an additional factor. The ratio locks only at the moment your order matches, so the rate you see when selecting a direction may differ slightly from the rate that applies to your confirmed contract.

What happens after your order matches?

Your position appears in the Holdings tab (table view on web, card view on app) with a live countdown to settlement.

The countdown works differently by contract type:

• Up/Down: The timer is personal. It starts from the moment your order matches. Two users placing the same 15-minute contract at different times will have different expiry moments.

• Price Target and Price Range: The countdown is shared. All contracts on the same product settle at 08:00 UTC on the stated settlement date.

No action is needed during the holding period. Contracts cannot be closed, modified or canceled after confirmation.

At settlement, if your view is correct, the return is credited to your Trading Account. If your view is incorrect or settlement hits the exact boundary, your allocated amount is forfeited. You receive a settlement toast alert on web and a push notification on app.

How do you track your orders?

After placing a trade, you can monitor and review all activity through the tabs below the trading interface.

Order History lists every contract you have placed, including the direction, amount, payout ratio and trading fee. If an Up/Down order is only partially filled because the remaining quantity moves beyond your Order Protection tolerance, it appears with a Canceled status. Tap the info icon beside the entry to see the specific reason, including whether the remaining quantity was canceled for exceeding your tolerance.

Holdings displays your active contracts with a live countdown to settlement, the entry price and the potential return for each position.

Settled records completed contracts. Each entry shows whether a return was credited or the allocated amount was forfeited.

How does each contract type suit a different market view?

• Up/Down for short-term directional views: Can express a view on where price is headed over the next few minutes. The 5-minute minimum timeframe makes Up/Down suited for momentum or intraday price action.

• Price Target for settlement-price views at a specific level: Can express a view that the settlement price will finish above or below a stated level on the settlement date. Payout ratios vary depending on how far the target sits from the current price, market conditions and time remaining.

• Price Range for settlement-range views: Can express a view on where the settlement price will finish relative to a stated range. An In contract represents a view that the settlement price will finish within the range; Out represents the opposite. The outcome depends solely on where the settlement TWAP lands, not on whether price temporarily moves outside the range during the holding period.

The economic calendar described above can provide context when choosing a contract type or expiry around periods of expected volatility. For example, ahead of an NFP release, an Out Price Range contract could represent a view that the settlement price will finish outside the stated range, while an In contract represents the opposite. For Up/Down, a short-term directional view can be expressed over a timeframe as short as 5 minutes. These examples illustrate how different contract types can map to different market views and are not trading advice.

What are the risks and limitations?

• No early exit: Once confirmed, a contract runs to expiry. You cannot close, modify or cancel a position.

• Full loss on an incorrect outcome: If your view is wrong, or if settlement hits the exact boundary, your entire allocated amount is forfeited. There is no partial recovery.

• Sensitivity to short-term volatility: A 5-minute window can be highly sensitive to sudden price movements. Brief spikes or drops can determine the settlement outcome for Up/Down contracts.

• Position and amount limits: Maximum 500 USDT per contract. Total open positions are capped across all contract types.

• No API access: Bybit Odds cannot currently be traded via API.

• Payout ratios change before matching: Volatility, time remaining and, for Price Target and Price Range, the distance between the current price and the relevant target or range can all shift the quoted ratio. The rate locks only at the moment of matching.

The bottom line

Bybit Odds removes much of the complexity associated with leveraged derivatives while still letting you express a clear price view. All three contract types follow a similar order flow, but each expresses a different kind of price view: direction, level or range. Head to Trade > Bybit Odds on web or open the Bybit App to explore the available contracts and place your first position.

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