What is Pre-Market Spot Trading?
Pre-Market Spot Trading is an OTC (over-the-counter) service enabling users to trade new tokens before their official exchange listing. Buyers and sellers negotiate prices in advance, securing transactions at desired rates prior to the token's public availability.
👉 Discover how Pre-Market Trading works
How Bybit’s Pre-Market Spot Trading Functions
Transactions occur in USDT, with buyers and sellers setting custom quotes:
Buyers: Pay the order value + transaction fee. If matched, tokens are delivered at settlement time. If the seller fails to deliver, buyers receive:
- 90% of the seller’s collateral as compensation.
- Full refund of the payment amount.
- Sellers: Provide collateral (based on a pledge rate) + transaction fee. Successful delivery releases payment to their Unified Trading Account. Failure to deliver results in collateral forfeiture.
Note: Token delivery occurs only at settlement time. Check your Order History for settlement details.
Key Features Explained
1. Pricing Mechanism
- Prices are set by buyers/sellers and may differ from the official listing price.
2. Last Traded Price Change
Calculated as:
(Current Price - Previous Price) / Previous Price
3. Enable Partial Fill
Allows orders to be fulfilled incrementally:
- On: Matches with multiple counterparties (partial deliveries possible).
- Off: Requires full order matching with one counterparty.
4. Full vs. Partial Order Types
- Full: Must fulfill the entire order quantity/price.
- Partial: Customize the trade amount.
Risks and Requirements
For Sellers
- Delivery Failure: Lose 100% collateral (10% platform fee + 90% buyer compensation).
Delivery Methods:
- Deposit tokens from an external wallet.
- Buy tokens post-listing (before settlement).
Partial deliveries follow FIFO—earlier-matched orders settle first.
For Buyers
- Compensation applies only for undelivered orders.
- No guarantee tokens will list officially.
Liquidity & Fees
- Liquidity: Maintained by trader participation (OTC market model).
Fees:
- Transaction fees vary by token (displayed on the order page).
- No fees for canceled/unmatched orders.
FAQ Section
Q: Why was my buy order partially delivered?
A: Enabling "Partial Fill" may match your order with multiple sellers; some may fail delivery.
Q: Can sellers deliver tokens early?
A: No. Delivery occurs strictly at settlement time.
Q: Does Pre-Market Trading use leverage?
A: No. Full funds/tokens are required.
Q: What if the token listing is delayed?
A: Filled orders remain valid; new settlement times are notified via email.
Q: Can matched orders be canceled?
A: No. Only unmatched portions are cancelable.
Final Notes
Pre-Market Spot Trading offers early access to new tokens but carries inherent risks:
- Sellers risk collateral loss.
- Buyers depend on seller performance.
- Prices may diverge from official listings.
👉 Explore Bybit’s Pre-Market Trading today
Risk Reminder: Token listing is not guaranteed. Trade responsibly.
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