USDT Event Futures Contracts are a product category designed to support a variety of event-based contracts.
The information and examples provided in this article are based on the currently available football event contracts and are intended to explain the relevant trading and settlement mechanisms. Product specifications, settlement methodologies, and contract rules may vary for other event types introduced in the future.
What is a USDT Event Futures Contract?
A USDT Event Futures Contract is an event-based Futures contract that allows users to trade based on the outcome of an event. Unlike traditional futures contracts, the final settlement price is determined by the official match result and is automatically settled after the event concludes.
How do I read the contract symbol?
A contract symbol provides key information about the underlying event. Using a football match as an example, the symbol includes the participating teams, settlement asset, and settlement date.
Example: WC_NLD_JPN_USDT-15JUN26
Where:
- NLD = Home Team (Netherlands)
- JPN = Away Team (Japan)
- USDT = Settlement Asset
- 15JUN26 = Settlement Date (UTC)
This contract represents a sports match between the Netherlands (home team) and Japan (away team), settled in USDT, with a settlement date of 15 June 2026 (UTC).
Which countries and regions can participate?
Eligibility is subject to Bybit's Terms of Service and applicable local laws and regulations. Access to USDT Event Futures Contracts may be restricted in certain jurisdictions. Please verify your eligibility before trading.
Is mobile trading supported?
Yes. USDT Event Futures Contracts are fully supported on both the Bybit App and web platform.
For the best trading experience, please ensure that you are using the latest version of the Bybit App.
Which margin modes are supported?
The following margin modes are supported:
- Isolated Margin
- Cross Margin
Portfolio Margin mode is not supported. Please note that if you hold a USDT Event Futures Contract position, you will not be able to switch to Portfolio Margin mode until the position has been closed.
Users should monitor their account risk and maintain sufficient margin throughout the contract lifecycle.
Should I use Isolated Margin or Cross Margin?
Both Isolated Margin and Cross Margin are supported.
- Isolated Margin limits the maximum loss to the margin allocated to a specific position, helping to isolate risk from other positions in your account.
- Cross Margin, on the other hand, shares available margin across positions and may expose more account equity to market fluctuations.
Traders should choose the margin mode that best aligns with their trading objectives and risk management preferences. For those who prefer to isolate risk to individual positions, Isolated Margin may be a more suitable choice.
What is the minimum order size?
The minimum order size is 1 contract. Orders are subject to a minimum margin requirement. The minimum margin required to place an order is 2 USDT.
The actual margin required for larger positions may vary depending on the contract price, leverage selected, and applicable risk limit tier.
When are USDT Event Futures Contracts listed?
USDT Event Futures Contracts are listed in batches. The listing time for each contract will be announced separately. Please refer to the latest announcements for details.
Is USDT the only accepted collateral?
During the initial launch phase, USDT Event Futures Contracts support USDT-denominated contracts only.
Information regarding additional collateral or cross-collateral support will be announced separately in future updates.
Are there any fees for trading USDT Event Futures Contracts?
USDT Event Futures Contracts do not charge funding fees.
Trading fees apply when opening or closing a position and are charged at the same rate as standard Futures contracts. Preferential fee rates may be available during promotional periods. Please refer to the latest platform announcements for the applicable fee rates.
What are the leverage and margin requirements for USDT Event Futures Contracts?
The maximum leverage and margin requirements for USDT Event Futures Contracts depend on the size of your position.
As your position value increases, the maximum leverage available may be reduced, while the Initial Margin Rate (IMR) and Maintenance Margin Rate (MMR) may increase. Please refer to the table below for the applicable leverage and margin requirements.
Is there an Open Interest limit for USDT Event Futures Contracts?
Yes. USDT Event Futures Contracts are subject to Open Interest (OI) Limit, similar to other USDT Futures contracts.
These limits are designed to help maintain orderly market conditions and manage overall market risk. When the applicable OI limit is reached, users may be restricted from increasing positions.
What does the contract price represent?
The contract price reflects the market's expectation of the match result. A price of 10 represents an expected draw. Prices above 10 suggest that the market expects the home team to perform better, while prices below 10 suggest an advantage for the away team.
For example, prices such as 10.30 and 10.90 indicate increasing market confidence in the home team's performance. The further the price moves away from 10, the stronger the market expectation becomes.
When does settlement occur?
The contract will be settled 130 minutes after the scheduled match start time based on the official full-time match result.
For example, if a match is scheduled to start at 20:00 UTC, settlement will occur at 22:10 UTC.
Please note that the contract will enter Reduce-Only mode 20 minutes before settlement (110 mins after the scheduled match start time). During this period, users may only reduce or close existing positions. New positions cannot be opened, existing positions cannot be increased, and all unfilled orders will be automatically cancelled.
After settlement, any remaining open positions will be automatically settled and closed at the final settlement price.
How is the settlement price calculated?
The settlement price is determined based on the official full-time score of the match.
Formula:
Settlement Price = 10 + (Home Team Goals − Away Team Goals)
Examples:
Are there any settlement price limits?
Yes. To ensure orderly trading and settlement, the settlement price is subject to predefined price limits.
The settlement price is calculated as:
Settlement Price = 10 + (Home Team Goals − Away Team Goals)
Under normal circumstances, settlement prices are expected to remain within a range of approximately 1 to 20, based on historical football match results.
In extreme cases, if the calculated settlement price falls below the minimum allowable price, the settlement price will be adjusted to 0.01. Likewise, if the calculated settlement price exceeds the maximum allowable price, the settlement price will be capped at 20.
Why is the base price set at 10 instead of 0 or 1?
The settlement price is based on the goal difference between the home team and away team. Since the goal difference can be negative when the home team loses, a fixed base price of 10 is used to keep settlement prices positive and easy to interpret.
Why does my fill price slip during key match events?
During significant match events, such as goals or red cards, market activity may increase rapidly. This can temporarily reduce available liquidity and widen the bid-ask spread, resulting in higher slippage than usual.
To better manage execution prices, users may consider using limit orders or reviewing market conditions before placing an order.
Can I trade after the match starts?
Yes. Trading remains available after the match starts and throughout the event.
Please note that the contract will enter Reduce-Only mode 20 minutes before settlement. During this period, you may only reduce or close existing positions. Opening new positions or increasing existing positions will not be permitted.
Can I close my position before settlement?
Yes. You may open or close positions at any time before the contract enters the settlement process. You are not required to hold the contract until settlement.
How is the Index Price calculated for USDT Event Futures Contract?
The Index Price is calculated using the following two market data components:
- API Football Price — A reference price derived from multiple third-party market data sources that reflect market expectations for the match outcome.
- Bybit Futures Price — The latest traded price of the corresponding USDT Event Futures Contract on Bybit.
To ensure a balanced and representative market price, each component is assigned a weight of 50%. Bybit reserves the right to adjust the weighting of each component based on market conditions, data availability, or other relevant factors to ensure a fair and representative Index Price.
Formula
Index Price = (API Football Price × 50%) + (Bybit Futures Price × 50%)
For example,
- API Football Price = 10.80
- Bybit Futures Price = 11.20
Index Price = (10.80 × 50%) + (11.20 × 50%) = 11.00
The Index Price serves as the primary reference used in Mark Price calculations.
How is the Mark Price calculated?
The Mark Price is designed to reflect the fair value of a contract while reducing the impact of short-term price fluctuations.
It is calculated using the Index Price and the order book mid-price.
Formula:
Mark Price = Index Price + MA(((Ask1 + Bid1) ÷ 2) − Index Price, 5s)
Where:
- Ask1 is the best ask price in the order book.
- Bid1 is the best bid price in the order book.
- MA(5s) is the 5-second moving average of the difference between the order book mid-price and the Index Price.
The Mark Price is used to calculate unrealized P&L and determine liquidation conditions.
What happens if a match is postponed?
If a match is postponed, the contract's settlement time will be adjusted accordingly.
Bybit reserves the right to amend the settlement schedule and contract specifications based on official event updates.
Do extra time and penalty shootout goals count toward settlement?
No. Settlement is based solely on the Full Time (FT) result, which is the official score at the end of regular time (90 minutes plus stoppage time).
Goals scored during extra time and penalty shootouts are not included in the settlement calculation.
For example, if a match is tied 1–1 after full time and the home team later wins 3–1 after extra time, the settlement price will still be calculated using the 1–1 Full Time score.
What happens if a match is cancelled?
If a match is officially cancelled, the contract will be settled based on the average market price in the minutes immediately before the official cancellation announcement.
Bybit reserves the right to determine the final settlement price and take any necessary actions in accordance with market conditions and the official event outcome.
Will the contract be resettled if the official match result changes after the game?
No. The contract is settled based on the official Full-Time (FT) result available at the time of settlement.
Once settlement has been completed, the result is final and will not be adjusted due to any subsequent rulings, disciplinary actions, or changes to the official match record.
How are penalty goals and own goals counted?
Penalty goals scored during regular time (including stoppage time) are counted as part of the Full-Time score and will be included in settlement calculations.
Own goals are credited to the opposing team in accordance with event rules and will also be reflected in the settlement calculation.
Please note that penalty shootout goals are not included in settlement calculations.
Is Copy Trading or Bot Trading supported?
No. USDT Event Futures Contracts currently do not support Copy Trading or Bot Trading.
How is USDT Event Futures different from traditional sports prediction platforms?
USDT Event Futures offers several unique features:
- Trade throughout the match — Open, close, or adjust positions based on live match developments without waiting for the final result.
- Flexible Position Direction — Unlike traditional prediction products, positions are not tied to a single outcome. You can reverse your position at any time during the match.
- Professional trading tools — Use limit orders, take-profit, stop-loss, and other risk management tools to manage positions more effectively.
How does USDT Event Futures compare to Polymarket and other prediction markets?
Prediction markets such as Polymarket typically use binary outcomes (e.g., YES/NO), where the final result is determined by whether a specific event occurs.
USDT Event Futures Contracts use a continuous pricing model that reflects the market's expectations of an event outcome. In addition, they support leverage and allow users to trade throughout the event lifecycle, providing greater flexibility for position management before settlement. This creates a trading experience that is more similar to traditional derivatives markets.
Are Insurance Fund and Auto-Deleveraging (ADL) applicable to USDT Event Futures Contracts?
Yes. USDT Event Futures Contracts are covered by Bybit's Insurance Fund and Auto-Deleveraging (ADL) Mechanism. The Insurance Fund is designed to absorb excess losses from liquidated positions and reduce the likelihood of ADL events.
In extreme market conditions, if liquidation losses exceed the available Insurance Fund balance, the ADL mechanism may be triggered to manage platform-wide risk.
You can monitor the insurance fund balance and ADL for USDT Event Futures on the Insurance History page.
Is this a regulated product?
USDT Event Futures Contracts are cryptocurrency derivatives and a form of contract trading. They are designed as financial trading products that allow users to trade based on market expectations of event outcomes.
Availability is subject to Bybit's compliance framework, Terms of Service, and applicable local laws and regulations. Please ensure that you are eligible to access the product in your jurisdiction before trading.
Is API trading supported?
No. API trading is currently not supported for USDT Event Futures Contracts.
Risk Reminder
USDT Event Futures Contracts are highly volatile products. Contract prices reflect market expectations of match outcomes and may fluctuate significantly before and during an event.
Please note that a favorable match result does not necessarily guarantee trading profits. Users may incur losses due to price movements, leverage, liquidity conditions, or position management decisions.
Before trading, please ensure that you fully understand the product mechanics and the associated risks.