Bybit Stocks comparison: Stocks vs TradFi Perps vs Stock CFDs

Bybit offers three distinct ways to access US stock exposure from a single platform. This article compares Stocks, Stock TradFi Perpetual Contracts and Stock CFDs side by side so you can see where each one excels and where the trade-offs lie.

Each product uses a different structure, account model and trading mechanism, and serves a different type of trader. Understanding how they differ across trading hours, fees, leverage, account structure and settlement helps you choose the right tool for your strategy.

Key Takeaways:

• Bybit's Stocks product provides real equity ownership with zero trading commission and access to underlying US exchange liquidity, settled in USD through your Unified Trading Account.

• Stock TradFi Perpetuals offer 24/7 leveraged exposure (up to 100x) with USDT settlement, but carry periodic funding costs and liquidation risk.

• Stock CFDs use a separate CFD account with up to 20x leverage, overnight swap fees and liquidity-provider pricing during weekday sessions, with trading available via MT5, the Bybit App and web.

What are Stocks, Stock TradFi Perps and Stock CFDs?

Stocks

Bybit's Stocks product lets you buy and sell real US equities using your existing Bybit login. Orders route through Infra Capital Limited, Bybit's regulated introducing broker, to Alpaca and execute on NASDAQ or NYSE. You hold actual economic interests in the underlying shares, receive dividends and benefit from corporate actions such as stock splits. There is no leverage and no liquidation risk.

Stock TradFi Perpetuals

Stock TradFi Perpetuals are USDT-settled derivative contracts that track stock prices without expiry. They use the same margin, funding rate and liquidation mechanics as standard USDT perpetual contracts. You never own the underlying shares and have no entitlement to dividends or voting rights. Positions can be leveraged up to 100x and trade continuously around the clock.

Stock CFDs

Stock CFDs are contracts for difference available through MT5, the Bybit App and web. They let you speculate on stock-price movements with moderate leverage of up to 20x for stocks. Eligible assets such as Tether (USDT) and BYUSDT are displayed under the MT5 CFD Account's USDx Balance, while trading profits and losses are settled in USDT. You hold no ownership stake in the underlying company, though dividend adjustments may apply according to contract terms.

Stocks vs Stock TradFi Perps vs Stock CFDs at a glance

Trading hours, liquidity and spreads

Trading availability is one of the clearest differentiators between the three products:

• Stocks trade approximately 24 hours of trading per weekday across pre-market, regular, post-market and overnight sessions. Trading is unavailable on weekends and US public holidays.

• Stock TradFi Perps trade continuously, 24 hours a day, 7 days a week. This allows trading around earnings releases or breaking news even when the underlying stock exchange is closed, although liquidity and spreads may differ during those periods.

• Stock CFDs follow weekday trading schedules determined by the applicable CFD session. They are unavailable on weekends.

Trading hours directly affect liquidity and spread behavior. Each product also sources its pricing and fills differently:

• Stocks access underlying US equity-market liquidity through the executing broker (Alpaca), which routes to NASDAQ and NYSE. Spreads generally reflect prevailing bid-ask spreads in the underlying US equity market during regular hours but may widen during pre-market and post-market windows.

• Stock TradFi Perps draw liquidity from Bybit's order book, supported by dedicated market-maker partnerships. TradFi Perps remain tradable around the clock, though spreads may widen when the underlying stock market is closed due to lower participant activity.

• Stock CFDs receive pricing and fills through the CFD liquidity-provider structure. Spread behavior depends on the selected account mode. Zero-Fee mode shows a wider all-inclusive spread, while Tight-Spread mode offers raw spreads with a separate commission.

Across all three products, spreads and slippage can vary depending on the specific stock, trading session, market conditions and order size.

Fees and holding costs

The cost structure differs most sharply in how each product charges for holding positions over time.

Stocks charge zero trading commission. A 0.5 USDC small-order fee applies to orders with a trade value of $500 or less, while a 10 BPS trading spread applies to orders with a trade value of $500 or more. Bybit currently charges no account, settlement, broker, clearing, currency-conversion, dividend-processing or separate regulatory fees. U.S. dividend withholding tax is 30% of the gross dividend, while American Depositary Receipt (ADR) fees range from $0.01 to $0.03 per share. There are no maintenance, inactivity or custody fees.

Stock TradFi Perps currently offer 0% maker fees and 50% off standard taker fees as a promotional rate. The main ongoing cost is the funding rate, charged every eight hours. Depending on the funding rate direction and your position, you either pay or receive funding at each interval. This makes the total holding cost dynamic and dependent on market conditions.

Stock CFDs offer two fee models. Zero-Fee mode charges no separate trading commission, with transaction costs instead reflected in the spread. Tight-Spread mode provides raw spreads with a fixed commission of $0.02 per lot (minimum $0.20 per order). Both modes charge a daily overnight swap fee for positions held past the end of the trading day, expressed as a percentage of position value.

Leverage and liquidation risk

Stocks use no leverage and therefore carry no margin-liquidation risk, making them better suited to users seeking unleveraged stock exposure.

Stock TradFi Perps offer up to 100x leverage through a dynamic risk-limit model. Higher position sizes may reduce the maximum available leverage for that contract. Positions are liquidated if your margin balance falls below the maintenance threshold. Sharp price moves around earnings releases or major news can also cause stop-loss orders to execute at a different price from the trigger.

Stock CFDs offer up to 20x leverage on stock contracts. Leverage may be temporarily reduced around major economic news events such as FOMC decisions or earnings releases. Margin closeout triggers when the account margin level drops to or below 50%, at which point the platform closes the position with the largest loss first.

Account structure and margin compatibility

Stocks and Stock TradFi Perps are both accessible through the Unified Trading Account (UTA), allowing you to manage them alongside your crypto positions using the same Bybit login. However, their underlying account structures and interaction with the UTA differ. Stocks are supported by an underlying brokerage account with Infra Capital Limited and are unleveraged holdings that are not used as margin collateral. TradFi Perps use the UTA's margin framework. Under applicable UTA margin modes, eligible collateral and unrealized P&L can support margin across crypto and TradFi Perpetual positions.

Stock CFDs use a separate MT5 CFD Account, although positions can be traded through MT5, the Bybit App or web. You must transfer funds in and out, and your margin is isolated from your main Bybit balance. This means you cannot cross-collateralize between crypto and CFD positions.

Settlement currencies and timing

Stocks settle in USD under standard T+1 settlement conventions. Sell proceeds are immediately available for trading, while withdrawals become available after settlement. USDC is converted into USD for trade execution at no cost.

Stock TradFi Perps settle in USDT. Realized P&L is available immediately when you close a position. Funding payments are processed every eight hours.

Stock CFDs settle trading profits and losses in USDT. Eligible assets such as USDT and BYUSDT held in the MT5 CFD Account are displayed as part of the USDx Balance for trading purposes. Realized P&L is reflected when a position is closed, while applicable swap fees accrue according to the contract terms.

Which Bybit Stocks product fits your strategy?

Choose Stocks if you want real ownership, plan to hold for weeks to months or longer, value having no ongoing holding fee and want dividend eligibility. This may suit users looking to build a stock portfolio alongside their crypto holdings.

Choose Stock TradFi Perps if you want leveraged, 24/7 access to stock-price movements, prefer USDT settlement and unified margin with your crypto positions, and are comfortable with funding costs that can accumulate while a position remains open.

Choose Stock CFDs if you want moderate leverage, are comfortable using a separate CFD account and value the flexibility to trade through MT5, the Bybit App or web during weekday market sessions.

Conclusion

Stocks, Stock TradFi Perps and Stock CFDs offer three different ways to access US stock markets through Bybit. Stocks focus on direct, unleveraged ownership of real US equities. TradFi Perps provide leveraged 24/7 derivative exposure through the UTA. Stock CFDs combine moderate leverage with a separate CFD account and flexible trading access through MT5, the Bybit App and web. The right product depends on whether you prioritize ownership and longer-term holding, round-the-clock leveraged trading or a more traditional CFD setup.

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