How to trade stocks on Bybit TradFi Perpetuals



A stock exchange closes at the end of the trading day. Stock perpetuals Bybit contracts do not. Trade major US stock and ETF price movements 24/7, long or short, without owning a share or opening a brokerage account.

This guide covers what stock perpetuals are, how they work and how to place your first trade, whether you come from spot stocks, CFD or crypto perpetuals.

Key takeaways:

• Trade major US stock and ETF price movements 24/7 using USDT in your existing Unified Trading Account (UTA) — no separate account required.

• Go long or short with leverage, with no expiration date and no need to own the underlying shares.

• Key risks include leverage-amplified losses, funding rate accumulation and gaps at market open — manage them with TP/SL settings.

What are stock perpetuals?

A perpetual contract is a derivative with no expiration date, settled in USDT, tracking an underlying asset's price without ownership. Applied to stocks and ETFs, it mirrors a US-listed instrument's real-time price.

A stock perpetual is a contract, not the stock itself. Top-traded pairs include SK Hynix (SKHY), SanDisk (SNDK), Micron (MU), SOXL and KORU.

Trading is open 24/7, unlike the underlying exchange. You receive no dividends, voting rights or claim to the underlying shares or ETF units.

The funding rate keeps the perpetual price anchored to the underlying. Longs pay shorts if the contract trades above the reference price, and vice versa. Payments happen every few hours. 

Before you start: account requirements

Before placing your first trade, make sure the following five items are in place.

1. Bybit account with KYC Level 1 verification completed.

2. USDT funded in your UTA — TradFi Perpetuals draw margin directly from here.

3. TradFi risk disclosure accepted — a one-time prompt on first access.

4. Geo-restriction check passed. TradFi Perpetuals are unavailable in certain regions. Verify support at Bybit's Terms and Conditions.

5. For commodities only: a metals risk agreement is required for XAUUSD or XAGUSD, not for stock perpetuals.

For commodities only: if you later navigate from stocks to commodities such as gold (XAUUSD) or silver (XAGUSD), you will be prompted to accept a separate metals risk agreement. This step does not apply to stock perpetuals.

How to find stock perpetuals on Bybit

App:

1. Open the Bybit app.

2. Tap TradFi in the bottom navigation bar (4th tab).

3.  Tap Futures.

4.  Use the symbol selector to find a pair, such as SKHY, SNDK, MU, SOXL or KORU.

Web:

1. Go to bybit.com.

2. Hover over TradFi in the top navigation bar.

3. Select Futures from the dropdown.

4. Use the symbol selector to find your contract.

Alternative path:

• Tap Trade in the bottom navigation (app) or main navigation (web).

• Tap or click the TradFi tab in the horizontal category bar.

• Select your contract.

How to place your first stock perp trade

The steps below cover the full order flow.

1. Fund your UTA. Ensure it holds enough USDT for your intended position size.

2. Select a contract. Tap the symbol name to open the contract selector.

3. Choose your direction. Tap Long if you expect a rise, Short if you expect a fall.

4. Set leverage. Adjust using the slider. Available leverage scales down as position size grows under the risk-limit model.

5. Choose an order type. Select Market, Limit or Conditional depending on your entry preference.

6. Enter your order size. Input contracts or a USDT value.

7. Set TP/SL (optional). Tap TP/SL to set a take-profit and stop-loss before entry.

8. Confirm the order. Review direction, size and liquidation price, then tap Long or Short.

The estimated margin and liquidation price update automatically as you adjust size and leverage.

Managing your open position

Once your trade is live, active position management matters as much as entry.

Liquidation price: The level at which your position will be forcibly closed. Monitor this closely, especially at higher leverage.

Modifying TP/SL: Tap the position row in the Positions tab, then tap Modify. Adjust your take-profit and stop-loss levels at any time while the position is open.

Closing your position: You can close a position in three ways. 

• Market close lets you tap Close, then select Market for immediate execution at the best available price. 

• Limit close lets you set a specific exit price, and the position closes only when the market reaches that level. 

• TP/SL triggered means the position closes automatically once your preset take-profit or stop-loss level is hit.

Adding to or reducing a position: To increase your position, place a new order in the same direction on the same contract. To partially reduce it, tap the position, select Close, then enter a quantity smaller than your total position size.

Going long and short

A long position profits if the contract price rises and loses if it falls. A short position profits if the contract price falls and loses if it rises. Say MU is trading at $100 and you open a long position at 10x leverage. A $10 rise, or 10%, roughly doubles your margin. A $10 fall roughly wipes it out.

The ability to short without a separate margin account or short-selling approval is one of the key practical advantages TradFi Perpetuals offer over holding spot stocks. Shorting requires no special permission beyond the standard prerequisites covered earlier — it is built into the product. Both directions carry identical leverage and liquidation risk.

Risk disclaimer: Short positions carry the same liquidation risk as long positions. A sharp adverse move can result in total margin loss regardless of direction. 

Setting leverage, take profit and stop loss

Leverage

Leverage multiplies both potential gains and potential losses by the leverage multiple. Bybit applies a dynamic risk-limit model: as position size, measured in notional value, grows, the maximum available leverage decreases. Bybit calculates this automatically in the order form. At 10x leverage, a 10% adverse price move causes a 100% loss of the margin on that position, triggering liquidation. At 5x leverage, the same 10% move causes a 50% loss.

Take profit (TP)

TP is a conditional order that closes the position automatically when price reaches a target level in your favor. Set it at the order entry screen, which is recommended, or modify it after the position is open through the Positions tab by tapping the position row and then Modify. TP locks in gains without requiring continuous manual monitoring.

Stop loss (SL)

SL is a conditional order that closes the position when price moves against you by a set amount, capping the loss. SL orders are not guaranteed in gap scenarios. If the underlying stock market opens with a large gap, for example after an earnings release, the fill price may be worse than the SL level you set.

Risk disclaimer: Leverage significantly increases liquidation risk. TP and SL orders reduce but do not eliminate this risk. Past price behavior does not guarantee future results. Never risk more than you can afford to lose. 

Monitoring PnL and funding costs

Unrealized PnL: After opening a position, navigate to the Positions tab at the bottom of the trading screen. Unrealized PnL shows your current gain or loss calculated against the mark price. It updates in real time. PnL only becomes realized when you close the position.

Mark price: The mark price is Bybit's composite reference price, slightly different from the last traded price. Bybit uses mark price, not last traded price, for PnL calculations and to determine when liquidation is triggered. Watch the mark price to accurately assess your distance from liquidation.

Funding rate: A periodic cost or credit applied to all open positions every few hours. If you hold a long position and the funding rate is positive, you pay a small fee to short holders. If the rate is negative, payments flow the other way. The current rate and countdown to the next payment appear in the position details.

Weekend holding: The underlying stock exchange closes on weekends, but TradFi Perpetuals remain open. Multiple funding intervals accrue across Saturday and Sunday. Factor the cumulative funding cost into any decision to hold a position over the weekend.

Key risks to understand before you trade

Trading stock perpetuals on leverage carries risks that do not exist when holding spot shares. 

Leverage amplifies losses. A 5% adverse price move at 20x leverage results in a 100% margin loss and triggers liquidation. Positions can move against you faster than you can react around major news events.

Funding rate accumulation. The funding rate is charged at regular intervals for as long as a position remains open. Accumulated costs erode returns even if price moves in your favor. Holding over a weekend multiplies this cost across several intervals.

Gap risk at market open. A large gap at the open, after earnings or economic data releases, can move price through your stop-loss level before the order executes. Your actual loss may exceed the SL level you set.

Reduced liquidity outside market hours. Spreads tend to be wider and execution quality less favorable when the underlying exchange is closed. Large orders may experience significant slippage.

No asset ownership. Holding a stock perpetual gives you no dividends, no voting rights and no claim to the underlying shares or ETF units. Your exposure is purely to price movement.

Risk disclaimer: Trading perpetual contracts with leverage involves a high level of risk and may not be suitable for all investors. You can lose all of the funds you deposit. Past performance does not guarantee future results. Consider your financial situation carefully before trading. 

Start trading stock perpetuals on Bybit

If your Bybit account is already verified, getting started takes minutes. Fund your UTA and select your first contract. If you have not yet created a Bybit account, see the account creation guide first.

Start small to understand how leverage, funding and liquidation behave before scaling up. Open the Bybit app, tap TradFi, select Futures and start trading stock perpetuals today.

The bottom line

Stock perpetuals are USDT-settled derivative contracts with no expiration date, giving you price exposure to stocks and ETFs such as SKHY, SNDK, MU, SOXL and KORU through your existing UTA, with no separate setup. Leverage demands careful management and funding costs accumulate over time. See the risk management guide to go deeper on managing exposure. 

Ready to get started? Explore the Bybit TradFi trading page to see the full list of supported stock contracts and open your first position.

#LearnWithBybit