The Unified Trading Account (UTA) allows users to borrow and repay assets under specific conditions. This article explains how borrowing is triggered, how interest is calculated, and how repayment works — helping you manage your account effectively and avoid unexpected liquidations.
Borrowing
Manual Borrow
Auto Borrow
Borrowing Limit
Interest
Interest Accrual Scenarios
Interest Calculation
Maximum Interest-Free Range
Penalty Interest
Repayment
Manual Repayment
Auto Repayment
Renew
View Borrowing, Interest and Repayment History
Borrowing
Bybit offers two borrowing methods under the UTA: Manual Borrow and Auto Borrow. You can choose the method based on your trading needs.
Regardless of whether the borrowed amount comes from Manual Borrow or Auto Borrow, the formula for calculating the borrowed amount in the UTA is as follows.
- Cross Margin
Borrowed Amount = ABS[Min(0, Equity − Initial Margin for Buy Options − Positive Options Value − Asset Frozen)]
- Portfolio Margin
Borrowed Amount = ABS[Min(0, Equity − Asset Frozen)]
Where,
Equity = Asset Wallet Balance + Perpetual and Expiry UPL + Options Value
The borrowed amount calculated using the formula above includes both Spot and Derivatives liabilities in the UTA.
- Spot liabilities = Borrowed amount from Spot Margin Trading or Manual Borrow, along with any interest accrued.
- Derivatives liabilities = Borrowed amount from Derivatives trading, including unrealized and realized P&L from positions, trading and funding fees, interest from Derivatives borrowing, a decrease in the value of Options positions, and Options premiums.
It's important to distinguish between these two liabilities, as this affects how the borrowed amount is repaid. More details can be found in the Repayment section.
Manual Borrow
You can manually borrow assets from the Spot Margin Trading page or the UTA Assets page. Flexible-term and multiple fixed-term options are supported, including 7, 14, 30, 60, 90, and 180 days. Once borrowed, the asset amount is added to your wallet balance and reflected as a liability.
Manually borrowed assets can be used for trading under the UTA, including both Spot and Derivatives trading. If you prefer precise control over the borrowed size and timing, Manual Borrow is recommended.
Note: Fixed-term borrowing is not available for if you are using Portfolio Margin at this moment.
Auto Borrow
Auto Borrow is automatically triggered by the system when your available wallet balance is insufficient to cover a transaction. This feature offers a streamlined experience, allowing you to borrow only when needed. It will be triggered in the following scenarios:
Borrowing Limit
All users are subject to an individual borrowing limit, regardless of the borrowing method or whether the liability arises from Spot or Derivatives. It is determined by the lowest value among the following three factors:
- The borrowing limit based on your account tier
- The position tier limit for the specific crypto
- The remaining liquidity in the lending pool
The borrowing limit is shared across your Main Account and Subaccounts and may vary by coin and account tier (VIP level). For more details, visit the Margin Data page.
For example, if the maximum borrowing limit for USDC is 2,500,000, the combined borrowed amount across the Main Account and two Subaccounts (A & B) must not exceed this limit. Exceeding it may trigger auto-repayment.
Interest
For Flexible-term
Interest begins to accrue as long as there is an outstanding borrowed amount. Once borrowing occurs, interest is calculated hourly. The system automatically calculates and charges interest five minutes after each hour (e.g., 8:05AM UTC, 9:05AM UTC, and so on), based on the current interest rate and borrowed amount at that time.
For Fixed-term
Interest is generated immediately at the time of borrowing and is deducted from the loan amount. As a result, the amount received is net of the interest charged. Early repayment before the due date will not result in an interest refund. However, after early repayment, the borrower may Renew to borrow again (up to the amount that has been repaid). Renewals do not incur additional interest.
For borrowings arising from unrealized losses in Perpetual and Expiry trading, interest may be exempt if the unrealized loss falls within the interest-free range. All other types of borrowing are subject to interest accrual.
Interest Accrual Scenarios
Understanding the borrowing scenarios can help you identify which borrowings are subject to interest accrual and which are interest-free.
Interest Calculation
For Flexible-term
Formula
Hourly Interest Charge = Borrowed Amount × Hourly Interest Rate
The interest rate for UTA is not fixed and may change in real time. You can check the hourly borrow rate here.
Example
If the borrowed amount is 10,000 USDC and the annual interest rate is 5%:
Hourly Interest = 10,000 × 5% ÷ 365 ÷ 24 = 0.05707763 USDC
For Fixed-term
Formula
Total Interest Charge = (Borrowed Amount x Interest Rate ÷ 365 ) x Fixed-term Days
Example
If the borrowed amount is 5,000 USDC and with interest rate is 4% for 7 days:
Total Interest = (5,000 × 4% ÷ 365) x 7 = 3.83561644 USDC
Maximum Interest-Free Range
Only borrowings that arise from unrealized losses in Perpetual and Expiry trading may qualify for interest exemption, provided the unrealized loss amount remains within the maximum interest-free range. Once the unrealized loss amount exceeds this range, interest will be charged on the entire borrowed amount.
The UTA offers an interest-free borrowing limit, which varies by VIP tier.
Notes:
— The maximum interest-free range is calculated per account, which means each Main Account or Subaccount has its own separate quota.
— Parameters may be adjusted based on market conditions. Bybit will notify users in advance if changes occur.
Example
Trader A has an unrealized loss of 20,000 USDC. Their wallet balance includes 10,000 USDC and 0.2 BTC valued at $20,000, resulting in a borrowed amount of 10,000 USDC.
If Trader A's interest-free range for USDC is 15,000 USDC, the unrealized loss exceeds the range, and the entire borrowed amount of 10,000 USDC will accrue interest.
Penalty Interest
Penalty interest will be charged when your borrowed amount exceeds 100% of your maximum borrowing limit.
Formula
Hourly Penalty Interest = Borrowed Amount × Hourly Interest Rate × (Utilization Ratio)3
Example
If the borrowed amount is 3,000,000 USDC and the maximum borrowing limit is 2,500,000 USDC with an hourly interest rate of 0.0001%, the penalty interest is calculated as follows:
Utilization Ratio = 3,000,000 ÷ 2,500,000 = 120%
Hourly Penalty Interest = 3,000,000 × 0.0001% × (1.2)3 = 5.184 USDC
Repayment
Manual Repayment
You can manually repay your borrowings on UTA using the methods below:
- Using the Repay button: Click the Repay button on the UTA Assets page to manually repay your Spot and Derivatives liabilities. If your repayment involves converting margin assets into the borrowed currency, a 0.1% handling fee will apply based on the total repayment amount.
- Please note that manual repayment will be temporarily unavailable from the 4th minute to the 5th minute and 30 seconds of each hour (e.g., 8:04 to 8:05:30, 9:04 to 9:05:30, and so on) while the system processes interest calculations. For more details, please check here.
- Deposits or transfers: Deposit or transfer assets in the borrowed currency to the UTA. The borrowed amount will be deducted from your wallet balance immediately. This method only applies to borrowed amounts arising from Derivatives liabilities.
- Selling assets: Sell margin assets via Spot Trading into the borrowed currency. However, if your Initial Margin Ratio (IMR) reaches 100%, you won't be able to place orders to buy assets with a lower collateral value ratio using assets with a higher one. You can check the collateral value ratio here. This method only applies to borrowed amounts arising from Derivatives liabilities.
Auto-Repayment
When auto-repayment is triggered, the system will convert other positive margin assets into the borrowed currency based on the index price to repay the loan.
Auto-Repayment Scenarios
Auto-repayment will be triggered in the following scenarios:
1. Maintenance Margin Rate (MMR) reaches or exceeds 100%
- The system will partially repay the liabilities until the MMR returns to the 85%‒90% range.
- If partial repayment fails to bring the MMR within this range, a full repayment will be executed.
- A 2% handling fee will apply on top of the repayment amount.
- Within 15 minutes of a margin asset being delisted, if the user's MMR reaches or exceeds 100%, the delisted margin asset will be included in the auto-repayment process.
- Within 15 minutes of a margin asset being delisted, if the user's MMR reaches or exceeds 160%, the delisted margin asset will be prioritized for conversion into higher collateral value assets before the Options position is taken over.
2. Exceeding Maximum Borrowing Limit
- When the maximum borrowing limit is reached, the auto-repayment process will be triggered until the borrowed amount is reduced to 90% of the maximum borrowing limit.
- A 1% handling fee will apply on top of the repayment amount.
- Among all accounts with borrowings, the system will prioritize repayment in descending order, starting from accounts with the highest borrowed amount to those with the lowest.
Note:
Bybit supports a delayed auto-repayment mechanism, which only applies when auto-repayment is triggered by exceeding the maximum borrowing limit:
— When your borrowing limit reaches 100%, the system will send an email notification as a reminder.
— If your borrowed amount falls below 100%, your account will return to a safe level.
— If your borrowed amount stays at or above 100% for 24 consecutive hours or reaches 200% (whichever comes first), the system will trigger auto-repayment.
— This mechanism does not apply when the MMR (Maintenance Margin Ratio) reaches or exceeds 100%.
Auto-Repayment Process
The auto-repayment proceeds as follows:
Step 1: The system will cancel active orders from Spot/Spot Margin Trading (e.g., limit orders or TP/SL orders) and Buy Options that occupy borrowed assets to free up frozen balances.
Step 2: Assets with positive equity and without any borrowed amount under the UTA will be automatically converted into the assets in liability for repayment, without canceling the active Spot/Spot Margin or Buy Options order. Assets will be sold according to the liquidity sequence stated here.
Step 3: The system will cancel active Spot/Spot Margin and Buy Options orders to free up frozen balances of other coins following the liquidity sequence, which will then be automatically exchanged into the assets in liability for repayment.
Notes:
— The auto-repayment process will proceed through Step 1 to 3 until the borrowed amount is reduced to 90% of the maximum borrowing limit, or until the MMR returns to the 85%–90% range.
— If a trader has borrowings in multiple coins, the system will prioritize repayment of non-stablecoins first according to the liquidity sequence, followed by stablecoins.
— If the MMR remains above 100% after the auto-repayment process, liquidation of the Derivatives position will take place. For more details, please refer to Trading Rules: Liquidation Process (Unified Trading Account).
Renew
The Renew option is available for Fixed-term borrowing only. After repayment (within the loan period), you may apply to reborrow the repaid amount through the Borrowing History page. The borrowing renewal within the original loan period will not incur additional interest.
Notes:
— The Renew option is different from new borrowing requests. If you request for a new borrowing, interest will be charged.
— For tokens that are scheduled for delisting, the renew option will not be available after repayment.
On the website, go to your UTA Assets page → Borrow History and click on Fixed Rate Loan. If your loan is eligible for renewal, the Renew option will be displayed.
Click Renew and enter the amount you wish to reborrow. Please note that the maximum amount available for renewal cannot exceed the amount you have already repaid.
View Borrowing, Interest and Repayment History
Borrow History
On the website, go to your UTA Assets page and select Borrow History from the History Records dropdown menu.
Under Borrow History, you can view borrowing details for each coin, including the total borrowed amount, hourly interest rate, maximum borrowing amount, utilization ratio and interest-free borrowed amount.
- Maximum Borrowing Amount: The maximum borrowing limit for each coin. This limit is shared across your Main Account and Subaccounts.
- Utilization Ratio: The ratio showing how much of your total borrowing limit (across all accounts) has been used.
- Borrowed Amount (Interest-Free): The portion of the borrowed amount arising from unrealized losses that is exempt from interest charges.
Interest Record and Repayment History
On the website, go to your UTA Assets page and click Transaction Log.
- To view interest charges, filter the Transaction Type to Interest.
- To view manual or auto repayments, refer to Convert or Repay transaction types.
Note: When you perform any crypto-to-crypto conversion for repayment — for example, swapping USDC to BTC — you will see two transaction records. These two records will show the same filled price. The filled price displayed for exchange transactions is calculated based on the formula: (Amount Exchanged Out – Fee) / Amount Exchanged In
For example, in the screenshot below: (3076.787584 – 3.073714) / 0.02664941 ≈ 115,338.90
For more details on how to view your repayment history, refer to this article.