ByBit Exchange Trade Data

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ByBit API

Information
Network
-
Source type
CEX
Volume 24h
$ 2,047,003,005.202
Pairs available
120
Trades 24h
3,973,754
Exchange Information

What is ByBit?

ByBit is a cryptocurrency derivatives exchange platform founded in 2018. It was created by a team of former professionals from established financial and tech companies. ByBit allows users to trade Bitcoin and other cryptocurrencies with leverage, offering perpetual and futures contracts. The platform has gained popularity for its user-friendly interface, advanced trading features, and strong security measures. It aims to provide a seamless trading experience for both retail and institutional clients.

What are the benefits of using ByBit?

ByBit is a cryptocurrency derivatives exchange that offers several benefits compared to its direct competitors. It provides users with a reliable and secure platform to trade various cryptocurrencies.

One of the key advantages of ByBit is its user-friendly interface. The platform is designed with simplicity in mind, making it easy for both beginners and experienced traders to navigate and execute trades efficiently.

Another benefit is the availability of multiple order types. ByBit supports limit orders, market orders, conditional orders, and iceberg orders, allowing users to implement various trading strategies and manage their risk effectively.

ByBit also stands out for its robust trading engine, which offers high liquidity and fast execution speeds. This ensures that users can place and execute trades without delays or disruptions, even during periods of high market volatility.

Furthermore, ByBit provides a wide range of trading pairs, including perpetual contracts for popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and other altcoins. This allows traders to diversify their portfolios and take advantage of market opportunities across different digital assets.

When compared to its direct competitors, ByBit is known for its transparent fee structure and competitive trading fees. The platform offers low trading fees, with no hidden charges, which can be more cost-effective for active traders.

Overall, ByBit offers a user-friendly trading experience, a wide range of trading options, high liquidity, and competitive fees in comparison to its direct competitors.

How does ByBit work?

ByBit is a cryptocurrency derivatives exchange that allows users to trade digital assets using leverage. The platform operates on the Ethereum blockchain and utilizes smart contracts to execute trades.

The underlying technology behind ByBit is a blockchain-based trading system, which ensures transparency, security, and immutability. Each transaction is recorded on the Ethereum blockchain, providing a decentralized and trustless environment for trading.

Users can deposit cryptocurrency into their ByBit wallet and use it as collateral to trade various cryptocurrencies with leverage. Leverage allows traders to amplify their potential profits, but it also entails higher risks. ByBit offers leverage ratios ranging from 1x to 100x, giving traders flexibility in their trading strategies.

The ByBit platform includes advanced trading features such as limit orders, market orders, and stop orders. Traders can also employ various technical indicators to analyze the market and make informed trading decisions. Additionally, ByBit provides a user-friendly interface, making it accessible for both beginner and experienced traders.

To ensure fair and accurate trading, ByBit employs a price index that aggregates data from multiple crypto exchanges to calculate the price of different cryptocurrencies. This index is used for marking positions, liquidation, and settlement of trades.

By leveraging the Ethereum blockchain, ByBit offers a secure and efficient trading experience for cryptocurrency derivatives. The platform's reliance on blockchain technology enhances transparency, reduces counterparty risk, and enables seamless execution of trades.

How does DIA fetch ByBit trade data?

DIA employs a comprehensive approach to fetch trade data from various sources, including both DeFi and NFT exchanges. The process differs depending on the type of exchange.

For centralized exchanges like Coinbase, Kraken, and Binance, DIA utilizes scrapers to directly collect trades from the exchange's databases. This is achieved using Rest APIs or WebSocket APIs, with data collection frequencies ranging from 1 to 7 seconds. By fetching the data as close to the source as possible, DIA ensures high precision and reliability.

Decentralized exchanges (DEXs) present a unique challenge, as they operate on various blockchains. To gather data from DEXs like Uniswap, curve.finance, and PancakeSwap, DIA subscribes to swap events in liquidity pools. This approach allows DIA to retrieve trading data directly from the blockchain itself, enhancing data accuracy and timeliness.

When it comes to NFT marketplaces, DIA captures live trading data by integrating with the marketplace's smart contracts. The retrieval period for NFT data ranges from 20 seconds to 1 minute, ensuring real-time coverage of all NFT transactions. By focusing on the broader NFT market rather than relying on unreliable bids and offers, DIA ensures data precision.

By employing a combination of scraping techniques, blockchain integration, and smart contract integration, DIA is able to fetch trade data accurately and efficiently from a wide range of exchanges, providing highly accurate and customizable price feeds for its users.

How build oracles with ByBit data?

DIA employs a systematic process to build price feed oracles using ByBit trade data, with variations depending on the type of exchange, whether it is DeFi or NFT.

For DeFi exchanges, DIA follows a multi-step approach. The first step involves data cleaning and outlier detection. This ensures that trades deviating significantly from the current market price, due to market manipulation or errors, are eliminated. DIA applies an Interquartile Range (IR) filter to exclude data points lying outside an acceptable range relative to the interquartile range. Only trades falling within the middle quartiles proceed to further processing.

Next, DIA applies price determination methodologies to calculate the final price. One such methodology is Volume Weighted Average Price (VWAP), which considers different trade volumes by weighting them against their executed prices. Another methodology is Moving Average with Interquartile Range Filter (MAIR), where trades are collected and divided into blocks based on timestamps. The weighted average price is then determined for each block, resulting in the final price.

In the case of NFT exchanges, DIA adopts a different approach to determine the floor price of NFT collections. The on-chain trade data undergoes cleansing filters to exclude outliers and manipulation techniques. One pricing methodology offered by DIA is the Floor Price, which provides the lowest sale price of an NFT collection recorded on the blockchain within a given time window. However, due to the potential for manipulation, DIA offers advanced methodologies such as Moving Average of Floor Price. This methodology calculates the moving average of a collection's floor price, customizable with parameters like the length of the average and the size of the floor window. Additionally, DIA applies an interquartile range outlier detection filter to filter out malicious behaviors.

DIA is open to discussing custom filters and methodologies to cater to specific use cases beyond the implemented techniques.

Please note that the information provided here is a neutral explanation of the process DIA uses to build price oracles with ByBit trade data and does not include any investment advice, future price predictions, evaluations, disclaimers, or general warnings about cryptocurrencies.

How does DIA source price oracle data?

Instead of distributing pre-calculated data feeds, DIA covers the whole data journey from individual trade collection, and computation to the last mile of the feed delivery.

Granular trade data collection
DIA retrieves token and NFT tradign data from 100+ exchanges. This enables DIA to build the most precise and customizable price feed oracles.
Instant, direct sourcing
DIA utilizes RPCs and WebSockets to subscribe to swap events and gather trading data from both DEX liquidity pools and CEX databases, allowing for real-time data collection.
Learn more about data sourcing