Get ready for some important news from Bybit! The popular crypto exchange has just made a crucial announcement regarding the Bybit delisting of several perpetual trading pairs. If you trade on Bybit, especially using perpetual contracts, you need to pay close attention to this update.
What’s Happening with Bybit Perpetual Contracts?
Bybit has officially announced on its website that it will be removing specific Bybit perpetual contracts from its trading platform. This means these contracts will no longer be available for trading after a certain date and time. Such actions are part of an exchange’s regular management of its listed assets, often influenced by factors like trading volume, liquidity, or project status.
Which Specific Contracts Are Affected by the Bybit Delisting?
The announcement specifically names three perpetual trading pairs that will be delisted. These are:
- MANEKI Bybit (MANEKI/USDT)
- LUCE Bybit (LUCE/USDT)
- AIDOGE Bybit (10000000AIDOGE/USDT)
If you currently hold open positions in any of these pairs on Bybit, this news directly impacts you.
When Will the Delisting Occur?
According to the official notice from Bybit, the removal of these Bybit perpetual contracts is scheduled for April 28, 2024, at 03:00 AM Coordinated Universal Time (UTC). It is crucial to mark this date and time if you have open positions or are considering trading these pairs in the short term.
What Should Traders Do About This Bybit Delisting?
For traders holding positions in MANEKI Bybit, LUCE Bybit, or AIDOGE Bybit perpetual contracts, immediate action is required. Bybit typically has a process for handling open positions at the time of delisting, which may involve auto-settlement or forced closure. To maintain control and potentially avoid unexpected outcomes, it is highly recommended to:
- Manually close any open positions in MANEKI/USDT, LUCE/USDT, and 10000000AIDOGE/USDT perpetual contracts before April 28, 03:00 UTC.
- Ensure you have sufficient funds to cover any potential fees or settlement differences if positions are auto-settled.
- Refrain from opening new positions in these specific perpetual contracts as the delisting time approaches.
- Check the official Bybit announcement on their website for the most precise details regarding position handling and delisting procedures.
Ignoring this announcement could result in your positions being closed automatically at the delisting time, potentially at unfavorable prices depending on market conditions.
Why Do Exchanges Like Bybit Delist Contracts?
While Bybit’s announcement doesn’t detail the specific reasons for this particular Bybit delisting, exchanges routinely review their listed assets. Common reasons for removing trading pairs or perpetual contracts include:
- Low trading volume and insufficient liquidity, which can lead to poor price discovery and difficulty executing large orders.
- Changes in the underlying project’s status, development, or community support.
- Regulatory considerations or compliance requirements.
- Maintaining a healthy and efficient market environment.
This delisting should be viewed as a standard operational decision by the exchange.
Summary: Prepare for the Bybit Delisting Deadline
In conclusion, Bybit is proceeding with the Bybit delisting of the MANEKI Bybit, LUCE Bybit, and AIDOGE Bybit perpetual contracts. The effective time for this removal is April 28, 2024, at 03:00 UTC. This impacts traders with open positions in these specific Bybit perpetual contracts. It is essential to review your portfolio and take necessary steps to manage your trades before the deadline to avoid automatic settlement or closure of your positions. Always refer to Bybit’s official communication for the most accurate and up-to-date information regarding this change.
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