On Feb. 2, at 11:26AM UTC, the Bybit XRPUSD Perpetual Contract experienced a wick due to large sell/short orders that brought the Last Traded Price to 0.3106 — a 23.6% dip from the minute’s open price of 0.4068. The Mark Price that drives the liquidation engine stood firm. The Bybit team acted swiftly to address the issue and forestall further irregularities, and have since resolved the issue.
No liquidations happened as a result of the wick, as Bybit employs a Dual-Price Mechanism that reflects the real-time spot price on major exchanges to prevent liquidations from market manipulation; a number of Conditional Orders (including TP/SL orders) set to Last Traded Price were triggered following the price drop.
Bybit is committed to creating a fair, transparent and efficient trading environment. We constantly listen, care and improve to provide our users with the industry’s safest, fastest, fairest and most transparent trading experience. Please do not hesitate to reach out to our 24/7 multi-language customer support if you are impacted by this incident or have further queries.