On May 3, at 1:50PM UTC, the BTCUSD Perpetual Contract experienced a wick that was down 4.82% compared to the $57,300 mark price; while the XRPUSD Perpetual Contract saw a 5.9% wick from the $1.49 mark price at 1:51PM UTC. The Bybit team acted swiftly to address the issues and forestall further irregularities. The prices in the BTCUSD and XRPUSD Perpetual Contracts have since stabilized.
What happened: A probe into the incidents revealed that a couple of large multi-million liquidations triggered cascading reactions down the market and conditional orders (mostly taker / sell / stop loss) below.
What was the impact: A large number of market and conditional orders set to the last traded price in the BTCUSD and XRPUSD Perpetual Contracts were closed due to the price irregularities.
What Bybit is doing about it: Bybit will look into each affected case, and compensate market and conditional orders in the BTCUSD Perpetual Contract unfairly triggered under $57,300 back to the fair market price mark, and those unfairly triggered market and conditional orders in the XRPUSD Perpetual Contract back to the fair market price mark of $1.49.
How Bybit can help you: 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. If you have been affected by this incident, please fill in this form. We will investigate and compensate affected users to a fair price.