How to open contract cooling-off period on Bybit

By understanding eligibility and the activation process, users can leverage the Contract Cooling-Off Period on Bybit to manage their risk and protect their funds in volatile market conditions.

Nov 09, 2024 at 08:28 pm

How to Open Contract Cooling-Off Period on Bybit

Step 1: Understand the Contract Cooling-Off Period

The Contract Cooling-Off Period is a mechanism that allows Bybit users to terminate a contract within 10 days of its creation.
During this period, users can close their positions and withdraw their funds without facing any penalties or transaction fees.
The Cooling-Off Period is designed to provide users with flexibility and protect them from potential market volatility.

Step 2: Eligibility for the Contract Cooling-Off Period

The Contract Cooling-Off Period is only applicable to newly created contracts.
Existing contracts are not eligible for this mechanism.
Users who have already executed any trades within the contract will not be able to activate the Cooling-Off Period.

Step 3: Activating the Contract Cooling-Off Period

To open a Contract Cooling-Off Period, users need to visit the 'Positions' page on the Bybit website.
Select the contract for which you wish to activate the Cooling-Off Period.
Click on the 'More' button and choose 'Activate Cooling-Off' from the dropdown menu.

Step 4: Closing Positions and Withdrawing Funds

Once the Cooling-Off Period is activated, users can close their positions by clicking on the 'Close' button.
The closed positions will be instantly settled, and the funds will be transferred to the user's account.
Users can then withdraw their funds by following the standard withdrawal process on Bybit.

Step 5: Important Considerations

The Contract Cooling-Off Period is a voluntary mechanism, and users are not obligated to use it.
Activating the Cooling-Off Period will result in the termination of the contract, and any unrealized profits or losses will be closed.
Users should carefully consider the market conditions and their trading strategies before deciding to activate the Cooling-Off Period.

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