Bybit Makes Liquidation Data Publicly Accessible via API to Expand Information Flow for Crypto Traders

Previously, Bybit's API restricted liquidation data to one message per symbol per second. With the latest upgrade, data is now delivered every 500 milliseconds.

Cryptocurrency exchange Bybit has made its liquidation data accessible to the public via its application programming interface (API) in a bid to increase transparency for crypto traders.

Previously, Bybit’s API limited liquidation data to one message per symbol per second, but the latest upgrade now delivers the data every 500 milliseconds.

According to a news release, Bybit CEO Ben Zhou highlighted that previous API limitations led to underreported liquidation figures, failing to capture the full extent of market activity.

CoinGlass reported that over $2.24 billion was liquidated across 730,000 traders in early February as the crypto market faced a liquidation crisis amid growing concerns over a potential global trade war. The liquidation data provider attributed about $333 million to Bybit.

However, Zhou claimed that these figures were significantly underestimated, with Bybit alone recording $2.1 billion in liquidations within 24 hours. He estimated that the industry’s total liquidation value at the time was closer to $10 billion.

“The real spirit of crypto is transparency,” said Zhou in the announcement. “By making all liquidation data fully public, we are taking a proactive approach in response to the crypto community’s demand for openness.”

Not all public demands are met by Bybit

While Bybit has shown a willingness to engage with public requests, the exchange has also declined to list a popular token despite community demand.

The exchange faced criticism from the Pi Network community after refusing to list its token, despite rival exchanges OKX and Bitget approving it. Bybit cited a warning from Chinese police that labeled the Pi token a scam.

Pi Network users have been “mining” the token for years, even before the project's open mainnet launch on Feb. 20. As the token's price crashed, community members have been seeking platforms to sell their assets, but their options have been limited.

Bybit’s topsy-turvy regulatory journey

Bybit, which was founded in Singapore as a derivatives exchange, shifted its headquarters to Dubai in 2022 after expanding into spot trading. On Feb. 21, it recorded the second-highest trading volume among cryptocurrency exchanges.

Despite its global presence, Bybit has faced continuous regulatory scrutiny. The exchange has halted its operations in Malaysia and India due to regulatory pressure.

In France, however, the exchange was recently removed from the local regulator's blacklist, having been on the list since May 2022 for “noncompliance.” Following this, the exchange announced its intention to apply for the European Union’s Markets in Crypto-Assets Regulation license.