Bybit Publishes Internal Q1 Analysis Comparing BTC Spot Execution

Bybit, the world's second-largest cryptocurrency exchange by trading volume, has published an internal analysis for the first quarter of 2026 comparing BTC/USDT spot execution across multiple trading venues.

According to the report, Bybit recorded lower estimated slippage than two unnamed exchanges, which it attributes to its Rapid Price Improvement (RPI) mechanism.

How RPI works

Bybit said eligible orders can be matched against a separate pool of liquidity providers quoting within the public bid-ask spread, allowing execution prices to differ from those visible on the public order book under certain market conditions.

The exchange also noted that public liquidity rankings generally reflect displayed order-book data and may not capture execution through price-improvement mechanisms.

Reported results

Using its internal methodology, Bybit reported:

1. US$10,000 BTC/USDT orders: estimated slippage of 0.01 bps, compared with 0.02 bps and 0.06 bps for two unnamed exchanges.
2. Executable depth within a 5-bps spread: US$10.4 million, compared with US$5.4 million and US$1.9 million.
3. Executable depth within a 10-bps spread: US$15.1 million, versus US$11.4 million and US$3.6 million.

The figures were calculated using Bybit's own analytical methodology and have not been independently verified.

Company comment

In the report, Sean Ballard, Head of Derivatives and Institutional Business, Trading Risk at Bybit, said execution quality has become an increasingly important measure of exchange performance.

Methodology and limitations

Bybit stated that competitor comparisons were based on standardized slippage calculations using publicly available market data.

The exchange also noted that actual execution quality may vary depending on market conditions, order size, order type and market volatility. The reported comparison reflects Bybit's internal analysis rather than an independent third-party assessment.