Bybit Makes Liquidation Data Available to Traders
Cryptocurrency exchange Bybit has made its liquidation data available to the public through its application programming interface (API) in an effort to give traders more transparency and accuracy of market data.
Bybit’s API formerly capped liquidation data at a single message per symbol per second. The new update offers data delivery every 500 milliseconds, giving a more complete view of market movements.
Bybit CEO Ben Zhou conceded in a press release that the previous API setup resulted in underreported liquidation data, which prevented traders from making a holistic assessment of market conditions.
Bybit Challenges Reported Liquidation Data
The crypto market witnessed a record liquidation event in early February amid rising fears of a global trade war. CoinGlass estimated $2.24 billion as the value liquidated across 730,000 traders, with Bybit’s share put at $333 million.
Yet Zhou contradicted these figures, stating that Bybit alone experienced $2.1 billion of liquidations in a 24-hour period and estimating the industry-wide total at nearer $10 billion.
“The spirit of crypto is transparency,” stated Zhou. “By making all liquidation data publicly accessible, we are taking a proactive step forward in response to the call from the crypto community for transparency.”
Bybit Refuses to List Pi Network Token
Despite its transparency push, Bybit recently refused to list the Pi Network token, much to the criticism of the Pi community. Competing exchanges OKX and Bitget listed the token, but Bybit cited a Chinese police warning that labeled Pi Network a scam.
Users of Pi Network, who have been mining the token for years, sought trading platforms after it open mainnet went live on Feb. 20. As Bybit declined to list it, trading platforms for Pi remain sparse.
Bybit’s Global Expansion and Regulatory Challenges
A Singapore-based derivatives exchange, Bybit moved its headquarters to Dubai in 2022 as it expanded into spot trading. On Feb. 21, it ranked second in trading volume among cryptocurrency exchanges.
Regulatory issues, however, remain a thorn in the side. Bybit has shut down in Malaysia and India after falling afoul of compliance. Conversely, the exchange recently received regulatory approval in France, being taken off the blacklist of the local regulator after almost two years. It now intends to apply for the European Union’s Markets in Crypto-Assets Regulation (MiCA) license.
