USDC contract trading has become a cornerstone of modern digital asset investing, offering traders a stable, transparent, and efficient way to gain exposure to cryptocurrency price movements. With USDC—a fully reserved, dollar-pegged stablecoin—as the settlement currency, these derivatives provide enhanced capital efficiency and reduced volatility risk compared to traditional crypto-collateralized futures.
This guide dives deep into USDC perpetual contracts and USDC delivery contracts, explaining their mechanics, differences, fee structures, risk management tools, and trading strategies. Whether you're new to futures or looking to refine your approach, this resource covers everything you need to know.
What Are USDC Perpetual Contracts?
USDC perpetual contracts are derivative instruments quoted in USD and settled in USDC. Unlike traditional futures, they have no expiration date, allowing traders to hold long or short positions indefinitely.
Take the BTC-PERP contract as an example: traders place orders based on BTC quantity, while margin, profit, and loss are calculated and settled in USDC. This makes tracking performance intuitive and aligns closely with how most investors think about value.
👉 Discover how to start trading high-liquidity USDC perpetuals with advanced tools and tight spreads.
How Do USDC Delivery Contracts Work?
Similar to perpetuals, USDC delivery contracts are also priced in USD and settled in USDC. However, they differ in two key aspects:
- No funding fees: Unlike perpetual contracts that use funding rates to anchor prices to the spot market, delivery contracts avoid this mechanism.
- Fixed expiration (settlement date): These contracts expire on a predetermined date—such as weekly or quarterly—after which all open positions are automatically settled at the final mark price.
This structure makes delivery contracts ideal for traders with specific time-bound market views or hedging needs.
Key Differences: USDC Perpetual vs. Delivery Contracts
Understanding the distinctions helps you choose the right instrument for your strategy.
| Feature | USDC Perpetual | USDC Delivery |
|---|---|---|
| Availability | All users | Only users with a Unified Trading Account |
| Fees | Trading fees + funding fees | Trading fees + settlement fee (currently 0%) |
| Expiration | No expiry | Expires at 8 AM UTC on settlement day |
Despite these differences, both contract types share similar trading mechanics, including leverage options, order types, and settlement processes.
USDT vs. USDC Perpetual Contracts: What’s the Difference?
Both USDT and USDC perpetuals serve the same function—but the collateral type sets them apart:
- USDC perpetuals: Margin, P&L, and settlement in USDC
- USDT perpetuals: Margin, P&L, and settlement in USDT
While both are stablecoins, USDC is often preferred for its transparency and regulatory compliance, making it a growing favorite among institutional traders.
Is Isolated Margin Supported for USDC Contracts?
No. Currently, only cross-margin mode is supported for USDC perpetual and delivery contracts. In cross-margin, your entire wallet balance acts as collateral, improving capital efficiency and reducing liquidation risk.
However, you can still control leverage independently per position, giving you flexibility without sacrificing safety.
Why Can’t I Trade USDC Delivery Contracts?
Access to USDC delivery contracts requires upgrading to a Unified Trading Account. This advanced account model integrates spot, futures, options, and margin balances into a single system, enabling better risk management and capital utilization.
👉 Learn how a unified trading environment can streamline your strategy and boost returns.
Available USDC Delivery Contract Types
Bybit offers multiple delivery contract durations to suit various trading horizons:
- Weekly
- Bi-weekly (2-week)
- Tri-weekly (3-week)
- Monthly
- Bi-monthly (2-month)
- Quarterly
- Bi-quarterly (6-month)
These allow traders to express short-term speculation or longer-term macro views with precision.
When Are New USDC Delivery Contracts Listed?
New delivery contracts are listed every Friday at 8:00 AM UTC. Here's how the rollover works:
- After weekly contracts expire, bi-weekly ones become the new weekly.
- Tri-weekly contracts shift down to become bi-weekly.
- A new tri-weekly contract is issued.
In cases where a monthly contract’s expiry overlaps with a tri-weekly one:
- The monthly becomes the new tri-weekly.
- The bi-monthly becomes the new monthly.
- A new bi-monthly contract is launched.
This ensures continuous market depth across maturities.
The 8-Hour Session Settlement Mechanism
A unique feature of USDC contracts is the 8-hour session settlement, which occurs at:
- 00:00 UTC
- 08:00 UTC
- 16:00 UTC
At each interval:
- Unrealized P&L is converted to realized P&L
- Profits are credited directly to your wallet balance
- The entry price resets to the mark price at settlement
This boosts capital efficiency by freeing up gains for immediate reuse in new trades.
FAQ: Frequently Asked Questions
Q: Why did my average entry price change even though I didn’t open a new position?
A: This happens due to the 8-hour settlement reset. At each cycle end, the mark price becomes your new average entry price.
Q: Can I use unrealized P&L to open new positions?
A: Yes. Unrealized profits can be used instantly for new trades under cross-margin mode.
Q: What happens to my unrealized P&L after 8-hour settlement?
A: It’s converted to realized P&L and added to your available wallet balance.
Q: Can I hold both long and short positions on the same contract?
A: No. Only single-direction (one-way) positioning is allowed per contract.
Q: Are isolated margin accounts supported for USDC contracts?
A: No. Only cross-margin mode is available for now.
Q: How often are funding fees charged on USDC perpetuals?
A: Funding occurs every 8 hours, aligned with settlement times.
Trading Fees for USDC Contracts
Bybit’s fee structure is competitive:
- Taker fee: 0.055%
- Maker fee: 0.02%
These apply to both perpetual and delivery contracts. Makers add liquidity and enjoy lower fees—ideal for limit order traders.
Maker vs. Taker Orders Explained
- Maker orders: Placed passively in the order book (e.g., limit orders). They “make” liquidity and qualify for maker fees.
- Taker orders: Immediately match existing orders (e.g., market orders). They “take” liquidity and incur taker fees.
To ensure your limit order qualifies as a maker:
- Buy order price < best ask
- Sell order price > best bid
Using post-only settings prevents accidental taker execution.
Maximum Leverage and Order Limits
Leverage varies by contract—check risk limits for exact figures. Generally, major coins like BTC and ETH offer up to 100x leverage.
Order limits:
- Up to 500 active spot/futures orders
- Latest 50 displayed in activity tab
- Max 10 conditional orders, visible in positions panel
Supported Order Types
USDC contracts support:
- Market orders
- Limit orders
- Conditional orders (stop-market, stop-limit)
- Take-profit and stop-loss orders
Advanced tools like enhanced TP/SL help automate exits based on price or ROI triggers.
Price Restrictions on Orders
Yes. To prevent manipulation and slippage:
- Minimum price: 10% of last traded price
- Maximum price: $999,999
See official guidelines for asset-specific caps.
Portfolio Margin vs. Cross Margin: Which Requires Less Initial Margin?
It depends on your position correlation:
- With hedging: Portfolio margin reduces required initial margin
- All directional (no hedge): Portfolio may require more than cross-margin
The system evaluates offsetting risks across USDC futures and options.
👉 Explore how portfolio margining can optimize your capital usage across multiple assets.
Managing Risk with Sub-Accounts
Use sub-accounts to isolate strategies or teams:
- P&L is tracked separately
- Fund transfers occur via spot wallet
- Ideal for fund managers or multi-strategy traders
Note: Sub-account functionality does not support isolated margin for USDC contracts.
What Is Tiered Liquidation?
Bybit uses tiered liquidation to protect traders:
- Only portions of large positions are liquidated when margin falls short
- Reduces total position loss during volatility spikes
- Maintains higher effective maintenance margin thresholds
This gradual process enhances resilience compared to full-position liquidations.
Core Keywords:
USDC perpetual contract, USDC delivery contract, 8-hour settlement, cross-margin trading, maker taker fees, tiered liquidation, unified trading account, contract leverage