Dubai, UAE, July 17th, 2026, Chainwire
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, today released its Q1 2026 BTC spot execution analysis, showing that its Rapid Price Improvement (RPI) mechanism consistently delivered lower trading slippage than comparable execution measurements across major cryptocurrency exchanges.
As digital asset markets continue to mature, execution quality has emerged as an increasingly important measure of market performance alongside trading fees and quoted liquidity. Bybit’s latest analysis demonstrates that improvements in market structure can materially reduce trading costs for both retail and institutional participants.
Across simulated BTC/USDT spot trades ranging from US$10,000 to US$1 million, Bybit consistently delivered lower average slippage than two leading global exchanges. For US$10,000 orders, average slippage was approximately 52% lower than one exchange and 84% lower than the other, with similar advantages observed across larger trade sizes.
Q1 2026 BTC/USDT Average Spot Slippage (Basis Points)
*Source: Bybit internal execution analysis, Q1 2026. *
“Our focus is not simply increasing displayed liquidity but improving the prices users actually receive when trades are executed,” said Sean Ballard, Head of Derivatives and Institutional Business, Trading Risk at Bybit. “Execution quality has become one of the most meaningful measures of exchange performance. By combining deep liquidity with Rapid Price Improvement, we are delivering consistently better execution outcomes across a broad range of trade sizes.”
Market Structure Designed Around Execution Quality
Bybit’s Rapid Price Improvement mechanism is a proprietary execution model inspired by retail price improvement frameworks widely used in traditional equity markets. Eligible spot orders are matched against a dedicated pool of liquidity providers quoting prices inside the visible bid-ask spread, enabling users to receive execution prices that are often better than those displayed on the public order book.
Unlike many implementations that restrict price-improvement liquidity to selected client segments, Bybit extends eligible RPI execution across BTC and major USD stablecoin spot trading pairs, allowing a broader range of users to benefit from improved execution quality.
Consistent Performance Across Trade Sizes
The analysis found that Bybit’s execution advantage remained consistent from retail-sized orders through institutional block trades.
Compared with the benchmark exchanges included in the study:
- Against Exchange A, Bybit reduced average BTC spot slippage by approximately 52% for US$10,000 orders (0.01 vs. 0.02 bps).
- Against Exchange B, Bybit achieved approximately 84% lower average slippage for US$10,000 orders (0.01 vs. 0.06 bps).
The consistency of these results suggests that the improvement is structural rather than limited to specific order sizes or market conditions.
Liquidity Depth Supports Better Execution
Execution quality is supported by the depth of executable liquidity available in the market.
During Q1 2026, Bybit’s BTC/USDT market averaged US$10.4 millions of executable depth within a 5-basis-point spread, compared with US$5.4 million for Exchange A and US$1.9 million for Exchange B. Within a 10-basis-point spread, average executable depth reached US$15.1 million, versus US$11.4 million and US$3.6 million, respectively.
This additional executable liquidity is driven in part by liquidity providers participating through Bybit’s Rapid Price Improvement (RPI) mechanism, where eligible orders can access tighter pricing than is available through the standard order book. Users can access this liquidity through the Bybit Web interface, the Bybit App, or via the publicly available RPI Orderbook API, which provides visibility into RPI liquidity and enables clients to incorporate it into their own trading workflows and execution analysis.
Most third-party exchange liquidity rankings rely primarily on publicly displayed order-book data accessed through standard exchange APIs. While this methodology provides valuable insight into quoted liquidity, it may not capture all executable liquidity available through price-improvement mechanisms such as RPI. As a result, traditional order-book depth alone may not fully reflect the liquidity available to traders at the point of execution.
Methodology and Disclaimer
The analysis presented in this release is based on Bybit’s internal assessment of BTC/USDT spot market activity during Q1 2026. Slippage calculations incorporate both standard displayed order-book liquidity and eligible Rapid Price Improvement (RPI) liquidity available at the time of execution. Competitor comparisons are based on publicly available market data and standardized slippage calculations applied consistently across identical order sizes under comparable market conditions.
Because Bybit’s analysis includes executable liquidity available through its publicly accessible RPI Orderbook API, results may differ from third-party liquidity rankings that rely solely on standard order-book APIs. Actual execution quality may vary depending on market conditions, order type, trading volume, volatility, latency, and other market factors.
About Bybit
Bybit is The New Financial Platform.
We believe every person should have access to every financial opportunity on earth. That’s why we’re building the first intelligent platform that connects anyone, anywhere to the world’s finance.
Trusted by more than 80 million users worldwide, Bybit brings together investing, trading, payments, and wealth-building in a single secure and intelligent ecosystem. Through the combination of AI-powered technology, deep global liquidity, robust security, and transparent operations, Bybit makes global finance more accessible, efficient, and empowering for everyone.
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Learn more at Bybit.com.
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Bybit
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