Bybit, the second-largest cryptocurrency exchange globally, reported the lowest average slippage for BTC spot trades in its Q1 2026 execution analysis. The exchange's Rapid Price Improvement (RPI) mechanism proved key in reducing trading slippage against peer exchanges.
Performance Metrics and Comparisons
Transactions in simulated BTC/USDT trades between US$10,000 and US$1 million were analyzed, revealing that Bybit delivered significantly lower average slippage for smaller orders compared to two leading exchanges. For instance, when executing a US$10,000 trade, average slippage was approximately 52% lower than Exchange A and 84% lower than Exchange B.
- Bybit's average slippage for US$10,000 orders: 0.01 bps
- Exchange A's average slippage for similar orders: 0.02 bps
- Exchange B's average slippage for similar orders: 0.06 bps
Rapid Price Improvement Mechanism
This innovative model is structured to align with retail price improvement frameworks prevalent in traditional equity markets. By utilizing dedicated liquidity pools that actively quote prices better than the public order book, Bybit ensures all eligible spot orders reap benefits from enhanced execution quality.
Sean Ballard, Head of Derivatives and Institutional Business at Bybit, emphasized that their focus transcends merely increasing displayed liquidity; instead, the goal is to enhance the actual prices users receive upon trade execution.
The execution advantage spans from retail transactions to institutional trades, suggesting a solid structure supporting consistent performance regarding slippage across various trade sizes.
This material is for informational purposes only and does not constitute financial advice.
