Overview

Retail Price Improvement (RPI) Orders enhance liquidity in Bybit's spot market by ensuring that retail traders receive fair execution. These orders only match with non-algorithmic orders, preventing interactions with API-originated trades. This mechanism aims to improve pricing for retail users while maintaining market integrity.

 

Matching Rules

Eligible Counterparties

• RPI Orders only execute against orders from non-algorithmic users.
• RPI Orders cannot match with API-originated orders.
• All RPI Orders are post-only, ensuring they do not act as taker orders.

 

Priority Within the Same Price Level

• Among orders at the same price level:
  • RPI Orders have the lowest execution priority.
  • Standard GUI and API orders execute before RPI Orders.

Order Visibility

API Order Book

• RPI Orders do not appear in the API order book.

 

GUI Visibility

• All orders, including RPI Orders, appear in the GUI without any special label.
• Crossed RPI Orders (where bid prices exceed ask prices) are hidden to ensure a structured order book.

 

Eligibility for RPI Orders

• Only approved market-making partners can submit RPI Orders via API.

 

Execution Transparency

• Trade records involving RPI Orders are published like standard trades.
• Each trade executed with an RPI Order is labeled as "RPI Trade" for clear identification.

Crossed Orders & Order Book Management

Handling Crossed RPI Orders

• Crossed RPI Orders (e.g., bid prices higher than the best ask) are hidden in the GUI to maintain a structured order book.
• However, these orders remain active within the trading engine.

 

Example Scenario

If the best bid is an API order and the best ask is an RPI Order:

1. Since RPI Orders cannot match against API orders, they will not execute.
2. If the best bid has already crossed the best ask, the RPI Order will be hidden in the GUI while still existing in the system.

 

Price	QTY	Visibility
ask2	102 (RPI)	5
ask1	100 (RPI)	200
bid1	100 (API)	0.2
bid2	99 (API)	100

Frequently Asked Questions (FAQ)

Who can place RPI Orders?

Only approved market-making partners can place RPI Orders via API.

Will RPI Orders be visible in the order book?

• In the API order book: No.
• In the GUI: Yes, but crossed RPI Orders are hidden.

Do RPI Orders execute immediately?

No, RPI Orders are post-only, meaning they never act as taker orders.

How are RPI trades labeled?

RPI trades are clearly labeled as "RPI Trade" in market records.

Are there any fees or rebates for RPI Orders?

Please refer to Bybit’s Fee Schedule for details on applicable fees.