Bybit has launched Percentage of Volume (POV) orders on its Spot exchange, extending functionality first introduced to Futures traders in May 2026. The feature allows traders to execute large positions by automatically splitting orders into smaller trades that adjust in real time to market volume and order-book liquidity, reducing slippage and minimizing market impact.
- POV Futures Adoption: 9x user growth with average monthly trading volume per capita exceeding $300,000 over the initial 4 months
- User Base: Bybit serves more than 80 million users globally
- Execution Modes: Traded Volume, Opposite-Side Liquidity, and Same-Side Liquidity
- Fee Structure: No additional strategy fees; standard Spot trading fees apply
- Launch Date: October 15, 2026
POV orders function by dividing large trades into sub-orders sized according to a user-defined participation rate, a percentage of available market volume or order-book depth. The system continuously monitors market conditions, slowing execution during low-activity periods and accelerating it when volume increases. Traders can configure participation rates, order frequency, and stop conditions based on execution priorities, choosing between aggressive Taker placement or fee-efficient Maker-only strategies. Built-in slippage controls prevent unfavorable fills when liquidity deteriorates.
The platform positions the feature as suited for advanced traders and institutional desks managing potentially market-moving trades. Unlike traditional fixed-interval algorithms, POV orders achieve VWAP-style execution paced to actual market activity, while order size adjustments tied to market flow make positions harder for high-frequency traders to detect. Traders access POV by selecting the order type from their Spot trading pair menu and configuring parameters to match their execution strategy.
