TechFlow News, July 16, Bybit recently released its Q1 2026 BTC Spot Execution Analysis Report, showing that its "Rapid Price Improvement" (Rapid Price Improvement, RPI) mechanism consistently outperforms industry comparable data across multiple execution metrics.
The report shows that in simulated BTC/USDT spot trades ranging from $10,000 to $1 million, Bybit's average slippage consistently remained lower than that of two global leading exchanges. Taking a $10,000 order as an example, Bybit's slippage was approximately 52% lower than Exchange A (0.01 basis points vs. 0.02 basis points), and approximately 84% lower than Exchange B (0.01 basis points vs. 0.07 basis points).
Bybit's RPI mechanism draws on the retail price improvement framework widely used in traditional stock markets, where eligible spot orders can be matched with exclusive liquidity providers, thereby obtaining execution prices better than those displayed on the public order book. Unlike some similar mechanisms that cater only to specific client groups, Bybit extends RPI coverage to BTC and major USD stablecoin spot trading pairs, enabling a broader user base to benefit from superior execution quality.
In terms of liquidity depth, in Q1 2026, Bybit's BTC/USDT market had an average executable depth of $10.4 million within a 5 basis point spread range, higher than Exchange A's $5.4 million and Exchange B's $1.9 million.
The analysis points out that the participation of some liquidity providers in market making through the RPI mechanism is one of the important factors driving the aforementioned depth advantage. Users can access relevant liquidity information via Bybit's web platform, App, and the public RPI order book API.
Execution quality has become one of the most important metrics for measuring exchange performance. By combining deep liquidity with Rapid Price Improvement, Bybit continuously optimizes execution efficiency and effectiveness across a wide range of trade sizes.
