Bybit Enhances Transparency with New Liquidation Data API
Leading cryptocurrency exchange Bybit has announced a significant upgrade to its application programming interface (API), making all liquidation data publicly accessible. This enhancement allows for a more transparent trading environment, aligning with the core principles of the cryptocurrency sector.
With this upgrade, traders can now receive liquidation data updates every 500 milliseconds, effectively doubling the speed of the previous system, which provided updates at a rate of one per second for each trading pair. This improvement guarantees that every liquidation event is captured in real-time, addressing the blind spots that previously hindered a complete understanding of market dynamics.
In a statement regarding this upgrade, CEO and co-founder Ben Zhou emphasized the importance of transparency in the crypto space, stating, “The real spirit of crypto is transparency. By making all liquidation data fully public, we’re empowering traders and analysts with the insights they need.”
The newly available liquidation data serves as a vital tool for traders, allowing them to identify market trends, assess support and resistance levels, and anticipate potential volatility spikes. By analyzing this data, traders, analysts, and institutional investors can gain essential real-time insights into market activities.
Earlier this month, the cryptocurrency market experienced notable volatility, resulting in over $2.2 billion in liquidations within just 24 hours. At the time, Zhou indicated that the true total of liquidations was likely much higher, estimating it to be between $8 billion and $10 billion. He further noted that on Bybit alone, liquidations reached $2.1 billion in that same 24-hour period, attributing the lack of comprehensive data on these events to previous API limitations.
