Market Maker for Bybit: Avoid Delisting | BeLiquid

Bybit removed 15 perpetual contracts in a single sweep — OSMO and FIS among them, both trading under $10 million in 24-hour volume at the time. Seven spot tokens followed a similar pattern that March, with prices dropping as much as 41.3% the moment the delisting notice went out. Bybit reported roughly $3.5 billion in daily spot turnover and $11.5 billion in platform assets around that same period, and a venue running at that scale has little patience for pairs that aren't generating meaningful activity. Bybit is the world's second-largest exchange by reported volume, and it runs one of the least forgiving review processes for thin, inactive pairs — with no published checklist a project can simply satisfy once and forget. A market maker for Bybit exists specifically to keep a token's volume, spread, and order-book depth inside the range that keeps it off that review list, day after day rather than around a single audit. This article covers how Bybit's delisting mechanics actually work, what triggers a review, and where professional market making fits into staying listed.

How Bybit's Delisting Review Actually Works

Bybit does not run a formally branded monitoring zone the way MEXC does with its ST warning or the way Binance does with its Monitoring Tag. Instead, Bybit conducts rolling internal reviews against performance and compliance criteria that are never published as a fixed checklist. That makes the review harder to game — and harder to predict.

• Review triggers include metric thresholds breached over a sustained period, external events such as security incidents or regulatory action, periodic portfolio quality audits, and direct complaints from significant platform users.
• Product-line removal is the earliest visible signal. A token pulled from Bybit Earn, Leveraged Tokens, or margin products — while remaining listed in spot — typically precedes a full spot delisting by four to eight weeks.
• There is no appeal window built into the public process. Once Bybit's risk team escalates a token to a delisting decision, the notice period — typically a spot trading halt followed by a fixed withdrawal buffer — is the only runway a project gets.
• The review is continuous, not scheduled. Unlike a quarterly audit a project could prepare for, Bybit's rolling process means a pair can move from healthy to flagged inside a single reporting cycle if volume drops sharply enough.

Projects that only start paying attention to volume after receiving a delisting notice are already reacting to a decision made weeks earlier. By the time the notice arrives, the review that produced it has usually been running quietly in the background for a month or more.

The Volume Thresholds That Actually Put a Token at Risk

Bybit has never published a single hard volume number that guarantees safety, but its own delisting mechanics give away more than most exchanges. For derivatives specifically, the trigger is mechanical rather than judgment-based: when a contract's last traded price reaches 50 times the minimum tick size, Bybit sends a formal risk-of-delisting notice; once the price falls below 20 times the tick size, Bybit reserves the right to delist without further notice.

• Sustained low volume is the pattern that matters most. A 24-hour volume decline that persists for 30 or more consecutive days with no recovery trend is treated as elevated delisting risk.
• $10 million in 24-hour volume was the rough line that separated the contracts kept from the contracts cut in the October 2025 perpetuals review — not an official threshold, but a consistent pattern across the affected pairs.
• Spread and depth compound the volume problem. A widening bid-ask spread alongside falling volume signals to Bybit's review process that market makers have already stepped back from the pair.

Key takeaway: Bybit's derivatives delisting trigger is one of the few hard, checkable numbers the exchange publishes — a contract's last price crossing 50x the minimum tick size sends a formal warning, and dropping below 20x the tick size opens the door to delisting without further notice.

This is exactly the gap Bybit market making is built to close — not by manufacturing fake volume, which Bybit's compliance review is specifically designed to catch, but by maintaining genuine two-sided liquidity that keeps the order book inside a healthy range every single day, not just before a review.

What a Bybit Delisting Actually Costs a Project

Bybit's spot and derivatives delisting mechanisms differ in how much runway a project gets before trading stops.

The market effect of a delisting is immediate and visible. Bybit's March 2025 removal of seven spot tokens — EVERY, GG, CUSD, BUBBLE, TAVA, PLANET, and IRL — saw some of them lose over 40% of their value within hours of the announcement, as remaining liquidity providers pulled quotes ahead of the trading halt. On the derivatives side, the mechanics are even more automatic: once a contract is delisted, every active and conditional order is cancelled outright, and any open position still held is closed and liquidated by the system at an average index price taken over the 30 minutes before delisting — not a price the position holder gets to choose.

Inside Bybit's Market Maker Incentive Program

Bybit runs a formal market maker program for institutional participants across spot, futures, and options, and the qualification mechanics reveal exactly how strict Bybit's own liquidity bar is for anyone quoting at scale.

• Order size minimums are enforced automatically. Market maker orders must be at least 10x the minimum order size for the relevant derivatives contract, or the system flags the placement as non-compliant.
• Qualification is evaluated monthly, not once. New market makers get a one-month trial period, and every participant is re-reviewed at the end of each calendar month to determine the following month's status.
• Top-tier status is measured in 10-second snapshots. For the highest incentive tier, Bybit takes liquidity snapshots roughly every 10 seconds and requires at least 75% of a day's snapshots to meet the qualifying criteria before that day counts.
• Volume share is calculated as a ratio, not an absolute number: a market maker's 30-day spot maker volume divided by the total 30-day spot maker volume across all program participants.

Rebates scale with this performance and can reach roughly 0.015% on qualifying maker volume, alongside institutional loan services for participants who need working capital to quote at depth. A project that wants that level of consistent, monitored liquidity on its own token needs the same discipline Bybit demands from its own program participants — which is precisely what dedicated crypto market making services are built to deliver.

What Keeps a Token Off Bybit's Review List Long-Term

Passing an initial Bybit listing review and staying listed are two different disciplines. Listing evaluations look at audited contracts, transparent tokenomics, and an active community at a single point in time. Staying listed means maintaining those same signals — plus consistent volume and spread — every day after launch, through the quiet months when there's no news to drive organic trading.

• Two-sided quoting, not one-way support. Buying a token to prop up its price without also providing sell-side depth widens the spread anyway and does nothing to satisfy Bybit's volume and liquidity criteria.
• Consistency beats intensity. A token with steady, moderate daily volume passes Bybit's rolling review more reliably than one with volume spikes around announcements followed by weeks of silence.
• Product-line status is a leading indicator worth monitoring. Tracking whether a token remains eligible for Bybit Earn or margin trading gives a project weeks of warning before a spot delisting notice would arrive.

This is the same operational discipline covered in our breakdown of how to choose a crypto market making agency — the difference between a desk that quotes reactively around news and one that maintains the order book every trading day. Budget for that kind of ongoing coverage is outlined in our guide to what market making actually costs in 2026.

Where Professional Market Making Fits

A project that wants to stay ahead of Bybit's rolling review needs three things working together: enough daily volume to clear the exchange's unpublished thresholds, a spread tight enough that it doesn't flag as an abandoned pair, and depth that survives normal trading activity without collapsing. Manufacturing any one of these artificially — wash volume, one-sided support, bot-driven spikes — is exactly what Bybit's compliance review is built to detect and penalize.

Working with professional crypto market making services means quoting both sides of the order book continuously, adjusting depth to real trading conditions, and reporting the metrics that actually matter to an exchange's review team — not just the ones that look good on a dashboard. BeLiquid has run algorithmic market making across 500+ trading pairs and 70+ exchanges since 2019, including tokens navigating Bybit's listing review, and structures every engagement around the volume and spread benchmarks an exchange actually checks rather than vanity metrics that don't move a delisting decision.

Key Takeaways

• Bybit's review process has no published checklist — it runs on rolling internal audits triggered by metric thresholds, external events, and complaints, which makes consistent volume more valuable than a one-time push.
• Product-line removal (Earn, Leveraged Tokens, margin) is an early warning that typically arrives four to eight weeks before a spot delisting notice.
• Derivatives delisting has a mechanical trigger tied to the minimum tick size, giving projects a concrete signal to watch that most teams never check.
• Bybit's own market maker program demonstrates how granular and continuous the exchange's liquidity expectations are — monthly re-evaluation and 10-second snapshot checks, not a single volume figure at listing time.