Bybit has published its BTC spot execution analysis for the first quarter of 2026, saying its Rapid Price Improvement, or RPI, mechanism continued to outperform comparable industry data across several execution metrics.
According to the report, in simulated BTC/USDT spot trades ranging from $10,000 to $1 million, Bybit’s average slippage remained below that of two leading exchanges throughout the tested order sizes. For a $10,000 order, Bybit reported slippage of 0.01 basis points, compared with 0.02 basis points on Exchange A and 0.07 basis points on Exchange B. That works out to roughly 52% lower slippage than Exchange A and about 84% lower than Exchange B.
RPI framework extended to BTC and major USD stablecoin spot pairs
Bybit said its RPI mechanism borrows from the retail price-improvement framework widely used in traditional stock markets. Eligible spot orders can match with dedicated liquidity providers and receive execution prices better than those displayed in the public order book.
The exchange said that, unlike some similar mechanisms that are limited to specific customer groups, Bybit has extended RPI coverage to BTC and major U.S. dollar stablecoin spot pairs, allowing a broader set of users to benefit from improved execution quality.
Average executable depth reached $10.4 million within a 5-basis-point spread
On liquidity depth, the report said Bybit’s BTC/USDT market posted average executable depth of $10.4 million within a 5-basis-point spread in the first quarter of 2026. That compared with $5.4 million on Exchange A and $1.9 million on Exchange B.
The analysis said some liquidity providers participated in market making through the RPI mechanism, and that was one of the key factors behind the depth advantage. Users can access related liquidity information through Bybit’s web interface, mobile app and the public RPI order book API.
Execution quality highlighted as a key exchange metric
Bybit said execution quality has become one of the most important measures of exchange performance. By combining deep liquidity with Rapid Price Improvement, the exchange said it has continued to improve execution efficiency and results across a wide range of trade sizes.