Bybit, the 2nd-biggest crypto exchange in terms of trading volume, has announced a landmark development. As per Bybit, the crypto exchange has accomplished the complete accessibility of the liquidation data through its improved API. The development sets an exclusive benchmark for the other platforms.
This significant move elevates the platform’s position among the leading companies when it comes to transparency. In this respect, Bybit now provides traders, analysts, and institutional investors with granular and real-time insights into the latest market dynamics.
Bybit Makes Liquidation Data Completely Open for Public Access
According to Bybit, the move to make the liquidation data openly accessible to common masses is a notable step. In addition to this, the platform is also offering comprehensive market insights in real time to benefit investors, traders, and market onlookers. This also contributes a lot to keeping pace with the rapidly evolving crypto sector.
The development is a response to the increasing demand from the crypto community concerning more transparency.The crypto exchange, while keeping in view the transparency-related demand from the community, has improved the API thereof. For this purpose, it utilizes the exclusive WebSocket topic going by “All Liquidations.” The former iteration had a limitation of just 1 message per 1 symbol for each second.
Contrary to that, the upgraded stream offers real-time liquidation data after every 5000 milliseconds. The feature guarantees the capturing of each liquidation event without any delay. This sets a unique standard for reliability and openness.
Delivering Data and Analytics with Market Clarity and Risk Management
As per Bybit’s CEO and co-founder Ben Zhou, making the liquidation data completely public denotes a proactive approach. It reportedly guarantees the access to market data in real-time for traders, analysts, and investors. The key benefits of this development include market clarity, provision of unfiltered data for unconventional trading strategies, and risk mitigation. Ben Zhou stated that,
“By making all liquidation data fully public, we are taking a proactive approach in response to the crypto community’s demand for openness. This initiative ensures that traders and analysts can access complete and real-time market data, empowering them with the insights they need.”
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