The ticker is only the starting point.
Two markets can track Bitcoin while using different contract mechanics. On Bybit, BTCUSDT linear contracts use Bitcoin quantity and settle P&L in USDT. BTCUSD inverse contracts express contract quantity in USD and settle P&L in BTC.
| Detail | BTCUSDT linear | BTCUSD inverse |
|---|---|---|
| Price quotation | USDT per BTC | USD per BTC |
| Order quantity | BTC quantity | USD contract quantity |
| P&L settlement | USDT | BTC |
| Schizo derivatives connection | Combined Bybit connection | Same connection; verified UTA 2.0 required |
The table concerns these Bybit derivatives, not spot pairs or every exchange’s naming scheme. Collateral treatment also depends on the account and margin mode; the symbol alone does not describe the full wallet configuration.
The same number does not mean the same size.
Entering a quantity of 100 does not represent the same instruction in both contracts. In the linear market, the quantity field is measured in BTC; in the inverse market, it is contract quantity quoted in USD. A terminal may also offer a notional sizing mode that converts the value before submitting the exchange instruction.
Check the displayed unit, market specification and order summary after switching symbols. Minimum quantity, step size and supported precision belong to the selected instrument. Never copy an order amount between contracts based only on the number.
Settlement changes how P&L is expressed.
A BTCUSD inverse position reports its contract P&L in BTC, while the linear BTCUSDT contract reports in USDT. A report that displays both in USD needs a conversion convention. Its display currency should not be confused with the exchange’s settlement currency.
Fees, funding and partial closes can also affect the difference between a position’s displayed unrealized P&L and a close record. Consult the exchange records when reconciling a terminal report.
Use both markets in Schizo Terminal.
- Connect the matching Bybit environment through the combined derivatives connection.
- Confirm the account meets the UTA 2.0 requirement for inverse trading.
- Choose BTCUSDT or BTCUSD in the market selector.
- For a side-by-side view, use split charts and assign one instrument to each pane.
- Select the pane used for orders and inspect the account, contract and quantity unit in Place Order.
Using a single API key for both supported categories removes duplicate setup; it does not make their contract units interchangeable.