Comparative analysis of trade order types on Binance and Bybit cryptocurrency exchanges

Abstract

The purpose of this study is to conduct a comparative analysis of the functional capabilities of key types of trading orders used on the cryptocurrency exchanges Binance and Bybit, taking into account their availability and specific application in spot and futures trading. The selection of these particular platforms is driven by their high capitalization, global popularity, and accessibility to users from Ukraine. The study examines the classification of orders based on criteria such as execution conditionality, algorithmic complexity, risk control flexibility, and integration with trading strategies.

The methodological basis of the research is a comparative structural-functional analysis supported by empirical exploration of the trading functionality of both exchanges. Particular attention is given to identifying differences in the implementation of basic and advanced order types, such as market, limit, stop, conditional, trailing stop, TWAP, Iceberg, Scaled, and Chase orders.

The results show that both platforms provide the necessary set of basic tools to construct effective position management strategies. However, Bybit is distinguished by its broader integration of algorithmic orders directly into the user interface, whereas Binance partially delegates access to these functions via extended settings. Differences in terminology and classification of order execution conditions were also identified, which may be relevant for traders when adapting trading strategies to a specific exchange.

Conclusions. The study concludes that the two platforms are functionally equivalent for experienced users, provided they have a deep understanding of the order architecture specific to each. In the context of choosing a trading platform, this is of particular importance, as access to specific order types determines the ability to adhere to a chosen trading strategy. Therefore, the criteria for selecting an exchange should include not only its reliability, regulatory status, or liquidity level, but also the availability of appropriate order functionalities that enable flexible risk management and effective implementation of trading strategies and plans. Prospects for further research involve the quantitative evaluation of the effectiveness of individual order types under various market conditions, particularly based on market depth, execution time, and slippage data.