Flexible Savings — FAQ
What are Flexible Savings products?
Flexible Savings is like a crypto savings account. By staking your crypto assets, you earn at a high annualized percentage yield (APY). Moreover, you can unstake your assets at any time.
— Currently, BTC, ETH, USDT and USDC are supported for staking.
— Please note that the APY varies based on the token type and market conditions.
How is APY determined?
Bybit partners with a recognized crypto lender to provide yields for your stake. The APY varies based on market conditions, and on the performance of third parties.
How often is APY expected to be updated?
This depends on market conditions. The APY can change at any time.
During staking, will I receive an APY adjustment notice?
Currently, no adjustment notice is sent. The APY changes with market conditions.
How do I get started with Flexible Savings products?
Please visit Earn Center –> Flexible Savings to purchase products using your Earn Account. Before staking any amount, please make sure the funds have been transferred to your Earn Account.
Is KYC required for Flexible Savings?
Yes. Users will need to complete individual KYC Lv. 1 in order to purchase Flexible Savings. Please note that enterprises are not eligible for the event. Users from restricted countries are not allowed.
You can click here to complete the verification.
Will there be any other fees?
No. The management fee charged by Bybit is already reflected in the APY.
Are there any staking amount limits?
Yes. The limit can be viewed from the order confirmation window.
When will my yield be calculated and deposited to my account ?
Calculations for your yield will start on the next day (T+1) after you’ve staked the tokens, and will be deposited daily to your Earn Account starting one day after the calculation period starts (T+2) at 00:00 UTC. It takes 5 to 10 minutes to process. Your daily yield depends on the type and number of tokens you've staked.
Will daily yield automatically be staked for compound yield?
No. If you want to compound the yield, please manually stake your daily yield.
How do I calculate my daily yield?
Let’s take USDT as an example, using the following factors:
- Estimated APY: 3.5%
- Staked amount: 10,000 USDT
- Date of subscription: Nov. 10, 2021 at 12:00 UTC
- Start to accrue yield: Nov. 11, 2021 at 00:00 UTC
Daily Yield = Amount of tokens you've staked × APY/365
Nov. 12, 2021
User A receives a daily yield of 0.9589 USDT (10,000 × 0.035/365).
— Currently, auto compounding is not supported. If you want to compound the yield, please manually stake your daily yield.
— To make a new stake, the minimum staking amount must be fulfilled.
What is the effective staking amount?
Effective staking amount refers to the amount of tokens you’ve staked that are currently being calculated for yield. For example, if you’ve staked 100 USDT at 10:00 UTC on Oct. 1, 2021, your effective staking amount will be updated to 100 USDT at 00:00 UTC on Oct. 2, 2021.
Will re-staking of my yield be regarded as a new stake order?
No. It will be combined with existing stake tokens. The stake amount cannot exceed the maximum limit.
Am I guaranteed to obtain my yield even if the crypto asset’s market value decreases?
The yield received by users will be determined according to APY. The APY varies based on market conditions.
When can I unstake my staking assets?
You can unstake your assets at any time. Once redeemed, your staked assets will immediately be auto credited to your ByFi Account. Please note that no yield is calculated on the day of withdrawal.
How do I unstake my assets?
Please head to Flexible Savings in your Earn Account under Orders & Trades. Click on Redeem under the Effective Orders tab for the product you wish to unstake.
Can I partially unstake my assets?
Yes. If the stake amount is lower than the minimum amount after partial unstaking, the remaining tokens can still be staked to earn yield.
What happens to my staked principal assets after the limited-time flexible savings pool ends?
The staked principal assets and final yield will be returned to your Earn Account two days later. For example, a limited time ABC pool ends on May 20 at 10:00 UTC. Therefore, on May 20 at 10:00 UTC, the pool ends and will not accept new staking. The final yield will be calculated on May 21 at 00:00 UTC and auto credited to your Earn Account on May 22 at 00:00 UTC. You will have to stake your assets until the yield is credited in order to get the final yield. Manual unstake of principal assets is not needed, as it will be auto returned to your Earn Account together with the last yield.
Can I stake more assets if the pool I initially staked is sold out?
No. You are unable to stake more assets if the pool is sold out. However, it will be available again, and there will be more capacity for traders to stake their assets if someone withdraws from the pool.
Will I continue to receive the yield if the pool I staked is sold out?
Yes. You will still receive the yield based on your staked assets until the pools end.
Can I purchase Flexible Savings products using subaccounts?
No, you are not able to purchase Flexible Savings using subaccounts.