Pre-market

FAQ

• What is pre-market trading?

  Bitget pre-market trade is an over-the-counter trading platform specializing in providing a pre-traded marketplace for new coins before their official listing. It facilitates peer-to-peer trading between buyers and sellers, enabling them to acquire coins at optimal prices, secure liquidity in advance, and complete delivery at a mutually agreed upon time.

• What is the Credentials Project?

  The Credentials Project is a special pre-market trading initiative. Before the project team announces the token's total supply and other details, Credentials Project tokens are traded as pre-market credential tokens based on a predetermined total supply. Once the project team officially announces the tokenomics, Bitget will proportionally map the quantity and price of your filled orders based on the actual total supply, while keeping the total order amount unchanged. You can then check your mapped orders in the official pre-market trading project and prepare for delivery.

• What is the pre-market trading process?

  Trading phase

  Before the new coin is officially listed on the spot market, buyers and sellers can place maker or taker orders at their desired prices and quantities. During this phase, the platform will lock each user's order amount as collateral for subsequent settlement.Note: Pre-market projects typically last about one week. Settlement times for projects that are yet to be confirmed will be announced later. Stay tuned for official notices and announcements for the latest updates.

  Pending settlement

  Before the settlement time, sellers in Coin Settlement mode must prepare sufficient project tokens for their filled orders. Meanwhile, buyers and sellers in USDT Settlement mode do not need to take any further action.

  Settlement completed

  Starting from the project's settlement start time, the system will periodically execute multiple settlement rounds for orders under the Coin Settlement mode. During each round, the system will attempt to settle all filled orders. For sell orders where the seller's available project tokens are insufficient or the seller voluntarily defaults, no default compensation will be executed. By the settlement end time, the system will process any remaining unsettled orders under both Coin Settlement and USDT Settlement modes through settlement or refund. After the settlement ends, buyers and sellers in Coin Settlement mode will have completed their transactions. If a seller defaults, the locked collateral will be transferred to the buyer as compensation. For USDT Settlement orders, profits and losses are calculated based on the difference between the execution price and the settlement price, with the losing party paying the difference to the winning party.

• How does settlement work in pre-market trading?

  Coin Settlement orders: Before settlement begins, sellers can choose to deliver the tokens or compensate with collateral. From the project's settlement start time, the system will periodically execute settlement rounds for filled orders. Orders with sufficient token balances will be matched with corresponding buy orders. For sellers with insufficient tokens or those who default, compensation using collateral will not be triggered immediately. By the settlement end time, the system will process all remaining orders through token delivery or compensation. If sufficient tokens are available, they'll be transferred to the buyer's spot account, and the buyer's frozen funds will be released to the seller as payment. Otherwise, the system will cancel the transaction, unfreeze the buyer's funds, and transfer the seller's frozen collateral to the buyer as compensation.

  USDT Settlement orders: All settlements will be executed at the project's settlement end time. The system will use the average index price over the last ten minutes as the settlement price. Profits and losses are calculated based on the difference between the execution price and the settlement price, with the losing party paying the difference to the winning party.

  Note:

  1) The system will execute settlements in chronological order based on the transaction time of the orders. If you have both buy and sell orders in Coin Settlement mode, their quantities cannot offset each other. Please ensure that your spot account has sufficient available balance for the sell orders at the time of settlement. Orders with insufficient balance will be treated as the seller's default.

  2) For Coin Settlement orders, only tokens available in your spot account will be used for settlement. Tokens frozen in pending orders or held in other accounts will not be used for settlement.

  3) The settlement is expected to be completed within one hour. To reduce the risk of settlement failure due to insufficient funds, sellers in Coin Settlement mode should avoid any transactions involving the settlement token within 30 minutes after the settlement begins.

• What are the reasons for delisting a project?

  Risk warning: Tokens available for pre-market trading are not guaranteed to be listed for spot trading. If the project team is found to have breached any agreements or engaged in high-risk activities before listing, Bitget reserves the right to remove the pre-market project and cancel all filled and pending orders. Funds locked in these orders will be returned to users’ spot accounts with no fees charged.

• How can I make a pre-market trade as a seller?

  As a seller, you are required to use the USDT in your spot account to pay the collateral. You can list your new tokens on the market at your preferred price via Post Order, or find a suitable buy order on the market and sell to the buyer at their asking price. Once the order is filled, simply wait for settlement.

• How can I make a pre-market trade as a buyer?

  As a buyer, you are required to use USDT from your spot account to pay for the trade. Using the Post Order function, set your desired purchase quantity and price, then list your order on the market. Bitget will lock the funds for your purchase and handle any related fees. Alternatively, you can select a sell order directly from the market and buy the tokens at the seller's listed price. Once the order is filled, simply wait for settlement.

• What is USDT settlement?

  USDT Settlement is a settlement method for pre-market trading projects. It is similar to Coin Settlement, but uses USDT as the settlement currency. The key difference is that Coin Settlement settles trades instantly at the time of settlement, whereas USDT Settlement uses the average index price over the last ten minutes as the execution price to settle all orders. The losing party will pay the difference to the winning party. Excluding transaction fees, the maximum profit or loss for each party can reach up to 100% of the order's collateral.

  Example:

  The user buys 10 tokens at 10 USDT (the filled order is called Order A) and sells 10 tokens at 15 USDT (the filled order is called Order B).

  At the time of settlement, the system calculates the settlement price based on the average index price over the last 10 minutes. Assuming the settlement price is 5 USDT, the calculations are as follows:
  PnL of Order A = (5 – 10) × 10 = –50 USDT
  PnL of Order B = (15 – 5) × 10 = 100 USDT
  The total PnL for the user in pre-market trading is 50 USDT.