In order to long or short SOL, you’ll need to Sign Up to ByBit Exchange. ByBit is a cryptocurrency derivatives exchange built by traders, for traders. They’ve built a platform powerful enough for professional trading firms and intuitive enough for first-time users. ByBit allows you to go long or short on Solana (SOL) with up to 100x leverage. ByBit boasts over 50 perpetual contracts and is constantly adding more pairs like SOL via community votes and by keeping a close eye on what Traders want to trade. There’s no need to verify your KYC details at this time. 

Using the button below, you can earn up to $30,000 in trading rewards.

You’ll now need to send your Bitcoin (BTC) over to ByBit Exchange to begin trading SOL contracts. All exchanges have a similar deposit method. Transferring Bitcoin to ByBit Exchange is the easiest way to get started although you can also deposit ETH and other major tokens. Unsure about how to send funds from Coinbase? (Follow this guide)

Make sure you’ve selected the correct coin you wish to deposit. BTC must be sent to a BTC deposit address, etc. Although sometimes recoverable, sending an asset to the wrong type of address should be avoided entirely.

Once your deposit has confirmed, you’ll now have access to your funds and you can begin trading on ByBit. To get started longing or shorting Solana (SOL) on ByBit, you’ll want to click the “Convert” button and convert your BTC for stable USD tokens.

Following the screenshot provided, ensure the conversion is from Bitcoin (BTC) to USD Stablecoins (USD). Enter the amount of BTC you’d like to convert and click “Convert” to proceed.

Once you’ve converted your BTC to USD and moved over to the “SOL” tab, you’ll be presented with a Price Chart (Center) and some Order Books (Bottom left). For now, we’re going to create our own Limit Order in order to LONG SOL.

The “Price” field will be automatically filled with the most recent price Solana (SOL) traded at, although this can be changed to your desired price. The “Amount” fields are either the amount of SOL or USD you wish to put down as collateral. Either field will populate depending on what you enter. Adjust the account leverage you would like to use if you’d like to take advantage of the 1-101x leverage ByBit offers Traders on the SOL-PERP contract

When you’re happy, click “BUY” (“Deposit Collateral” is shown if no funds are available). Your LONG SOL order will be filled when a Seller sells their SOL for the price you submitted.

Alternatively, you can decide to SHORT SOL if you think the price will go down. The steps to short SOL are identical to those taken in order to long SOL. You’re betting the price will go down, so remember to set your stop-loss and target price accordingly. If you’re new to shorting cryptocurrencies, move slowly at first.

The “Price” field will be automatically filled with the most recent price Solana (SOL) traded at, although this can be changed to your desired price. The “Amount” fields are either the amount of SOL or USD you wish to put down as collateral. Either field will populate depending on what you enter. Adjust the account leverage you would like to use if you’d like to take advantage of the 1-101x leverage ByBit offers Traders on the SOL-PERP contract.

When you’re happy, click “SELL” (“Deposit Collateral” is shown if no funds are available). Your SHORT SOL order will be filled when a Seller sells their SOL for the price you submitted.

Regardless of whether you chose to LONG or SHORT SOL, after the trade you may want to convert your USD balance back to BTC for withdrawal. ByBit exchange makes converting USD back into BTC just as simple as it was when you started. Go back to your Wallet, search “USD” and click “Convert”. If you prefer to keep your balance in USD Stablecoins to protect your account value at all times, ByBit does offer USD withdrawals back into your bank account after KYC.

Following the screenshot provided, ensure the conversion is from USD Stablecoins (USD) to Bitcoin (BTC). Enter the amount of USD you’d like to convert and click “Convert” to proceed.

Unless you’re trading, never keep your coins on an exchange for an extended period of time. To withdraw your Bitcoin (BTC) or whatever funds you converted your USD to, go to your Wallet and click “Withdraw” on your new balance. Bitcoin (BTC) can be safely stored using a software wallet like Exodus or a hardware wallet like a Ledger Nano X.

Enter the amount of Bitcoin (BTC) you’d like to withdraw in the text-box provided. Enjoy the fee-less withdrawals ByBit Exchange offers and make sure the withdraw address you have entered is yours and is correct.

When you’re happy, click “Withdraw”. You may be asked for phone/email verification before a withdrawal can be processed.