Dear valued customer,
We are having an update on our Price limit rules and Market-close-all" feature, in order to improve the stability of OKX futures trading system，at 19:00, 19 Jan, 2018 (Hong Kong Time, UTC +8) with the details as follow:
1. Updated Price limit rules:
- First 10mins of all newly listed futures: - Upper limit = Index price (1+25%) - Lower limit = Index price (1-25%)
- After 10min: Upper limit = Avg. premium/discount within last 10min + index price(1+3%) Lower limit = Avg. premium/discount within last 10min + index price(1-3%)
- premium/discount = (Contract price - index price)
- If the discount/premium calculated equals to 0, or deviates from the index price by 25% - Upper limit=index price (1+25%) - Lower limit=index price (1-25%).
- Open Position: Order would be blocked in case of opening a long position should the order price sent is higher than the price limit. Order would be blocked in case of opening a short position should the order price sent is lower than the price limit.
- Close position: To prevent manipulative actions based on irresponsible behaviors, the order price is limited to 25% deviation from the index price. When closing a long position, if the order price is lower than 25% of the index price, the order cannot be placed. When closing a short position, if the order price is higher than 25% of the index price, the order cannot be placed.
2. Updated of “Market-close-all” Feature:
- Before the update: After selecting "Market-close-all", our system will automatically cancel all pending close orders of the contracts, then liquidate the holding position(s) at market price.
- After the update:If there is any pending close order of contract when selecting "Market-close-all", a message will pop-up and require you to "Cancel all" before proceeding.
The update has already been applied to our desktop version of website. However, we have disabled the "Market-close-all" feature on iOS and Android APP clients for now as the mobile updates are still developing. This does not affect regular closing of position(s). We will make further announcement once the mobile updates are online.
Thank you for your support and understanding.
OKX 19 Jan 2018