1. Crypto-Margined Futures Contracts
OKX Crypto-Margined Futures Contracts is a derivative product settled in crypto currencies such as BTC, LTC and ETH. Traders can take a long/short position on cryptocurrencies to make a profit when the price goes up/down.
e.g. BTCUSD Futures Contract Specifications
| Symbol | BTCUSD |
| Underlying | BTC/USD Index |
| Settlement Currency | BTC |
| Contract Size | 100USD |
| Price | USD price of 1BTC |
| Tick Size | 0.01 |
| Leverage | 0.01-125x |
| Trading Hours | 24/7 |
| Contract Type | Weekly, Biweekly, Quarterly, Biquarterly |
| Settlement time | 4pm HKT, Friday of the week of delivery |
| Trading Fee | Trading fee details |
For contract details, please visit https://www.OKX.com/trade-market/info/swap
2. USDT-Margined Futures Contracts
e.g. BTCUSDT Futures Contract Specifications
| Symbol | BTCUSDT |
| Underlying | BTC/USDT Index |
| Settlement Currency | USDT |
| Contract Size | 0.01BTC |
| Price | USDT price of 1BTC |
| Tick Size | 0.01BTC |
| Leverage | 0.01-125x |
| Trading Hours | 24/7 |
| Contract Type | Weekly, Biweekly, Quarterly, Biquarterly |
| Settlement time | 4pm HKT, Friday of the week of delivery |
| Trading Fee | Trading fee details |
For contract details, please visit https://www.OKX.com/trade-market/info/swap
3. Key Features
(1) Settled in crypto or USDT
OKX crypto-margined perpetual contracts are settled in cryptocurrencies and enable hedging and risk management by providing exposure to various crypto assets.
OKX perpetual-margined perpetual contracts are settled in USDT, allowing users to trade without having to hold the underlying asset.
(2) Expiry date
All futures contracts have a delivery date. The settlement price is calculated as the average of the price index every second over the last hour before delivery.
(3) Index price
USDT-margined contracts use the underlying USDT index, and crypto-margined contracts use the underlying USD index. In order to keep index prices in line with the spot market, we use prices from at least three mainstream exchanges, and adopt a special mechanism to ensure that the index price fluctuation is within the normal range when the price on a single exchange deviates significantly.
(4) Price range
OKX adjusts the price range for each order based on the spot price and futures price of the last minite, in an effort to prevent unscrupulous investors from maliciously disrupting the market.
(5) Mark price
In the event of extreme price fluctuations, OKX uses the mark price as reference to prevent liquidation due to a single abnormal transaction.
(6) Tiered maintenance margin rate
The maintenance margin rate is the minimum margin rate to maintain a position. When the equity is lower than the maintenance margin + trading fee, positions will be reduced or closed. OKX adopts a tiered maintenance margin rate mechanism, i.e., for users with larger positions, the maintenance margin rate will be higher and the maximum leverage lower.
