X-Perps Contract Specifications

Last updated: 13 April 2026

(a) Scope. These contract specifications apply to the following products (each a “Contract”) and exclusively in relation to Contracts available to investors based in the European Economic Area via OKX Europe Markets Ltd (“OEM”). 

Unless otherwise stated, all times referred to herein are Hong Kong Time. 

The Contracts use indices (each an“Index”) as calculated by the OKX Group. Information on the index levels, composition and methodology is available on  her 

(b) Trading Schedule. The Contracts are available for trading 24/7 their 4pm Hong Kong Time on their Expiry Date.
Only one of each Contract will be listed for any five (5) year period of time. New Contracts will be launched ahead of each 5 year cycle.

(c) Contract Size and Tick Size . With respect to each Contract, the Contract size and the tick size (or minimum price increment) are as follows: 

(d) Funding Rate. A Funding Rate applies to each Contract and varies depending on the underlying of the contract. Information on the Funding Rate is available at https://www.okx.com/en-eu/trade-market/funding/swap.

The Funding Rate is calculated every 4 or 8 hours as indicated above.

(e) Settlement of Funding Rate. The Funding Rate is settled every 4 or 8 hours, depending on the contract, and at expiry or liquidation of the Contract.

(f) Profit and Loss valuation. OEM calculates the profit and loss value (PNL) of each counterparty's position on a Contract in real time. PNL is only settled at Expiration, Liquidation by OEM or Termination by the Counterparty. 

(g) Termination of Trading and Expiration. Trading terminates at 4:00 PM Hong Kong Time on Expiry Date. 

(h) Collateral process. A counterparty is required to ensure that eligible collateral is available in the trading account to cover their payment obligations under the Contract. Each collateral asset is subject to specific discounts as indicated in the following link: https://www.okx.com/en-eu/trade-market/discountrate 

If the value of the available collateral, net of the applicable discounts, is less than 30% of the value of the Contract, OEM will issue the counterparty with a request to post additional collateral in their trading account (a "Margin Call").

(i) Settlement. The Contracts are cash settled. On the expiry day, the Contract will terminate at 4pm Hong Kong Time. OEM will determine the final amount payable or receivable by the counterparty under the Contract, being the "Final Settlement Price". The Final Settlement Price will be equal to the average price of the relevant Index as of the 30 minutes preceding the Expiry Date. 

(j) Liquidation by OEM. OEM may unilaterally terminate the Contract in the following circumstances: 

(i) if the counterparty has failed to properly collateralise its Contract following the receipt of a Margin Call by OEM and the equity value of the Contract has fallen to 100% of the collateral value, net of applicable discounts. In this case, OEM will automatically terminate the Contract early and realise any amount owed to it by the counterparty via the liquidation of the collateral available in their trading account. 

(ii) the counterparty's account is closed in accordance with the Terms and Conditions of the OEM Services. In this case, OEM will automatically terminate the Contract early and liquidate any Collateral available in the counterparty's trading account to realise any amount owed to it by the counterparty. Any residual asset will be returned to the counterparty.

(k) Termination by the counterparty. A counterparty to the Contract can terminate the Contract at any time by submitting a closing order for a Contract. The Contract will be terminated as soon as OEM has received a correspondent and opposite matching position to hedge the termination order.   

(l) Negative Balance Protection. Upon liquidation of the counterparty collateral, OEM shall forfeit any negative balance that may be accrued by the counterparty with respect to a Contract.