FAQ on USD-margined futures

Published on 13 Oct 2025Updated on 14 Oct 20253 min read

OKX is introducing all-new USD-margined futures, while allowing users to select their preferred settlement currency. All trading liquidity is consolidated into USD unified order book for a seamless trading experience. USD-margined futures are expressed as XXX/USD UM.

1. What settlement currencies are supported?

Supported settlement currencies: USDC, and USDG.

2. How do I change the settlement currency?

You can select different settlement currencies by going to your sub-account > trade settings > USD-M settlement currency. You cannot change the settlement currency if you have open orders or positions in USD-margined futures. If you haven’t made a selection, USDC will be used as the settlement currency by default. Once your changes are saved, your trading fees, unrealized PnL, funding fee, initial margin, and maintenance margin will all be calculated, paid, or received in the selected settlement currency.

3. What happens if I use a different settlement currency than my counterparty?

We will handle the conversions between different settlement currencies automatically, so you don’t need to make any manual adjustments.

4. What’s the “interest-free” quota? What happens if I exceed the “interest-free”quota?

Each sub-account has an interest-free quota equivalent to 20,000 USD. Currently, traders in certain jurisdictions are prohibited from actively borrowing USDG, and the liability (negative equity) generated by negative UPL (unrealized PnL) will be handled in the following way —

  • For example, when the negative equity of USDG exceeds the interest-free quota equivalent to 20,000 USD due to market fluctuation and reaches -25,000 USD, the full amount of -25,000 USD will be converted to USDC. The total amount of the negative equity will be subtracted from the USDC balance, and added it to the USDG balance, which could lead to liability (borrowing) in USDC. As a result, USDG equity will be reset to zero.

  • If the market moves further against the trader’s positions, and the negative UPL again exceeds 20,000 USD, the full amount of the negative equity will again be converted to USDC.

  • If the market moves in favor of the trader’s positions and generates a positive UPL, the positive equity will not be automatically converted to USDC.


5. Will there be any delays in withdrawals?

Most withdrawals are processed promptly, but delays can occasionally occur due to standard security measures or external factors.

  • Security holds: Withdrawals may be held for up to 10 calendar days as part of our routine security measures in some markets.

  • Conversion delays: If your withdrawal involves stablecoin redemption or fiat conversion, processing time is dependent on our stablecoin partners and their processing conditions and timelines.

We’re committed to processing your withdrawal as quickly as possible and we appreciate your patience. For any concerns, please reach out to our support team.

Disclaimer
This content is provided for informational purposes only and may cover products that are not available in your region. It is not intended to provide (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell, or hold crypto/digital assets, or (iii) financial, accounting, legal, or tax advice. Crypto/digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding crypto/digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. Information (including market data and statistical information, if any) appearing in this post is for general information purposes only. While all reasonable care has been taken in preparing this data and graphs, no responsibility or liability is accepted for any errors of fact or omission expressed herein. Both OKX Web3 Wallet and OKX NFT Marketplace are subject to separate terms of service at www.okx.com.

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