1. Which cryptos are supported for flexible-term loans?
We support over 10 cryptos such as BTC/ETH/USDT in flexible-term loans. You can refer to our crypto list.
2. What’s the difference between flexible-term loans and fixed-term loans?
(1) Cryptos supported: Fixed-term loans only support BTC and USDT, while flexible-term loans support over 10 cryptos.
(2) Interest calculation rules: Fixed-term loans accrue interest every daily on a fixed rate; flexible-term loans accrue and update interest every hour. It will take around 5 minutes to finish recording interest. Any loans that are taken during this period will be recorded as well.
(3) Repayment rules: Fixed-term loans shall be repaid on time, and penalty applies for early repayments. Flexible-term loans can be repaid at any time, and no other fees are incurred for repayment.
3. How’s the loan interest calculated?
Flexible-term loans generate interest every hour. Hourly interest equals the sum of principal borrowed and interest accrued multiplied by current interest rate
4. How should I pay the loan interest after a successful borrowing?
You can pay both the interest and principal at once upon repayment. You can also choose to pay interest first, and then the principal.
5. How to repay?
Find out the flexible loan order and select “Repay”. We support partial and full repayments.
6. How’s the liquidation price determined?
It’s determined by the index price to avoid liquidations caused by significant price deviations in a certain exchange.
7. Will I have funds remaining after liquidation?
As the liquidation trigger points of flexible-term loans are relatively high, you won’t have remaining funds will be after liquidation. Any remaining funds will be injected into the insurance funds to cover the possible bankruptcy loss.
8. What should I do if a bankruptcy loss is caused by forced liquidation due to the sharp price fluctuation of collaterals?
Due to severe price fluctuations, if the system can’t liquidate a position or you can’t repay the borrowed asset and related interest after the forced liquidation, the system will use the insurance funds to cover the bankruptcy loss. If there isn’t enough insurance funds to cover the loss, OKX will reserve the right to claim compensation from you.