OKX Crypto-Margined Perpetual Swaps is a derivative product settled in cryptocurrencies such as BTC, with a contract size of 100USD. Traders can take a long/short position on cryptocurrencies with up to 125x leverage to make a profit when the price goes up/down.

e.g. BTCUSD Perpetual Contract Specifications

For contract details, please visit /trade-market/info/swap

2. USDT-Margined Perpetual Swaps

OKX USDT-Margined Perpetual Swaps is a derivative product settled in USDT. Traders can take a long/short position on cryptocurrencies with up to 125x leverage to make a profit when the price goes up/down.

e.g. BTCUSDT Perpetual Contract Specifications

For contract details, please visit /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

Unlike traditional futures contracts, perpetual contracts don't have an expiry date.

(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 margin 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.

(7) Funding rate

Since perpetual contracts never settle in the traditional sense, exchanges need a mechanism to ensure that futures prices and index prices converge on a regular basis. This mechanism is known as Funding Rate. The funding fee payment is made every 8 hours at 08:00, 16:00 and 24:00 (HKT). Users will only pay or receive the funding fee when they have an open position. If the position is closed prior to the funding fee settlement, no funding fees will be charged or paid.