Introduction to margin-free mode
Asset terms & definitions
In margin-free mode, the asset terms in trading account are displayed in a table, as shown below:
| Term | Definition |
| Equity | The current equity amount that can be used for spot or options trading. Equity = Available + In use + Options value |
| In use | The amount of certain crypto frozen in all pending orders and used in trading bots Balance in use = Selling amount of certain crypto in pending orders + Required crypto amount in buying options + Trading fees in pending orders of buying options + Used in trading bots |
| Available | The current equity amount that can be used for spot or options trading |
| Options value | The current options value of buyers of a certain currency in the account. |
| Total equity | The net value of all currencies in the account converted into fiat. Total equity = Sum (equity * currency price) *The currency price is the USD index price of this currency on OKX. If the currency does not have USD index price, then OKX will use the spot price of the pair (base currency/USDT) * the USD price of USDT |
Trading rules
In margin-free mode, only spot trading and options long trading are available to users, while margin, perpetual swap, futures, or options seller trading are not supported. When users sell assets of a certain currency, or buy options settled with this currency, the available balance of this currency should be greater than or equal to the amount of the same currency required by the order.
1. Spot trading
As shown in the figure below, “Available” in “Buy BTC” shows you the current USDT balance available to buy BTC, while "Max buy" shows you the amount of BTC that can be bought based on the last price of BTC/USDT.
“Available” in “Sell BTC” shows you the current BTC balance you can sell, while "Max sell" shows you the amount of USDT obtained after selling BTC based on the last price of BTC/USDT.
Enter an appropriate BTC purchase price and amount, and click “Buy BTC” to place the order. (Likewise for selling)
Your buy/sell orders can be viewed on the Open Orders and Order History lists. Open Orders are the orders that have not been filled or partially filled, and Order History shows the ones that have been completely filled or canceled.
2. Options Long
In simple mode, you can still trade options contracts as an options buyer. The simple mode only supports selling to close positions, but selling to open positions is not available. In other words, you can close a long position by selling options, but you cannot directly sell options to hold a short position. If you want to trade as an options seller, you can switch the account mode to single currency or multi-currency margin mode.
On the order interface, users can place an options order by filling the Price and Amount fields and clicking the Buy button. If the options order is not filled, a certain amount of the corresponding currency will be held. The in use equity will be calculated as such. Equity in use for open orders = (Order price * Amount of contracts * Contract multiplier + Fee). After the order is filled, the equity in use will be deducted from the available balance of this currency, and an options long position will be created. The specific position can be checked under the Asset tab of the corresponding currency.
View options holdings on Asset page
Before expiry, you can choose to close the options position based on the market conditions to earn income. After the position is closed, the corresponding operation record can be viewed in the Order History.
After the options contract expires, the option contract will be automatically exercised or expired based on the contract’s strike price and underlying index price at the time of exercise. You can view the specific records on the Information - Options: exercised page.