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Dipublikasikan Pada 20 Jun 2022Diperbarui Pada 13 Mar 2025Baca 7 mnt

Crypto-margined Expiry Futures

OKX crypto-margined futures contracts are a derivative product settled in cryptocurrencies such as BTC and ETH. Crypto-margined futures contracts have weekly, monthly, and quarterly futures. Traders can take a long or short position on cryptocurrencies to make a profit when the price goes up or down.

Example 1: BTCUSD expiry futures contract specifications

Symbol	BTCUSD
Underlying index	BTC/USD
Delivery currency	BTC
Face value	100 USD
Contract multiplier	1
Tick size	0.01
Leverage	0.01-20
Trading hours	24/7
Contract type	Weeklies, Monthlies, Quarterlies
Delivery time	8:00 am UTC, Friday of the week of delivery

Learn more about expiry contract details at /trade-market/info/futures

USDT-margined Expiry Futures

OKX USDT-margined expiry futures contracts are a derivative product settled in USDT. BTC contracts have weekly, monthly, and quarterly futures. ETH only have weekly and quarterly futures. Traders can take a long or short position on cryptocurrencies to make a profit when the price goes up or down.

Example 1: BTCUSDT expiry Futures specifications

Symbol	BTCUSDT
Underlying index	BTC/USDT
Delivery currency	USDT
Face value	0.01 BTC
Contract multiplier	1
Tick size	0.1
Leverage	0.01-20
Trading hours	24/7
Contract type	Weeklies, Monthlies, Quarterlies
Delivery time	8:00 am (UTC), Friday of the week of delivery

Example 2: ETHUSDT expiry futures contract specifications

Symbol	ETHUSDT
Underlying index	ETH/USDT
Delivery currency	USDT
Face value	0.1 ETH
Contract multiplier	1
Tick size	0.01
Leverage	0.01-20
Trading hours	24/7
Contract type	Weekly, Quarterly
Delivery time	8:00 am (UTC), Friday of the week of delivery

Learn more about expiry contract details at /trade-market/info/futures

Expiry Futures contract generation rules

Expiry futures contract types	BTCUSD	Others
Available expiry contract durations	6 durations: Weekly/Bi-weekly Monthly/Bi-monthly Quarterly/Bi-quarterly (March, June, September, and December)	4 durations: Weekly/Bi-weekly Quarterly/Bi-quarterly (March, June, September, and December)
Expiration date and time	Weekly: Friday at 8:00 am (UTC) Monthly: the last Friday of month at 8:00 am (UTC) Quarterly: the last Friday of calendar quarter at 8:00 am (UTC)	Weekly: Friday at 8:00 am (UTC) Quarterly: the last Friday of calendar quarter at 8:00 am (UTC)
Listing time	New futures contracts will be listed at 8:00 am (UTC). Bi-weekly, bi-monthly, and bi-quarterly contracts will be listed. If the expiration dates for new and existing contracts do not coincide: - Bi-weekly: every Friday - Bi-monthly: every third-to-last Friday of the month - Bi-quarterly: every third-to-last Friday of the expiration month (January, April, July, and October) If the expiration dates for new and existing contracts coincide: - New futures contracts won't be listed if their projected expiration dates coincide with those of existing contracts. For example, if there are already monthly contracts expiring on a specific date, a new bi-weekly contract set to expire on the same day won't be listed.	New futures contracts will be listed at 8:00 am (UTC). Bi-weekly and bi-quarterly contracts will be listed. If the expiration dates for new and existing contracts do not coincide: - Bi-weekly: every Friday - Bi-quarterly: every third-to-last Friday of the expiration month (March, June, September, and December) If the expiration dates for new and existing contracts coincide: - New futures contracts won't be listed if their expiration dates overlap with existing ones. For example, if there are already quarterly contracts expiring on a specific date, a new bi-weekly contract set to expire on the same day won't be listed.

Expiry futures contract types

BTCUSD

Others

Available expiry contract durations

6 durations:
Weekly/Bi-weekly
Monthly/Bi-monthly
Quarterly/Bi-quarterly (March, June, September, and December)

4 durations:
Weekly/Bi-weekly
Quarterly/Bi-quarterly (March, June, September, and December)

Expiration date and time

Weekly: Friday at 8:00 am (UTC)
Monthly: the last Friday of month at 8:00 am (UTC)
Quarterly: the last Friday of calendar quarter at 8:00 am (UTC)

Weekly: Friday at 8:00 am (UTC)
Quarterly: the last Friday of calendar quarter at 8:00 am (UTC)

Listing time

New futures contracts will be listed at 8:00 am (UTC).
Bi-weekly, bi-monthly, and bi-quarterly contracts will be listed.

If the expiration dates for new and existing contracts do not coincide:
- Bi-weekly: every Friday
- Bi-monthly: every third-to-last Friday of the month
- Bi-quarterly: every third-to-last Friday of the expiration month (January, April, July, and October)

If the expiration dates for new and existing contracts coincide:
- New futures contracts won't be listed if their projected expiration dates coincide with those of existing contracts. For example, if there are already monthly contracts expiring on a specific date, a new bi-weekly contract set to expire on the same day won't be listed.

New futures contracts will be listed at 8:00 am (UTC).
Bi-weekly and bi-quarterly contracts will be listed.

If the expiration dates for new and existing contracts do not coincide:
- Bi-weekly: every Friday
- Bi-quarterly: every third-to-last Friday of the expiration month (March, June, September, and December)

If the expiration dates for new and existing contracts coincide:
- New futures contracts won't be listed if their expiration dates overlap with existing ones. For example, if there are already quarterly contracts expiring on a specific date, a new bi-weekly contract set to expire on the same day won't be listed.

Key features

Settled in crypto or USDT
OKX crypto-margined expiry contracts are settled in cryptocurrencies and enable hedging and risk management by providing exposure to various crypto assets.
OKX USDT-margined expiry contracts are settled in USDT, allowing users to trade without having to hold the underlying asset.

Expiration date
All expiry futures contracts have a delivery date. The delivery price is determined by averaging the price index at each second over the final hour before delivery.

Index price
USDT-margined expiry contracts use the underlying USDT index, and crypto-margined expiry 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.

Price range
OKX adjusts the price range for each order based on the spot price and futures price of the last minute, in an effort to prevent unscrupulous traders from maliciously disrupting the market.

Mark price
In the event of extreme price fluctuations, OKX uses the mark price as a reference to prevent liquidation due to a single abnormal transaction.

Tiered maintenance margin level
The maintenance margin level is the minimum margin level to maintain a position. When the equity is lower than the maintenance margin + trading fee, positions will be reduced or closed. OKX adopts a tiered maintenance margin level mechanism, i.e., for users with larger positions, the maintenance margin level will be higher and the maximum leverage will be lower.

One-way and hedge mode
In One-way mode, users can only hold positions in one direction under the same margin mode and instrument. For example, if a user holds a long position of 10 contracts in BTCUSDT-31MAY24 and places an order to sell 5 contracts, the position shall become 5 contracts after the order has been filled.

In Hedge mode, users can hold both long and short positions under the same margin mode and instrument at the same time. For example, if a user holds a long position of 10 contracts in BTCUSDT-31MAY24 and places an order to sell 5 contracts, the user will have a long position of 10 contracts and a short position of 5 contracts after the order has been filled.

Settlement mechanism
Settlement will happen daily at 08:00 am UTC. Upon settlement, the position’s settlement PnL will be credited to your account balance, and the position’s entry price will be updated to the last settlement price. The position’s floating PnL will be calculated based on the updated entry price. You won’t be charged any fees for settlement and your position size won’t be affected. The settlement price is calculated by averaging the mark prices from the last hour before settlement. Note that these updates to settlement are only applicable to cross-margin positions. More information on the settlement rules can be found here.

This document is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, hold or offer any services relating to digital assets. Digital asset holdings, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. Leveraged trading in digital assets magnifies both potential gains and potential losses and could result in the loss of your entire investment. Past performance is not indicative of future results. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition, particularly if considering the use of leverage. You are solely responsible for your trading strategies and decisions, and OKX is not responsible for any potential losses. Not all products and promotions are available in all regions. For more details, please refer to the OKX Terms of Service and Risk & Compliance Disclosure.