OKX Enhanced Liquidity Program
Introduction
The OKX Enhanced Liquidity Program (ELP) introduces a new post-only order type (ELP), aiming to enhance liquidity and improve trade execution quality for non-API users of eligible OKX entities. All users can place ELP orders through OpenAPI, which match only with taker orders that are not placed through OpenAPI.
By providing targeted liquidity, this program offers non-API users new economic incentives with price improvement and slippage reduction while maintaining transparency and market integrity across the platform.
Market participants
Maker
All users can place ELP orders through OpenAPI using place order endpoints, like other orders but specifying elp in the ordType field.
Taker
Orders that aren’t directly placed through OpenAPI are eligible to match with pending ELP orders as a taker.
Here are some examples of eligible ELP takers:
Normal order types are placed by clients through UI:
Market
Limit
Fill or kill (FOK)
Immediate or cancel (IOC)
Limit and market orders triggered by order types below:
TP/SL
Trailing stop
Trigger
Limit and market orders triggered by TP/SL attached to other orders.
Orders placed through other flows OKX deems appropriate.
Note:
Orders that are directly placed through OpenAPI are ineligible to take ELP orders, unless these orders are from OKX-authorized users.
OKX reserves the right to restrict users from accessing or taking liquidity provided through the Enhanced Liquidity Program (ELP), without prior notice and without liability. Such restrictions may be applied on a temporary or permanent basis, based on factors including but not limited to market conditions, regulatory requirements or risk management considerations.
Trading rules
ELP supports all business lines, but the actual scope of application will be announced separately through announcements.
You can only place ELP orders during the regular trading period after call auction. Otherwise, orders will be rejected.
ELP order is always post-only and functions as regular limit orders.
ELP orders can’t be placed with TP/SL orders.
New ELP buy orders can’t exceed the non-ELP best buy price, and new ELP sell orders can’t be below the non-ELP best sell price. Otherwise, ELP orders will be canceled due to price restrictions.
ELP orders aren’t allowed if there aren’t non-ELP orders in the order book.
Market movements could cause pending ELP buy orders to exceed the non-ELP best buy price, or ELP sell orders to be below the non-ELP best sell price. These ELP orders will become invalid for matching but still pending. These orders will become valid for matching again once there are non-ELP orders with better prices placed.
Here are some examples of the validity of ELP buy orders:
New ELP buy orders can’t exceed the non-ELP best buy price
Time | Type | Quantity | Bid price | Ask price | Quantity | Type | Time |
|---|---|---|---|---|---|---|---|
10:01 | ELP | 100 | 91 (cancelled) | 110 | 50 | Limit | 10:00 |
10:00 | Limit | 1 | 90 | ||||
10:01 | ELP | 100 | 90 |
ELP buy orders will become invalid for matching but still pending if they exceed the non-ELP best buy price
Time | Type | Quantity | Bid price | Ask price | Quantity | Type | Time |
|---|---|---|---|---|---|---|---|
110 | 50 | Limit | 10:00 | ||||
10:01 | ELP | 100 | 90 (invalid) | ||||
10:02 | Limit | 1 | 89 |
ELP buy orders will become valid if their prices don’t exceed the non-ELP best buy price
Time | Type | Quantity | Bid price | Ask price | Quantity | Type | Time |
|---|---|---|---|---|---|---|---|
110 | 50 | limit order | 10:00 | ||||
10:03 | Limit | 1 | 90 | ||||
10:01 | ELP | 100 | 90 (converted from invalid to valid) |
Matching rules
ELP orders will only match exclusively with taker orders that aren’t directly placed through OpenAPI with some exceptions.
ELP orders always have the lower priority among orders at the same price. They will only be executed after all non-ELP orders at the same price level are completed. This means you are encouraged to quote ELP orders at a better price than non-ELP orders. Here is an example below:
Priority sequence | Time | Order ID | Type | Ask price | Quantity |
|---|---|---|---|---|---|
1 | 9:02 | Order02 | Limit | 100 | 200 |
2 | 9:03 | Order03 | Limit | 100 | 200 |
3 | 9:01 | Order01 | ELP | 100 | 200 |
Order visibility
OpenAPI order book
ELP orders will be excluded from the current order book REST endpoints or WebSocket channels.
There will be a new WebSocket channel to include all ELP orders only (both valid and invalid parts). Users should distinguish valid and invalid parts using the best bid and ask price of non-ELP orders.
Web and app order book
ELP orders will be displayed in the order books on the web and app interfaces. However, there won’t be specific indications for whether ELP is enabled for certain symbols or if there are pending ELP orders.
Invalid ELP orders won’t be displayed in the order books on the web and app as these orders aren’t active for matching.
FAQ
What is OKX Enhanced Liquidity Program (ELP)?
The OKX Enhanced Liquidity Program (ELP) introduces a new post-only order type (ELP), aiming to enhance liquidity and improve trade execution quality for non-API users for eligible OKX entities. All users can place ELP orders through OpenAPI, which match only with taker orders that are not placed through OpenAPI.
Who is eligible to place ELP orders?
ELP orders can be placed through OpenAPI by all users.
Who is eligible to match with pending ELP orders?
Orders that aren’t directly placed through OpenAPI are eligible to match with pending ELP orders as a taker.
Additionally, orders that are directly placed through OpenAPI are also eligible if they are from clients authorized by OKX.
Are ELP orders visible in the order books?
API order book
ELP orders will be excluded from current order book REST endpoints or WebSocket channels.
There will be a new WebSocket channel to include all ELP orders only (both valid and invalid orders).
Order books on the web and app interfaces: Yes
How are ELP orders and trades labeled?
There aren’t specific ELP order indications in order books on the web and app interfaces, but there is a new WebSocket channel returning ELP orders exclusively.
There aren’t specific ELP order indications on the web and app interfaces, but trades are labelled as elp in OpenAPI trade records.
What are the fees for ELP orders?
ELP orders share the same fees as other regular orders.
What are OpenAPI changes?
Refer to API changelog.
Disclaimer
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.
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