Dear OKX users,
Adjustments on futures and perpetual swaps
| Instrument | Before | After | ||||
| Index | Quote unit | Settlement currency | Index | Quote unit | Settlement currency | |
| BTCUSDC futures, BTCUSDC perpetual | BTC/USD | Quote at the USD price of 1 BTC | USDC | BTC/USDC | Quote at the USDC price of 1 BTC | USDC |
| ETHUSDC futures, ETHUSDC perpetual | ETH/USD | Quote at the USD price of 1 ETH | USDC | ETH/USDC | Quote at the USDC price of 1 ETH | USDC |
Adjustments on margin crypto pairs
| Crypto pairs | Before | After |
| Index | Index | |
| BTC/USDC margin | BTC/USD | BTC/USDC |
| ETH/USDC margin | ETH/USD | ETH/USDC |
| LTC/USDC margin | LTC/USD | LTC/USDC |
| DOT/USDC margin | DOT/USD | DOT/USDC |
| DOGE/USDC margin | DOGE/USD | DOGE/USDC |
| ETC/USDC margin | ETC/USD | ETC/USDC |
| BCH/USDC margin | BCH/USD | BCH/USDC |
| ADA/USDC margin | ADA/USD | ADA/USDC |
| LINK/USDC margin | LINK/USD | LINK/USDC |
| XRP/USDC margin | XRP/USD | XRP/USDC |
| ATOM/USDC margin | ATOM/USD | ATOM/USDC |
| ALGO/USDC margin | ALGO/USD | ALGO/USDC |
| XMR/USDC margin | XMR/USD | XMR/USDC |
| SNX/USDC margin | SNX/USD | SNX/USDC |
| SUSHI/USDC margin | SUSHI/USD | SUSHI/USDC |
| UNI/USDC margin | UNI/USD | UNI/USDC |
| AVAX/USDC margin | AVAX/USD | AVAX/USDC |
| AAVE/USDC margin | AAVE/USD | AAVE/USDC |
| NEAR/USDC margin | NEAR/USD | NEAR/USDC |
| SOL/USDC margin | SOL/USD | SOL/USDC |
| CHZ/USDC margin | CHZ/USD | CHZ/USDC |
| MATIC/USDC margin | MATIC/USD | MATIC/USDC |
| SAND/USDC margin | SAND/USD | SAND/USDC |
| APE/USDC margin | APE/USD | APE/USDC |
| LUNA/USDC margin | LUNA/USD | LUNA/USDC |
| OP/USDC margin | OP/USD | OP/USDC |
| CEL/USDC margin | CEL/USD | CEL/USDC |
| LUNC/USDC margin | LUNC/USD | LUNC/USDC |
| ETHW/USDC margin | ETHW/USD | ETHW/USDC |
| APT/USDC margin | APT/USD | APT/USDC |
Breakdown of index components
| Index | Exchange | Pair | Weight |
| BTC/USDC | Binance | BTC/USDC | 16.66% |
| Kucoin | BTC/USDC | 16.66% | |
| Bybit | BTC/USDC | 16.66% | |
| OKX | BTC/USDC | 16.66% | |
| Gate | BTC/USDT | 16.66% | |
| Kraken | BTC/USDC | 16.66% | |
| ETH/USDC | OKX | ETH/USDC | 16.66% |
| Bybit | ETH/USDC | 16.66% | |
| Kraken | ETH/USDC | 16.66% | |
| Binance | ETH/USDC | 16.66% | |
| Coinbase | ETH/USD | 16.66% | |
| Kucoin | ETH/USDC | 16.66% | |
| LTC/USDC | Gate | LTC/USDT | 20% |
| Binance | LTC/USDT | 20% | |
| OKX | LTC/USDC | 20% | |
| Coinbase | LTC/USD | 20% | |
| Kucoin | LTC/USDT | 20% | |
| DOT/USDC | OKX | DOT/USDC | 20% |
| Bybit | DOT/USDT | 20% | |
| Binance | DOT/USDT | 20% | |
| Coinbase | DOT/USD | 20% | |
| Gate | DOT/USDT | 20% | |
| DOGE/USDC | OKX | DOGE/USDC | 20% |
| Binance | DOGE/USDT | 20% | |
| Bybit | DOGE/USDT | 20% | |
| Coinbase | DOGE/USD | 20% | |
| Kucoin | DOGE/USDT | 20% | |
| ETC/USDC | Binance | ETC/USDT | 20% |
| Kucoin | ETC/USDT | 20% | |
| OKX | ETC/USDC | 20% | |
| Coinbase | ETC/USD | 20% | |
| Gate | ETC/USDT | 20% | |
| BCH/USDC | Coinbase | BCH/USD | 20% |
| Huobi | BCH/USDT | 20% | |
| OKX | BCH/USDC | 20% | |
| Binance | BCH/USDT | 20% | |
| Mxc | BCH/USDC | 20% | |
| ADA/USDC | OKX | ADA/USDC | 20% |
| Kucoin | ADA/USDT | 20% | |
| Binance | ADA/USDT | 20% | |
| Coinbase | ADA/USD | 20% | |
| Kraken | ADA/USD | 20% | |
| LINK/USDC | OKX | LINK/USDC | 20% |
| Huobi | LINK/USDT | 20% | |
| Binance | LINK/USDT | 20% | |
| Coinbase | LINK/USD | 20% | |
| Kraken | LINK/USD | 20% | |
| XRP/USDC | Binance | XRP/USDT | 20% |
| Bybit | XRP/USDC | 20% | |
| OKX | XRP/USDC | 20% | |
| Kucoin | XRP/USDC | 20% | |
| Bitstamp | XRP/USD | 20% | |
| ATOM/USDC | OKX | ATOM/USDC | 20% |
| Bybit | ATOM/USDT | 20% | |
| Binance | ATOM/USDT | 20% | |
| Coinbase | ATOM/USD | 20% | |
| Kucoin | ATOM/USDT | 20% | |
| ALGO/USDC | OKX | ALGO/USDC | 20% |
| Bybit | ALGO/USDT | 20% | |
| Binance | ALGO/USDT | 20% | |
| Coinbase | ALGO/USD | 20% | |
| Kucoin | ALGO/USDT | 20% | |
| XMR/USDC | OKX | XMR/USDC | 25% |
| Binance | XMR/USDT | 25% | |
| Kucoin | XMR/USDT | 25% | |
| Kraken | XMR/USD | 25% | |
| SNX/USDC | OKX | SNX/USDC | 25% |
| Binance | SNX/USDT | 25% | |
| Coinbase | SNX/USD | 25% | |
| Kucoin | SNX/USDT | 25% | |
| SUSHI/USDC | OKX | SUSHI/USDC | 20% |
| Binance | SUSHI/USDT | 20% | |
| Huobi | SUSHI/USDT | 20% | |
| Coinbase | SUSHI/USD | 20% | |
| Kucoin | SUSHI/USDT | 20% | |
| UNI/USDC | OKX | UNI/USDC | 20% |
| Binance | UNI/USDT | 20% | |
| Bybit | UNI/USDT | 20% | |
| Coinbase | UNI/USD | 20% | |
| Mxc | UNI/USDT | 20% | |
| AVAX/USDC | OKX | AVAX/USDC | 20% |
| Binance | AVAX/USDT | 20% | |
| Bybit | AVAX/USDT | 20% | |
| Coinbase | AVAX/USD | 20% | |
| Kucoin | AVAX/USDT | 20% | |
| AAVE/USDC | OKX | AAVE/USDC | 25% |
| Binance | AAVE/USDT | 25% | |
| Bybit | AAVE/USDT | 25% | |
| Coinbase | AAVE/USD | 25% | |
| NEAR/USDC | OKX | NEAR/USDC | 25% |
| Binance | NEAR/USDT | 25% | |
| Huobi | NEAR/USDT | 25% | |
| Kucoin | NEAR/USDT | 25% | |
| SOL/USDC | OKX | SOL/USDC | 20% |
| Binance | SOL/USDT | 20% | |
| Kucoin | SOL/USDC | 20% | |
| Coinbase | SOL/USD | 20% | |
| Bybit | SOL/USDC | 20% | |
| CHZ/USDC | OKX | CHZ/USDC | 20% |
| Bybit | CHZ/USDT | 20% | |
| Binance | CHZ/USDT | 20% | |
| Coinbase | CHZ/USD | 20% | |
| Gate | CHZ/USDT | 20% | |
| MATIC/USDC | OKX | MATIC/USDC | 16.66% |
| Binance | MATIC/USDT | 16.66% | |
| Kraken | MATIC/USD | 16.66% | |
| Coinbase | MATIC/USD | 16.66% | |
| Bybit | MATIC/USDT | 16.66% | |
| Kucoin | MATIC/USDC | 16.66% | |
| SAND/USDC | OKX | SAND/USDC | 16.66% |
| Binance | SAND/USDT | 16.66% | |
| Gate | SAND/USDT | 16.66% | |
| Kucoin | SAND/USDT | 16.66% | |
| Bybit | SAND/USDT | 16.66% | |
| Coinbase | SAND/USD | 16.66% | |
| APE/USDC | OKX | APE/USDC | 20% |
| Gate | APE/USDT | 20% | |
| Binance | APE/USDT | 20% | |
| Coinbase | APE/USD | 20% | |
| Kucoin | APE/USDT | 20% | |
| LUNA/USDC | OKX | LUNA/USDC | 25% |
| Gate | LUNA/USDT | 25% | |
| Kucoin | LUNA/USDT | 25% | |
| Binance | LUNA/USDT | 25% | |
| OP/USDC | OKX | OP/USDC | 16.66% |
| Kucoin | OP/USDT | 16.66% | |
| Gate | OP/USDT | 16.66% | |
| Binance | OP/USDT | 16.66% | |
| Coinbase | OP/USD | 16.66% | |
| Bybit | OP/USDT | 16.66% | |
| CEL/USDC | OKX | CEL/USDC | 25% |
| Huobi | CEL/USDT | 25% | |
| Mxc | CEL/USDT | 25% | |
| Bybit | CEL/USDT | 25% | |
| LUNC/USDC | OKX | LUNC/USDC | 16.66% |
| Bybit | LUNC/USDT | 16.66% | |
| Kucoin | LUNC/USDT | 16.66% | |
| Gate | LUNC/USDT | 16.66% | |
| Binance | LUNC/USDT | 16.66% | |
| Kraken | LUNC/USD | 16.66% | |
| ETHW/USDC | OKX | ETHW/USDC | 20% |
| Huobi | ETHW/USDT | 20% | |
| Gate | ETHW/USDT | 20% | |
| Mxc | ETHW/USDT | 20% | |
| Bybit | ETHW/USDT | 20% | |
| APT/USDC | OKX | APT/USDC | 20% |
| Binance | APT/USDT | 20% | |
| Gate | APT/USDT | 20% | |
| Coinbase | APT/USD | 20% | |
| Kucoin | APT/USDT | 20% |
Rules on profit and loss calculation
Take BTCUSDC perpetual swap as an example. BTCUSDC perpetual of OKX are quoted with BTC/USDC index; and all margins, profits, and losses are quoted in USDC. If a user holds a long 1-BTC worth of BTCUSDC perpetual swap (eg. 10,000 BTCUSDC contracts with a face value of 0.0001 BTC), the user will earn 100 USDC when the price of BTC, quoted in USDC, increases by 100 USDC.
Profit and loss formula:
Long positions: Face value × Number of contracts × Average price of open positions - Face value × Number of contracts × Average price of open positions
Short positions: Face value × Number of contracts × Average price of open positions - Face value × Number of contracts × Average price of open positions
Mark price and price limit rules
After index adjustment:
USDC derivatives mark prices and USDC margin mark prices will be calculated with the corresponding USDC price index. For more details, please refer to Ⅱ. Mark price
Price limits on USDC derivatives trading will be calculated based on corresponding USDC price index. For more details, please refer to Ⅲ. Price limit rules
V5 API
V5 API will be affected after the adjustment takes effect. For more details, please refer to Changes to V5 API users as OKX supports USDC index
Risk disclaimer
Due to recent market volatility, index adjustments may lead to price fluctuations in margin and derivatives markets. The maintenance margin requirement for user positions may increase after adjustment of position tiers. To prevent forced liquidations caused by these adjustments, users are encouraged to reduce their leverage by either increasing margins or closing positions.
For any inquiries regarding this adjustment, please feel free to contact us in the OKX Telegram group or via the Support Center.
OKX
Mar 24, 2023 (UTC)
