1. 交割合約簡介
Crypto-margined Expiry Futures
OKX crypto-margined futures contracts are a derivative product settled in cryptocurrencies such as BTC, LTC, and ETH. Some contracts have weekly, monthly, and quarterly futures, but others 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: BTCUSD expiry futures contract specifications
Symbol | BTCUSD |
Underlying index | BTC/USD |
Settlement currency | BTC |
Face value | 100 USD |
Price | USD price of 1 BTC |
Tick size | 0.01 |
Leverage | 0.01-100x |
Trading hours | 24/7 |
Contract type | Weekly, Bi-weekly, Monthly, Bi-monthly, Quarterly, Bi-quarterly |
Settlement time | 8:00 am UTC, Friday of the week of delivery |
Example 2: LTCUSD expiry futures contract specifications
Symbol | LTCUSD |
Underlying index | LTC/USD |
Settlement currency | LTC |
Face value | 10 USD |
Price | USD price of 1 LTC |
Tick size | 0.01 |
Leverage | 0.01-50x |
Trading hours | 24/7 |
Contract type | Weekly, Bi-weekly, Quarterly, Bi-quarterly |
Settlement 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. Some contracts have weekly, monthly, and quarterly futures, but others 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 |
Settlement currency | USDT |
Face value | 0.01 BTC |
Price | USDT price of 1 BTC |
Tick size | 0.01 BTC |
Leverage | 0.01-100x |
Trading hours | 24/7 |
Contract type | Weekly, Bi-weekly, Monthly, Bi-monthly, Quarterly, Bi-quarterly |
Settlement time | 8:00 am (UTC), Friday of the week of delivery |
Example 2: LTCUSDT expiry futures contract specifications
Symbol | LTCUSDT |
Underlying index | LTC/USDT |
Settlement currency | USDT |
Face value | 1 LTC |
Price | USDT price of 1 LTC |
Tick size | 0.01 LTC |
Leverage | 0.01-50x |
Trading hours | 24/7 |
Contract type | Weekly, Bi-weekly, Quarterly, Bi-quarterly |
Settlement 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 | BTCUSDT, BTCUSD, ETHUSD | Others |
|---|---|---|
Available expiry contract durations | 6 durations: | 4 durations: |
Expiration date and time | Weekly: Friday at 8:00 am (UTC) | Weekly: Friday at 8:00 am (UTC) |
Listing time | New futures contracts will be listed at 8:00 am (UTC). If the expiration dates for new and existing contracts do not coincide: If the expiration dates for new and existing contracts coincide: | New futures contracts will be listed at 8:00 am (UTC). If the expiration dates for new and existing contracts do not coincide: If the expiration dates for new and existing contracts coincide: |
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 settlement 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.