Crypto-Margined Perpetual Futures
OKX’s crypto-margined perpetual futures are derivative contracts settled in cryptocurrencies like BTC. Each contract represents a fixed size of 100 USD, allowing traders to speculate on price movements with leverage up to 100x.
Example: BTCUSD Perpetual Futures Specifications
| Specification | Details |
|---|---|
| Symbol | BTCUSD-PERP |
| Underlying | BTC/USD index |
| Settlement Currency | BTC |
| Contract Size | 100 USD |
| Tick Size | 0.1 |
| Leverage Range | 0.01–100x |
| Trading Hours | 24/7 |
| Funding Fee Times | 12:00 AM, 8:00 AM, 4:00 PM UTC |
USDT-Margined Perpetual Futures
These contracts are settled in USDT, eliminating the need to hold the underlying asset. Traders can go long or short with the same high leverage (up to 100x).
Example: BTCUSDT Perpetual Futures Specifications
| Specification | Details |
|---|---|
| Symbol | BTCUSDT-PERP |
| Underlying | BTC/USDT index |
| Contract Size | 0.01 BTC |
| Tick Size | 0.1 |
| Funding Fee Times | 12:00 AM, 8:00 AM, 4:00 PM UTC |
Key Features
Settlement Currency
- Crypto-margined: Settled in BTC/ETH/etc., ideal for direct crypto exposure.
- USDT-margined: Settled in stablecoins, reducing volatility risk.
No Expiration
Unlike traditional futures, perpetual contracts never expire, enabling flexible long-term positions.
Pricing Mechanisms
- Index Price: Aggregated from multiple exchanges to ensure fairness.
- Mark Price: Prevents unnecessary liquidations during volatile spikes.
Risk Management
- Dynamic Price Ranges: Adjusts to prevent market manipulation.
- Tiered Margin Requirements: Larger positions require higher margins, stabilizing leverage.
Funding Rate
Fees are exchanged every 8 hours between long/short positions to tether futures prices to spot prices. Close positions before funding times to avoid charges.
Trading Modes
- One-Way Mode: Single-direction positions (e.g., only long or short).
- Hedge Mode: Simultaneously hold long and short positions for advanced strategies.
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FAQs
1. How does leverage work in perpetual futures?
Leverage amplifies gains/losses. For example, 10x leverage means a 1% price move = 10% P/L.
2. What’s the difference between mark and index prices?
The index price reflects the spot market average, while the mark price prevents liquidations from outlier trades.
3. How are funding rates calculated?
Rates depend on the gap between futures and spot prices. If futures trade higher, longs pay shorts (and vice versa).
4. Can I avoid funding fees?
Yes—close positions before scheduled funding times (UTC).
5. Is hedging allowed on OKX?
Yes! Enable Hedge Mode in settings to hold opposing positions.
6. What’s the minimum margin for perpetual futures?
Varies by tier. Larger positions require higher margins (e.g., 2% for small positions, 5% for large).