OKX X-Perps Guide

USD Expiry Perpetuals (X-Perps)

OKX USD-margined X-Perp is a derivative product that settled in USD. X-Perps are settled in USD-equivalent currencies such as USDC, USDG, or USD. The X-Perp includes a funding fee mechanism to keep prices aligned with the spot market. It has a defined expiration date set in the future.

Example: BTCUSD UM X-Perp specifications

X-Perp contract generation rules

On the first day of the expiry month, a new far-dated contract is automatically generated. Both the existing contract approaching expiry and the newly generated contract will be available for trading simultaneously during the transition period, allowing traders to roll over positions.

Key features

Settlement currency: USD-margined X-Perp settle in USD-equivalent currencies including USDC, USDG, or USD in eligible jurisdictions. This allows traders to settle in their preferred currency for a seamless trading experience without needing to hold the underlying crypto asset.

Expiration date with rollover: X-Perp have a defined expiration date set far into the future. When the contract approaches expiry, a new far-dated contract is automatically generated, allowing for a smooth transition. Traders can hold positions through the rollover by closing their expiring contract and opening the new one, or allowing positions to be settled at delivery.

Funding rate: To keep futures prices aligned with the underlying index price, OKX applies a funding rate mechanism identical to that used for perpetual futures.

Index price: USD-margined X-Perp uses the underlying USD index. In order to keep index prices in line with the spot market, OKX uses prices from at least three major exchanges, and adopts 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 adjustment: OKX dynamically adjusts the price range for each order based on the spot price and the previous minute's futures price, in an effort to prevent malicious market disruption.

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 requirement: OKX employs a tiered maintenance margin requirement mechanism. For users with larger positions, the maintenance margin requirement will be higher and the maximum leverage will be lower. When your margin drops below the maintenance margin requirement plus the trading fees, your positions will be reduced or liquidated.

Delivery and settlement: Upon expiration, all open positions are settled at the delivery price. The delivery price is determined by averaging the index price at each second over the last 30 minutes before delivery.

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 BTCUSD UM X-Perp 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 BTCUSD UM X-perp 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.

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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