How to close an open contract position on OKX?

Closing an Open Contract Position on OKX

Trading perpetual or futures contracts on OKX requires understanding how to manage open positions effectively. Closing a position is a crucial step to lock in profits or minimize losses. The process varies slightly depending on whether you're using the web platform or mobile app, but the core mechanics remain consistent across devices.

Accessing Your Open Positions

3. Locate the 'Positions' tab displayed at the top or bottom of the trading interface.
4. Review the list of active positions, which includes details like entry price, leverage, margin mode, and unrealized P&L.
5. Identify the specific position you intend to close by checking the asset symbol and direction (long or short).

Executing the Close Order

1. Within the 'Positions' tab, find the 'Close' button adjacent to the open contract. Clicking this opens the order panel pre-filled with the current market data.
2. Choose your preferred order type: Market, Limit, Post-Only, or Reduce-Only. Selecting Market executes immediately at the best available price.
3. Confirm the order size matches the entire position unless you're partially closing. Adjust quantity if needed.
4. Review liquidation price and potential fees before submission.
5. Click 'Sell' for long positions or 'Buy' for short positions to finalize the closure.

Verifying the Closure

1. After submitting the close order, check the 'Orders' tab to confirm execution status.
2. Once filled, the position will disappear from the 'Positions' list.
3. Examine your wallet balance to see the updated equity reflecting realized gains or losses.
4. Access the 'Transaction History' or 'Income Records' section to view funding payments and P&L breakdown.
5. Ensure margin has been released back into your available balance under the relevant account type (isolated or cross).

Frequently Asked Questions

What happens if I don't manually close a futures position on OKX?If left open, the position remains active until it's either liquidated due to insufficient margin or closed by the user. Funding fees continue to accrue periodically based on the contract’s rate and your position size.

Can I close part of my contract position?Yes. When placing a close order, you can input a quantity smaller than the full position size. This reduces exposure without exiting entirely, useful for scaling out of trades gradually.

Why does my close order show as 'Reduce-Only'?OKX automatically sets close orders to Reduce-Only to prevent accidental opening of opposite positions. This restriction ensures the order only decreases existing exposure rather than increasing it.

Is there a fee for closing a contract on OKX?Closing incurs a taker or maker fee depending on the order type used. Market orders typically carry higher fees as taker transactions, while limit orders that add liquidity may receive lower rates or rebates.