What are the contract specifications for OKX futures?

Understanding OKX Futures Contract Types

OKX offers multiple types of futures contracts, each designed to meet different trading preferences and risk profiles. The primary categories include USDT-margined contracts, coin-margined contracts, and inverse futures. USDT-margined contracts are settled in stablecoins, making them ideal for traders seeking to avoid volatility in their margin. These contracts are quoted and settled in USDT, and profits or losses are also calculated in USDT. In contrast, coin-margined contracts use the underlying cryptocurrency as both the margin and settlement asset. For example, a BTC contract margined in BTC means all gains or losses are reflected in BTC. Inverse futures are denominated in the base cryptocurrency but settled in USD, allowing traders to hedge positions directly against dollar value fluctuations.

Contract Specifications: Size and Multiplier

Each futures contract on OKX has defined specifications to ensure transparency and standardization. The contract size varies depending on the asset. For Bitcoin (BTC) USDT-margined contracts, one contract typically represents 0.001 BTC. For Ethereum (ETH), the contract size is usually 0.1 ETH. These values are standardized across the platform and are displayed directly on the trading interface. The multiplier for USDT-margined contracts is effectively 1, meaning the profit or loss per contract is calculated based on the difference in price multiplied by the contract size. For inverse contracts, the multiplier is expressed in USD per unit of cryptocurrency—for example, $100 per BTC. This structure ensures precise calculation of PnL regardless of price movement direction.

Leverage and Margin Mechanics

OKX allows users to trade futures with adjustable leverage, ranging from 1x to as high as 125x depending on the contract and position size. Leverage is set at the time of order placement and can be modified for open positions under certain conditions. Initial margin is the minimum amount required to open a leveraged position, calculated as position value divided by leverage. For example, a 10x leveraged position of $10,000 requires $1,000 in margin. Maintenance margin is the minimum equity needed to keep the position open, typically a small percentage of the position value (e.g., 0.5% to 1%). If the account balance falls below this threshold due to adverse price movement, a margin call is triggered, and the position may be liquidated. Traders can use either cross margin (where all available balance in the wallet supports the position) or isolated margin (where only a specified amount is allocated).

Funding Rate and Mark Price Mechanism

To align perpetual futures prices with the underlying spot market, OKX employs a funding rate mechanism. This rate is exchanged between long and short positions every 8 hours. If the funding rate is positive, longs pay shorts; if negative, shorts pay longs. The rate is determined by the difference between the futures price and the mark price, which is derived from a basket of spot prices across major exchanges to prevent manipulation. The mark price is used to calculate liquidation levels and unrealized PnL, ensuring fairness during volatile conditions. Funding fees are automatically deducted or credited from the trader’s wallet at the top of each funding interval, and the next funding time is always visible on the trading interface.

Order Types and Execution Parameters

OKX supports a wide range of order types to accommodate various trading strategies. Available options include limit orders, market orders, post-only orders, ioc (immediate or cancel), and fok (fill or kill). For futures trading, take-profit and stop-loss orders can be set with both trigger price and execution price parameters. When placing a stop-market order, traders specify a trigger price; once reached, a market order executes at the best available price. For stop-limit orders, both a trigger price and a limit price must be set—the order becomes a limit order only after the trigger is hit. Traders can also use conditional orders that execute based on specific price or time conditions, allowing for automated risk management without constant monitoring.

Liquidation and Risk Management Features

Liquidation occurs when a position’s margin balance drops below the maintenance requirement. OKX uses an insurance fund to cover losses from liquidated positions, reducing the chance of auto-deleverving (ADL). The estimated liquidation price is displayed in real time on the position panel and depends on leverage, entry price, and margin mode. In isolated margin mode, liquidation affects only the allocated margin. In cross margin mode, the entire wallet balance is at risk. To prevent unexpected liquidations, traders can:

• Increase margin manually
• Reduce leverage
• Set stop-loss orders
• Monitor the margin ratio closely

The platform also provides a liquidation buffer in the form of a countdown timer that appears when a position is near liquidation, giving users a brief window to act.

Frequently Asked Questions

Can I change the margin mode after opening a position?Yes, OKX allows traders to switch between isolated and cross margin modes for open positions. Navigate to the position panel, click the three-dot menu, and select “Switch Margin Mode.” Note that this action may affect your liquidation price and available leverage.

How is the funding fee calculated?The funding fee equals the position value multiplied by the funding rate. For example, a $5,000 long position with a 0.01% funding rate pays $0.50. The fee is settled every 8 hours, and the next funding time is shown in the contract details.

What happens during auto-deleveraging (ADL)?If the insurance fund is depleted and a position is liquidated at a loss, OKX may initiate ADL. Counterparty positions with high profitability and leverage are reduced gradually to cover the shortfall. ADL levels are visible in the risk limit settings.

Are there fees for opening and closing futures positions?Yes, OKX charges taker fees for market orders and maker fees for limit orders that add liquidity. Fee rates vary based on 30-day trading volume and VIP level. Fees are deducted from the trading wallet upon execution.