How much is the hung order and order fee for OKX perpetual contracts?

Suspended orders, also known as resting orders, allow traders to anticipate market conditions and automatically enter or exit positions, with order fees charged only when the order is executed.

Jan 30, 2025 at 02:24 am

Key Points:

• Nature and Purpose of Suspended Orders
• Order Fee Structures: Maker and Taker
• Calculation of Hung Order Fees
• Estimation of Potential Order Fees
• Comparison with Other Exchanges
• FAQs on Suspended Orders and Order Fees

Nature and Purpose of Suspended Orders

Suspended orders, also known as resting orders, are placed in the order book but have not yet been executed. They remain active until either triggered by market conditions or canceled. This type of order allows traders to anticipate future price movements and enter or exit positions automatically.

Order Fee Structures: Maker and Taker

OKX employs a maker-taker fee structure for perpetual contract trading. Makers create liquidity by placing limit orders that improve the depth of the order book. Takers remove liquidity by executing against existing orders and typically pay higher fees.

Calculation of Suspended Orders Fees

For suspended orders, order fees are incurred only when the order is filled. The fee amount is calculated based on the following formula:

• Maker Order Fee: No fee
• Taker Order Fee: (Trading Volume * Taker Fee Rate)

The taker fee rate varies depending on the asset and trading pair. For example, the BTC-USDT pair has a taker fee rate of 0.05%, while the ETH-USDT pair has a fee rate of 0.06%.

Estimation of Potential Order Fees

To estimate the potential order fee for a suspended order, follow these steps:

1. Determine the trading pair and the volume of the order.
2. Check the taker fee rate for that trading pair.
3. Multiply the trading volume by the taker fee rate.

For instance, if you place a suspended order to buy 10 BTC at the market price, the potential order fee would be: 10 BTC * 0.05% = 0.005 BTC.

Comparison with Other Exchanges

Compared to other major cryptocurrency exchanges, OKX's order fees for suspended orders are generally competitive. Binance also uses a maker-taker fee structure, with slightly lower taker fees for high-volume traders. Huobi Global has a VIP fee structure, offering discounts on fees for users with higher trading volumes.

FAQs on Suspended Orders and Order Fees

• Q: Why are there no fees for maker orders?
  A: Maker orders create liquidity for the exchange, reducing slippage and facilitating smoother trading. Therefore, exchanges reward makers by not charging a fee.
• Q: Can I place suspended orders for all trading pairs?
  A: Yes, suspended orders are available for all trading pairs supported on the OKX exchange.
• Q: How can I check the status of my suspended orders?
  A: You can monitor your suspended orders in the "Orders" section of your OKX account.
• Q: Are order fees refundable if my order is not filled?
  A: No, order fees are non-refundable once the order is placed.
• Q: Can I cancel my suspended order without incurring any fees?
  A: Yes, you can cancel your suspended order at any time without any fees.