1. Overview
OKEx Perpetual Swap is a virtual derivative product that is settled in digital tokens such as Bitcoins (BTC). Each perpetual contract has a Face Value of 100 USD. Traders can long a position to profit from the increase of a digital asset's price, or short a position to profit from the decline of a digital asset's price. The available range of the Leverage is 0.01-125x.
Sharing a lot of similarities with OKEx Futures Contract, OKEx Perpetual Swap has the following differences:
Delivery - Perpetual Swap has no delivery date and never expires;
Funding - as there is no delivery date, a funding mechanism is used to ensure that the Perpetual Swap price is anchored to the spot market;
Mark Price - a mark price is used to calculate users' Unrealized Profits and Losses (UPL) in order to reduce unnecessary liquidation in volatile market conditions.
Daily Settlement – a daily settlement process (at HKT 16:00) moves Unrealized PnL into Realized PnL, increasing flexibility of capital utilization.
Tiered Maintenance Margin Ratio System - Maintenance Margin Ratio (MMR) is the lowest margin ratio required for holding a user's current positions. When the Margin Ratio + Forced-Liquidation Fee Rate drops below the MMR, forced liquidation (of full or partial position) occurs. The larger the positions a user holds, the higher the MMR, and the maximal Leverage available will be lowered effectively.
Forced Partial Liquidation - for users with larger positions and tiered as level 3 or above, when the margin ratio+ Forced-Liquidation Fee Rate is lower than the maintenance margin ratio of the tier, our system will attempt to bring the user down to a lower MMR tier by partially liquidating the user's positions, until the Margin Ratio+ Forced-Liquidation Fee Rate meets the MMR requirement of the tier. Under Fixed Margin Mode, during partial liquidation, the position will be frozen and no related operations can be executed; under Cross Margin Mode, during partial liquidation, the whole perpetual swap account will be frozen and no related operations can be executed.
2. Specifications
Trading hours for all Coin-margined perpetual swaps are 7*24h, and they are all settled at 8:00 (UTC) and the settlement currency is corresponding underlying.Price quotation is 1 unit of corresponding underlying.
Contract | Underlying | Face Value | Tick Size | Leverage |
BTCUSD Perpetual | BTC/USD | 100USD | 0.1 | 0.01-125X |
EOSUSD Perpetual | EOS/USD | 10USD | 0.001 | 0.01-75X |
ETHUSD Perpetual | ETH/USD | 10USD | 0.01 | 0.01-75X |
LTCUSD Perpetual | LTC/USD | 10USD | 0.01 | 0.01-75X |
BCHUSD Perpetual | BCH/USD | 10USD | 0.01 | 0.01-75X |
XRPUSD Perpetual | XRP/USD | 10USD | 0.0001 | 0.01-75X |
ETCUSD Perpetual | ETC/USD | 10USD | 0.001 | 0.01-75X |
BSVUSD Perpetual | BSV/USD | 10USD | 0.01 | 0.01-75X |
TRXUSD Perpetual | TRX/USD | 10USD | 0.0001 | 0.01-75X |
ADAUSD Perpetual | ADA/USD | 10USD | 0.00001 | 0.01-75X |
ALGOUSD Perpetual | ALGO/USD | 10USD | 0.0001 | 0.01-75X |
ATOMUSD Perpetual | ATOM/USD | 10USD | 0.001 | 0.01-75X |
DASHUSD Perpetual | DASH/USD | 10USD | 0.01 | 0.01-75X |
IOSTUSD Perpetual | IOST/USD | 10USD | 0.000001 | 0.01-75X |
IOTAUSD Perpetual | IOTA/USD | 10USD | 0.0001 | 0.01-75X |
KNCUSD Perpetual | KNC/USD | 10USD | 0.001 | 0.01-75X |
LINKUSD Perpetual | LINK/USD | 10USD | 0.001 | 0.01-75X |
NEOUSD Perpetual | NEO/USD | 10USD | 0.01 | 0.01-75X |
ONTUSD Perpetual | ONT/USD | 10USD | 0.0001 | 0.01-75X |
QTUMUSD Perpetual | QTUM/USD | 10USD | 0.001 | 0.01-75X |
THETAUSD Perpetual | THETA/USD | 10USD | 0.0001 | 0.01-75X |
XLMUSD Perpetual | XLM/USD | 10USD | 0.00001 | 0.01-75X |
XMRUSD Perpetual | XMR/USD | 10USD | 0.01 | 0.01-75X |
XTZUSD Perpetual | XTZ/USD | 10USD | 0.001 | 0.01-75X |
ZECUSD Perpetual | ZEC/USD | 10USD | 0.01 | 0.01-75X |