I. Introduction

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.

3. Fees