Dear OKX Users,
We are excited to announce the official launch of AUCTION/USDT leverage trading, Simple Earn, and AUCTIONUSDT perpetual contracts across our web platform, mobile app, and API interface starting December 1, 2023, at 16:00 (UTC+8). Below are the detailed specifications:
I. Leverage Trading and Simple Earn
AUCTION Margin Trading:
- Available with USDT trading pairs
- Leverage tiers will follow our Margin Borrowing Position Tier Guidelines
Simple Earn:
- Participation limits outlined in OKX Simple Earn Rules
👉 Maximize your yields with AUCTION Simple Earn
II. Perpetual Contracts
1. Contract Specifications
AUCTIONUSDT Perpetual Contract:
| Contract Parameter | Details |
|---|---|
| Underlying Asset | AUCTION/USDT Index |
| Settlement Currency | USDT |
| Contract Face Value | 0.1 |
| Pricing Unit | USDT price per 1 AUCTION |
| Minimum Price Increment | 0.001 |
| Leverage Range | 0.01–50x |
| Funding Rate Formula | Clamp(MA((Contract Mid Price − Spot Index)/Spot Index), −1.5%, 1.5%) |
| Trading Hours | 24/7 |
Note:
- Initial funding rate cap: 0.03% until 00:00 (UTC+8) on December 2, 2023, adjusting to the standard 1.5% thereafter.
- All other rules (e.g., limit orders) align with existing perpetual contracts.
👉 Start trading AUCTION perpetuals with low fees
Key Features
- Multi-platform access: Trade seamlessly via web, app, or API.
- Flexible leverage: Scale positions up to 50x.
- Transparent rates: Predictable funding fee structure.
FAQs
1. When does AUCTION perpetual trading begin?
Trading starts at 16:00 (UTC+8) on December 1, 2023.
2. What’s the maximum leverage for AUCTION?
Users can apply leverage from 0.01x to 50x.
3. How is the funding rate calculated?
Rates are derived from the difference between contract mid-price and spot index, clamped at ±1.5%.
4. Can I participate in Simple Earn with AUCTION?
Yes! Check the Simple Earn portal for allocation limits.
5. Are there trading fees for perpetual contracts?
Standard maker-taker fees apply. Refer to our Fee Schedule.
OKX remains committed to delivering innovative products and exceptional service.
OKX Team
December 1, 2023
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