Expiration Date
Each futures contract has a fixed expiration and delivery date. The delivery price is calculated as the arithmetic average of the most recent one-hour BTC (LTC and other cryptocurrencies) US Dollar Index, which is used as the delivery price to settle all weekly contracts that are currently open. Perpetual contracts have no expiration date and never expire.
Disclaimer
This article may contain product-related content that does not apply to your region. This article is only committed to providing general information and is not responsible for any factual errors or omissions contained herein. This article represents only the author's personal views and does not represent the views of OKX. This article is not intended to provide any advice, including but not limited to: (i) investment advice or investment recommendations; (ii) offers or solicitations to buy, sell, or hold digital assets; or (iii) financial, accounting, legal, or tax advice. Holding digital assets (including stablecoins) involves high risk and may fluctuate significantly or even become worthless. You should carefully consider whether trading or holding digital assets is appropriate for you based on your financial situation. For questions specific to your circumstances, please consult your legal/tax/investment professional. The information contained in this article (including market data and statistics, if any) is for general reference purposes only. Although we have taken all reasonable precautions in preparing this data and these charts, we assume no responsibility for any factual errors or omissions expressed herein. © 2025 OKX. This article may be reproduced or distributed in its entirety, or excerpts of 100 words or fewer may be used, provided that such use is non-commercial. Any reproduction or distribution of the entire article must prominently state: "This article is copyrighted © 2025 OKX, used with permission." Permitted excerpts must cite the article title and include attribution, for example "Article Title, [Author Name (if applicable)], © 2025 OKX". Some content may have been generated or assisted by artificial intelligence (AI) tools. Derivative works and other uses of this article are not permitted.
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Maker/Taker
Making an order, also known as a maker, refers to the operation of providing liquidity to the market in order book trading. Taking an order, also known as a taker, refers to the operation of extracting liquidity from the market in order book trading. Since maker and taker orders have opposite effects on market liquidity, most trading platforms impose different fee levels for maker and taker trades. Generally speaking, the maker fee rate is lower than the taker fee rate. Click View
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Trading Currency/Quote Currency
In spot trading, transactions are generally conducted between one digital asset and another. Taking the ETH/BTC trading pair as an example, ETH is the "trading currency" while BTC is the "quote currency." OKX currently has three trading zones: USDⓈ Trading Zone, USDT Trading Zone, and CRYPTO Trading Zone.
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Margin Ratio
What is the margin ratio? The margin ratio is an important indicator of account risk, widely used in leverage, options, and perpetual contracts trading. It is used to determine whether an account can support its current positions and help traders reduce the risk of liquidation. If the margin ratio falls below the threshold set by the platform, it may trigger a liquidation mechanism to protect the trader and the platform's assets. Margin ratio calculation formula: Margin Ratio = (Cross-margin Balance of the Currency + Cross-margin PnL)
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Funding Rate
To ensure that perpetual contract prices reflect changes in the underlying market, exchanges have established a funding rate mechanism. This mechanism facilitates regular cash flow exchanges between long and short position holders, causing perpetual contract prices to converge toward the index price. When the funding rate is positive, long position holders pay funding fees to short position holders; conversely, when the funding rate is negative, short position holders pay funding fees to long position holders. Note that the platform only facilitates the exchange between long and short positions
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Slippage
Slippage generally refers to a deviation between the actual execution price and the intended execution price. This deviation typically moves in a direction unfavorable to the trader, resulting in additional losses. It mainly occurs during entry and stop-loss operations and does not occur when exiting a profitable position. When prices rise rapidly, investors want to enter the market promptly to go long following the market direction, causing many orders to crowd into the long direction. On the other side, sellers are reluctant to sell and will not easily go short or
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Options Contracts
Simple Trading/Pro Trading Options are a right that can be exercised at a future time. After buying an option, if exercising the right on the expiration date is favorable for the buyer, the buyer will receive corresponding proceeds through exercise, and the seller must make corresponding payments to accommodate the buyer's exercise. If exercising the right on the expiration date is unfavorable for the buyer, the buyer may choose not to exercise, and the seller does not need to make corresponding payments to accommodate the exercise. OKX offers options contracts with Bitcoin (BTC) and Ethereum (ETH) as underlying assets
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