交易概念

Introduction to Unified Trading Account

The Unified Trading Account (Unified Account) is OKX's next-generation trading system designed for all users. It supports trading spot and various derivatives using multi-currency assets in a single a

C2C Lending

C2C Lending is a convenient and secure lending service product provided by OKX for users. Borrowed assets can be liquidated at any time. Instant withdrawals, ultra-low interest rates, large-amount bor

OKX Signal Strategy

In the ever-changing financial markets, timely access to information and making informed Trading decisions are essential for success. To meet the growing demand for advanced Trading tools and strategi

Delivery Close Long/Delivery Close Short

When the contract expires (e.g., weekly contracts expire every Friday at 4:00 PM), the system uses the arithmetic average of the most recent one-hour BTC (LTC and other coins) US Dollar Index as the d

Delivery/Perpetual Contracts

USDT-margined contracts/Coin-margined contracts; Perpetual contracts/Delivery contracts

Trading Fees

OKX distinguishes between regular users and professional users based on trading volume. Regular users are divided into different tiers based on their OKB holdings, while professional users are divided

Trading Currency/Quote Currency

In spot trading, trading is generally conducted between one digital asset and another digital asset. Taking the ETH/BTC trading pair as an example, ETH is the "Trading Currency" and BTC is the "Quote

Margin

On the virtual contracts market, traders only need to contribute a small amount of funds as financial collateral for contract performance based on the contract price at a certain ratio to participate

Margin Rate

The margin rate is an important indicator for measuring account risk, widely used in leverage, options, perpetual contracts, and other trading. It is used to determine whether an account can support i

Cross-Margin

In Cross-Margin mode, margin is shared between positions. All balances transferred to the contract account by traders, as well as all profits and losses generated by contracts, serve as the position m

Partial Liquidation

When the user's position tier is at level 3 or above, if the position's margin ratio falls below the maintenance margin ratio + liquidation fee required for the current tier, but remains higher than t

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 In

Contract Premium

Generally refers to the situation where, under normal supply and demand relationships, spot prices are relatively lower than contract prices, and near-term contracts are lower than far-term contract p

Arbitrage

Arbitrage, also known as spread trading, typically refers to a trading strategy where an investor buys at a lower price and sells at a higher price when an asset has two different prices in the same o

Order Types

A limit order allows users to set the order quantity and the maximum buy price or minimum sell price they are willing to accept. When the market price meets the user's expectations, the system will ex

Realized P&L

Refers to the profit or loss generated from positions that have been closed by the user before contract settlement/delivery liquidation.

Trading Pair

A trading unit composed of two different digital assets. For example, BTC/USDT consists of BTC (Bitcoin) and USDT (Tether).

Spot Trading

Spot Trading is a trading method in which investors directly exchange one digital asset for another. Currently, OKX has opened multiple spot trading markets, including USDT, USD (S), and Crypto (BTC,O

Spot Margin Trading

Spot Margin Trading enables two-way trading using borrowed assets on your own principal, allowing you to amplify your funds through leverage. You can operate positions of up to 10x your principal, mul

Open Position/Close Position

欧易 - 开仓

Liquidation Remainder

When a user's position is liquidated, the system will force close the position at the liquidation price. However, there may be deviations from the liquidation price when the order is matched. The surp

Limit Orders / Market Orders

Limit orders are also known as maker orders, which refer to operations that provide liquidity to the market in order book mode trading. Market orders are also known as taker orders, which refer to ope

Matching Trading

The system matches orders based on the principles of price priority and time priority. "Buy to open long" and "Buy to close short" are buy order directions; "Sell to open short" and "Sell to close lon

Options Contracts

An option is a right that can be exercised at a future time. After purchasing an option, if exercising the right is favorable for the buyer on the expiration date, the buyer will receive corresponding

Option Premium

The price at which an investor buys or sells an option.

Unrealized P&L

Refers to the profit or loss generated by the user's current positions, also known as floating P&L.

Mark Price/Index Price/Order Price

To enhance contract market stability and reduce unnecessary liquidations during abnormal market fluctuations, we use the mark price to calculate users' unrealized P&L.

Tiered Margin

Tiered margin refers to the tiered maintenance margin rate system. The maintenance margin rate is the minimum margin rate required for users to maintain their current positions. When the margin rate i

OKX Liquidity Marketplace

OKX Liquidity Marketplace is a Request for Quote (RFQ) based trading platform designed for institutional clients and high-net-worth individuals to execute various types of block trades.

Settlement of Unrealized PnL

Settlement occurs daily at 4:00 PM. If a user holds positions in next-week, current-quarter, or next-quarter contracts, the system will automatically transfer unrealized PnL at the time of holding to

Slippage

Slippage generally refers to the deviation between the actual execution price and the preset execution price. This deviation typically moves in a direction unfavorable to the trader, resulting in addi

Grayscale Concept Coins

Grayscale concept coins refer to the digital asset investment targets covered by the 13 single-asset trust funds and one composite fund containing mainstream coins that Grayscale Investments has issue

Liquidation/Force Closure

When a user's position is at tier 2 or below, and the margin rate is lower than the maintenance margin rate + closing fee rate required for that tier; or when a user's position is at tier 3 or above,

Bull Call Spread Strategy Explained

A bull call spread options trading strategy refers to a strategy in the options trading market where a trader buys a call option at a lower strike price and sells a call option at a higher strike pric

Clawback Distribution

When market volatility is high and a user is liquidated, the loss may exceed the margin if the position cannot be closed at the liquidation price. Therefore, the OKX platform adopts a "clawback" syste

Strategy Trading Mode

Strategy Trading is a tool that helps users automate their trading. Compared to manual trading, strategy trading offers advantages such as reducing trading risk, lowering operational costs, and contro

Grid Trading

Grid trading is an active trading strategy that profits from market volatility. Its essence is to utilize the repeated price movements of an investment target within a volatility range to perform posi

Exercise Date

The exercise date is the day on which an options contract obligates the parties to fulfill the delivery of the underlying asset. On the exercise date, if the buyer of the option chooses to exercise th

Derivatives Trading

Derivatives Trading refers to contract trading and options trading of digital assets. Currently, the OKX platform offers users coin-margined and USDT-margined contract trading (perpetual contracts, de

Account Equity

Refers to the actual remaining Assets in the user's Account. Account Equity = Account Balance + Realized PnL + Unrealized PnL

Funding Fees

To ensure that perpetual contract prices reflect market changes in the underlying, exchanges have established a funding fee mechanism. This mechanism facilitates regular cash exchanges between long an

Isolated Margin

In isolated margin mode, the margin allocated to a position is limited to a certain amount. If the position's margin falls below the maintenance margin level, the position will be forcibly liquidated.

Risk Reserve Fund

When a user triggers forced liquidation, the system's liquidation engine takes over the position at the bankruptcy price, and any liquidation surplus is injected into the risk reserve fund.