Introduction
To mitigate price volatility and risks associated with new spot trading pairs, OKX employs different opening mechanisms based on coin categories and market conditions. The specific method (call auction or pre-listing orders) for each pair will be announced in upcoming listings.
For newly listed coins requiring price discovery, OKX utilizes call auctions. Conversely, coins with available index prices that don't require discovery transition directly to continuous trading via pre-listing orders. The actual opening mechanism may vary according to market dynamics.
Call Auction Explained
What Is Call Auction?
OKX's call auction allows users to place buy/sell orders at their preferred prices before official trading begins. The system processes all orders algorithmically to calculate an estimated opening price.
Which Coins Use Call Auction?
Newly listed trading pairs undergo call auction.
Duration of Call Auction?
Typically lasts at least 10 minutes, adjusted based on market liquidity.
Supported Order Types
Only limit orders are accepted during call auction.
Fee Structure
Orders matched at auction conclusion incur taker fees.
How Is Estimated Opening Price Determined?
The projected price must satisfy three conditions:
- Maximizes trading volume at that price
- All buy orders above/below the projected price must be executable
- One side (buy/sell) at the projected price must be fully matched
Call Auction Rules
Auction Phase (Minimum 10 minutes):
- Users can place/cancel/modify limit orders until the final 5 minutes
- Last 5 minutes: Order placement only (no cancellations/modifications)
Live Trading Phase:
- Final opening price derived from auction becomes the official start price
- Matched orders execute within 1-15 seconds
- Unmatched orders remain in the order book under standard trading rules
Participation Eligibility
All OKX users can participate.
Order Limits
Quantity restrictions apply during auction (see specific listing announcements).
API Support
Available via REST API and WebSocket for:
- Order placement
- Market data retrieval
- Depth information
🔍 See OKX API Documentation for details
Trading Information During Auction
- Estimated Opening Price
- Matched Order Volume
- Unmatched Order Volume
Why Does the Chart Show Different Opening Prices?
OKX displays the project team's reference price (based on valuation) as the starting point. This doesn't affect your order execution prices.
Pre-Listing Orders Explained
What Are Pre-Listing Orders?
Users can place orders before trading begins to enhance liquidity. Orders must comply with index-based price limits:
- Buy orders: Below
Index × (1+J%) - Sell orders: Above
Index × (1-J%)
Unlike call auctions, unmatched orders aren't executed—they either persist in the order book or get canceled based on index prices.
Eligible Coins
New pairs with available index prices.
Duration
Typically ≥30 minutes (varies by market conditions).
Supported Order Types
Only limit orders.
Fees
No fees incurred during pre-listing (no executions occur).
Pre-Listing Rules
- Order Phase: Users can place/cancel/modify limit orders
Transition to Trading:
- System cancels orders using the ending index price as reference
- Buy orders ≤ index price and sell orders ≥ index price get canceled
- Remaining orders enter continuous trading
Price Limits
Orders must comply with dynamic index-based thresholds (e.g., ±2% from index).
Can Buy Orders Exceed Sell Orders?
Yes—orders won't execute until live trading begins.
API Support
Same functionality as call auctions.
Available Information
- Current index price
- Maximum buy price
- Minimum sell price
Viewing Final Index Price
Displayed at the starting point of trading charts.
👉 Explore Advanced Trading Strategies
FAQ Section
Q: How does OKX determine which coins use call auction vs. pre-listing?
A: The mechanism depends on whether the coin requires price discovery (call auction) or has established index prices (pre-listing).
Q: Can I cancel orders during the last 5 minutes of call auction?
A: No—only new orders can be placed in this final phase.
Q: Why might some orders disappear when pre-listing ends?
A: Orders violating index price thresholds get automatically canceled to maintain market stability.
Q: Are there minimum order amounts for participation?
A: Quantity limits vary by coin—check individual listing announcements.
Q: How frequently are index prices updated during pre-listing?
A: Index prices refresh continuously based on aggregated market data.
Q: Can institutional users access different auction features?
A: All users follow the same rules, though API capabilities enable programmatic strategies.
OKX continuously optimizes these mechanisms—bookmark this page for updates.
👉 Start Trading with Confidence