Understanding Futures Contracts: Crypto-Margined vs. USDT-Margined Expiry Futures

Introduction to Futures Contracts

Futures contracts are derivative financial instruments that allow traders to speculate on the price movements of underlying assets like cryptocurrencies. OKX offers two primary types of futures contracts: crypto-margined expiry futures and USDT-margined expiry futures. These contracts enable traders to hedge risks or capitalize on market volatility with leverage.

Crypto-Margined Expiry Futures

OKX's crypto-margined futures contracts are settled in cryptocurrencies such as BTC or ETH. These contracts include weekly, monthly, and quarterly expirations, providing flexibility for traders with varying strategies.

Key Features:

• Settlement: Delivered in the underlying crypto (e.g., BTC for BTCUSD contracts).
• Leverage: Adjustable between 0.01x and 20x.
• Trading Hours: Available 24/7.

Example: BTCUSD Expiry Futures Specifications

👉 Explore crypto-margined futures trading

USDT-Margined Expiry Futures

USDT-margined contracts are settled in USDT, simplifying trading for users who prefer stablecoin exposure. BTC contracts offer weekly, monthly, and quarterly expirations, while ETH contracts are limited to weekly and quarterly options.

Key Features:

• Settlement: USDT-denominated.
• Leverage: Same range as crypto-margined contracts (0.01x–20x).
• Price Index: Tracks BTC/USDT or ETH/USDT rates.

Example: BTCUSDT Expiry Futures Specifications

👉 Start trading USDT-margined futures

Expiry Futures Contract Generation Rules

Different contracts follow specific listing and expiration schedules:

Core Features of OKX Futures

1. Dual Settlement Options: Crypto or USDT.
2. Index Pricing: Aggregates data from multiple exchanges to minimize manipulation.
3. Price Range Limits: Prevents extreme volatility via dynamic order limits.
4. Mark Price Mechanism: Reduces liquidations during abnormal price swings.
5. Tiered Margin: Higher positions require higher maintenance margins.
6. Trading Modes: One-way (single-direction positions) or Hedge (simultaneous long/short positions).

Settlement Mechanism

• Daily Settlement: At 8:00 am UTC, PnL is credited, and entry prices reset.
• Cross-Margin Only: Applies to cross-margin positions; isolated margins follow standard rules.

FAQs

Q: What’s the difference between crypto-margined and USDT-margined futures?
A: Crypto-margined contracts are settled in the underlying crypto (e.g., BTC), while USDT-margined contracts use USDT, offering stability.

Q: How is leverage calculated in OKX futures?
A: Leverage ranges from 0.01x to 20x, with tiered margins for larger positions.

Q: Can I hold both long and short positions simultaneously?
A: Yes, but only in Hedge Mode. One-way mode restricts positions to a single direction.

Q: When do futures contracts expire?
A: Weekly (every Friday), monthly (last Friday), or quarterly (last Friday of March/June/September/December).

Q: How is the delivery price determined?
A: By averaging the index price over the final hour before expiration.

Conclusion

OKX’s futures contracts provide robust tools for traders to manage risk and leverage market opportunities. Whether you prefer crypto or USDT settlement, the platform’s tiered margins, mark price system, and flexible expiration options cater to diverse strategies.

👉 Trade futures on OKX today

Disclaimer: Trading digital assets involves risk. Past performance doesn’t guarantee future results. Consult OKX’s Terms of Service for details.
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