OKX to List USDC Perpetual for BTC, ETH
Published on Oct 17, 20224 min read
This information may not apply to all customers
to check if the products, features, rules, and terms in this article apply to you.
We are pleased to announce that USDC-margined perpetual swaps for BTC and ETH will be listed at 7:00 am UTC on October. 18.
The updates will cover both the web and app interfaces as well as API.
The details are as follows:
BTCUSDC Perpetual Swap:
|
Features
|
Details
|
|
Underlying
|
BTC/USD Index
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|
Settlement crypto
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USDC
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|
Face value
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0.0001 BTC
|
|
Price quotation
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1 BTC value calculated in USD equivalent
|
|
Tick size
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0.01
|
|
Leverage
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0.01-125 x
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|
Funding rate
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Clamp(MA(((best bid + best offer) / 2 - spot index price)／spot index price - interest), -0.75%, 0.75%), interest = 0
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|
Market hours
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24/7
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ETHUSDC Perpetual Swap:
|
Features
|
Details
|
|
Underlying
|
ETH/USD Index
|
|
Settlement crypto
|
USDC
|
|
Face value
|
0.001 ETH
|
|
Price quotation
|
1 ETH value calculated in USD equivalent
|
|
Tick size
|
0.01
|
|
Leverage
|
0.01-125 x
|
|
Funding rate
|
Clamp(MA(((best bid + best offer) / 2 - spot index price)／spot index price - interest), -0.75%, 0.75%), interest = 0
|
|
Market hours
|
24/7
|
Note: When the new contract is launched, the premium is unstable. To avoid unreasonable charges, the upper limit of the funding rate before 16:00 pm UTC on October. 18 is 0.03%. After 16:00 pm UTC, the upper limit of the predicted funding rate will be adjusted back to the normal 0.75% (the funding fee of this period will be charged at 8:00 am UTC on October. 19).
Profit and loss calculation
OKX's BTCUSDC perpetual swap and ETHUSDC perpetual swap are quoted at the price of BTC/USD index and ETH/USD index, and all margin requirements, profits and losses are calculated in USDC. If a user's long position value is 1 BTC (10,000 BTCUSDC perpetual swap contracts with face value of 0.0001 BTC), when the BTC price rises by $100, the user's profit will be 100 USDC.
Pnl calculation
PnL of long positions = Face value * Number of contracts * Avg. close price – Face value * Number of contracts * Avg. open price
PnL of short positions = Contract size × Number of contracts × Avg. open price - Contract size × Number of contracts × Avg. close price
Note: Avg. close price and Avg. Open price are both quoted as USD, and Pnl are settled as USDC
Trading fees of USDC-margined perpetual:
| Tier | Total OKB holding | Assets (USD) or 30-day trading volume (USD) | USDC-M perpetual | |
| Maker fee | Taker fee | |||
| Lv 1 | < 500 | < 100,000 / < 50,000,000 | 0.020% | 0.050% |
| Lv 2 | ≥ 500 | < 100,000 / < 50,000,000 | 0.018% | 0.045% |
| Lv 3 | ≥ 1,000 | < 100,000 / < 50,000,000 | 0.017% | 0.040% |
| Lv 4 | ≥ 1,500 | < 100,000 / < 50,000,000 | 0.016% | 0.035% |
| Lv 5 | ≥ 2,000 | < 100,000 / < 50,000,000 | 0.015% | 0.030% |
| VIP 1 | ≥ 100,000 / ≥ 50,000,000 | 0.010% | 0.030% | |
| VIP 2 | ≥ 500,000 / ≥ 100,000,000 | 0.008% | 0.030% | |
| VIP 3 | ≥ 2,000,000 / ≥ 200,000,000 | 0.005% | 0.030% | |
| VIP 4 | ≥ 5,000,000 / ≥ 600,000,000 | 0.002% | 0.025% | |
| VIP 5 | ≥ 10,000,000 / ≥ 1,000,000,000 | 0.000% | 0.025% | |
| VIP 6 | -- / ≥ 1,500,000,000 | -0.010% | 0.025% | |
| VIP 7 | -- / ≥ 2,000,000,000 | -0.015% | 0.025% | |
| VIP 8 | -- / ≥ 20,000,000,000 | -0.015% | 0.020% | |
If users meet the conditions of different fee tiers in terms of spot trading volume, total trading volume of futures and perpetual contracts (USDT-margined, USDC-margined and crypto-margined), options trading volume and total assets, they will enjoy the fee discount of the highest fee tier.
For example, if a user's 30-day spot trading volume is 20,000,000 USD (VIP 2); his total trading volume of futures and perpetual contracts (USDT-margined, USDC-margined and crypto-margined) in the last 30 days is 200,000,000 USD (VIP 3); his 30-day options trading volume is 5,000,000 USD (VIP 1); and his total assets as of today is 5,000,000 USD (VIP 4), he will enjoy fee discounts in all markets as a VIP 4 user.
In the meantime, once the USDC contracts are live, please refer to the trading fee on the "Get fee rates" interface on the API platform. For further information, please go to /docs-v5/zh/#rest-api-account-get-fee-rates
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