Dear valued customers,
To maintain a robust trading environment, we will implement the following 3 enhancements for the Futures market.
Starting from today -
1) If you have no open orders, you can switch from the old (full) liquidation mode to the new (partial) liquidation mode - even if you have open positions.
2) The maximum position limit for old (full) liquidation mode is decreased.
Starting from June 17 -
3) The transaction fees for the old (full) liquidation mode are increased.
Why are we doing so?
We performed the above adjustments so as to further mitigate the risks posed to the market and improve market impartiality and stability. The new (partial) liquidation mode has already been proven effective in reducing the risks of both the users and the overall market. Since its launch, it has helped us maintain a zero clawback record in the Perpetual Swap market.
Details
- The Maximum Position Limit of Old (full) Liquidation Mode after Update:
1. Cross-margin Mode - 10x Leverage:
2. Cross-margin Mode - 20x Leverage:
Example:
Under cross-margin mode with a 10x leverage, if your margin ratio ranges between 100-200%, the maximum number of BTC contracts you can open is 100,000. The number includes weekly, bi-weekly, and quarterly contracts that are already opened and to be placed to the books.
If your margin ratio is 800% and above, the maximum number is 1,000,000.
3. Fixed-margin Mode - 10x Leverage:
4. Fixed-margin Mode - 20x Leverage:
Example:
Under fixed-margin mode, if you select a 10x leverage, the maximum number of BTC contracts you can open is 100,000.
- Increase in Trading Fees for Old (full) Liquidation Mode:
A new fee schedule will be implemented to the old (full) liquidation mode ONLY from 06:00 June 17, 2019 (CEST, UTC+2):
In general, if you select the old (full) liquidation mode to trade futures contracts, the transaction fee will increase by 20%, as shown in the table below:
Also, starting from June 17, the fees for the old (full) liquidation mode will increase by 20% every week, until the fees for the old mode doubles the new mode.
We hope to have your understanding that the above enhancement is designed to better protect the interests of every futures trader on our platform. Therefore, we strongly recommend you to switch to our new (partial) liquidation mode for better trading experience.
Thank you for your continued support and we assure you of our best services at all times.
Regards,
OKX
June 6, 2019