Understanding OKX Perpetual Contracts
OKX (formerly OKEX) offers a robust platform for perpetual contract trading with distinct features that set it apart from traditional futures contracts. Unlike standard futures, perpetual contracts don't have an expiration date, allowing traders to hold positions indefinitely with proper funding.
Trading Hours Overview
- 24/7 Market Access: Perpetual contracts trade continuously without daily interruptions
- Weekly Maintenance Break: Trading pauses briefly during Friday settlements (4 PM UTC+8)
- Final 10-Minute Rule: In the last 10 minutes before settlement, only position closing is permitted
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Core Trading Mechanisms
1. Position Types
Perpetual contracts support two primary position directions:
Long Positions:
- Buy to Open: Initiates bullish position
- Sell to Close: Exits bullish position
Short Positions:
- Sell to Open: Initiates bearish position
- Buy to Close: Exits bearish position
2. Order Execution Methods
| Order Type | Description |
|---|---|
| Limit Order | Specify exact price/quantity for trade execution |
| Market Order | Executes immediately at best available price (only quantity required) |
3. Position Management
- Maximum 6 concurrent positions per account
- Automatic merging of same-direction positions for same contract
- Strict anti-manipulation controls on position sizes
Risk Management Considerations
While perpetual contracts offer continuous trading opportunities, traders should note:
- Funding rate mechanisms affect long-term position costs
- Leverage requires careful consideration (start with lower multiples)
- Regular mark-to-market occurs despite no expiry date
- Volatility can increase around settlement times
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Frequently Asked Questions
Q: Can I trade OKX perpetual contracts on weekends?
A: Yes, trading continues 24/7 except during the weekly settlement break.
Q: What happens if I hold through settlement?
A: Positions automatically roll over with adjusted funding rates - no forced liquidation.
Q: Are there trading size limits?
A: Yes, OKX implements position limits to maintain market stability.
Q: How does leverage work in perpetual contracts?
A: Leverage amplifies both gains and losses - beginners should start with 5-10x.
Q: Is stop-loss available during maintenance?
A: Existing stop orders remain active, but new orders can't be placed during breaks.
Best Practices for Perpetual Trading
- Monitor funding rate schedules
- Set appropriate take-profit/stop-loss levels
- Avoid over-leveraging positions
- Stay informed about platform updates
- Consider time decay effects in trading strategies
Remember that perpetual contracts require different risk management approaches than traditional futures. The continuous nature of trading demands constant vigilance and disciplined position management.