Dear Users,
To enhance your experience with OKX's Savings and Margin Trading services while promoting more competitive, market-driven interest rates for borrowers and lenders, we'll implement a significant upgrade on December 2, 2021 (HKT).
Key Changes in the Upgrade
Interest Rate Determination:
- Old: Rates based solely on deposit-to-loan ratios.
- New: Rates determined through real-time market auctions using a competitive bidding system.
Savings Product Updates:
- Users must now place "bid orders" to participate in hourly auctions to earn interest.
- Lending limits expanded to 10x previous deposit caps.
- Interest distribution occurs hourly (previously daily).
Margin Trading Adjustments:
- All borrowers pay interest at the auction-determined rate hourly.
- Fee-tier differentials removed—rates now uniform across user levels.
- Borrowing limits will double post-upgrade while maintaining tiered structures.
👉 Learn how these changes benefit your trading strategy
Upgrade Timeline
Phase 1: Transition Period (Dec 2, 23:00 HKT – Dec 6, 00:00 HKT)
- Purpose: Simulate auction mechanics without actual rate changes.
Key Events:
- Dec 2, 23:00 HKT: Savings service temporarily suspends subscriptions/redemptions (until Dec 3, 03:00 HKT).
- Dec 3, 00:00 HKT: Existing deposits auto-listed at optimal rates (interest calculations follow pre-upgrade logic but distribute hourly).
- Dec 3, 03:00 HKT: Full functionality resumes—users may adjust bid rates before official launch.
Phase 2: Full Implementation (From Dec 6, 00:00 HKT)
Auction Mechanics:
- The system aggregates margin borrowing demand hourly.
- Savings bids are matched from lowest to highest rate until demand is met.
- The final cleared rate applies to all successful lenders.
Success Factors:
- Bids below cleared rate → 100% matched.
- Bids equal to cleared rate → partially matched (time priority).
- Bids above cleared rate → unmatched.
Example Scenario:
| User | Bid Amount | Bid Rate | Outcome |
|---|---|---|---|
| A | 100 BTC | 10% | Fully matched @20% |
| B | 200 BTC | 20% | Partially matched |
| C | 100 BTC | 30% | Unmatched |
FAQs
Q1: How often are interest rates recalculated?
Rates are determined hourly through live auctions—check your OKX account at each hour's start.
Q2: Will my existing Savings deposits earn interest during the transition?
Yes, deposits continue earning interest under pre-upgrade logic until Dec 6, 00:00 HKT.
Q3: Can I modify my bid after placement?
Absolutely! Adjust bids anytime before the official launch (Dec 6). Post-launch, changes apply to the next auction cycle.
👉 Maximize your earnings with these bidding tips
Important Notes
- OKX reserves the right to enact contingency measures during upgrades.
- Updates will be communicated via official announcements and emails.
OKX Team
November 30, 2021 (HKT)