Expiry futures are a powerful tool for traders seeking exposure to cryptocurrency price movements with defined settlement timelines. On OKX, expiry futures come in two primary forms: crypto-margined and USDT-margined, each offering distinct advantages depending on your trading strategy, risk tolerance, and asset preferences. This guide dives into the mechanics, specifications, and key features of OKX’s expiry futures contracts to help you trade with clarity and confidence.
Understanding Crypto-Margined Expiry Futures
Crypto-margined expiry futures are derivative contracts settled in the underlying cryptocurrency—such as BTC or ETH. These contracts allow traders to go long (buy) or short (sell) based on their market outlook, profiting from both rising and falling prices.
These futures are available in three maturities:
- Weekly
- Monthly
- Quarterly
This flexibility enables traders to align their positions with short-term volatility or longer-term macro trends.
👉 Discover how crypto-margined futures can enhance your trading strategy
BTCUSD Expiry Futures Contract Specifications
- Underlying Index: BTC/USD
- Delivery Currency: BTC
- Face Value: 100 USD per contract
- Contract Multiplier: 1
- Tick Size: 0.1
- Leverage Range: 0.01x to 20x
- Trading Hours: 24/7
- Contract Types: Weekly, Monthly, Quarterly
- Delivery Time: 8:00 AM UTC, every Friday of the delivery week
Because these contracts settle in BTC, traders must manage their exposure to Bitcoin’s price volatility even after closing positions. This makes them ideal for holders who are comfortable with crypto-denominated gains and losses.
Exploring USDT-Margined Expiry Futures
USDT-margined expiry futures offer a stablecoin-settled alternative, allowing traders to speculate on crypto price movements without holding the base asset. All profits, losses, and margin are denominated in USDT, making PnL calculations more predictable.
Available contract types vary by asset:
- BTCUSDT: Weekly, Monthly, Quarterly
- ETHUSDT: Weekly and Quarterly only
This structure provides accessibility for traders who prefer stablecoin-based accounts or wish to avoid direct exposure to volatile cryptocurrencies during settlement.
BTCUSDT Expiry Futures Contract Specifications
- Underlying Index: BTC/USDT
- Delivery Currency: USDT
- Face Value: 0.01 BTC per contract
- Contract Multiplier: 1
- Tick Size: 0.1
- Leverage Range: 0.01x to 20x
- Trading Hours: 24/7
- Contract Types: Weekly, Monthly, Quarterly
- Delivery Time: 8:00 AM UTC, Friday of the delivery week
The use of USDT as the settlement currency simplifies risk management and appeals to traders focused on capital preservation in volatile markets.
Expiry Futures Contract Generation Rules
OKX systematically lists new expiry futures contracts to ensure continuous market availability. The listing and expiration rules are standardized across pairs:
| Expiry Type | BTCUSD | BTCUSDT / ETHUSD | ETHUSDT |
|---|---|---|---|
| Number of Expiry Dates | 7 | 6 | 4 |
| Expiration Time | Fridays at 8:00 AM UTC | Fridays at 8:00 AM UTC | Fridays at 8:00 AM UTC |
| Monthly & Quarterly Delivery | Last Friday of the month or quarter | Same | Quarterly only |
New contracts are listed daily at 8:00 AM UTC, ensuring seamless rollover opportunities and consistent market depth.
Key Features of OKX Expiry Futures
Settlement in Crypto or USDT
The choice between crypto-margined and USDT-margined contracts gives traders flexibility:
- Crypto-margined contracts are ideal for hedging spot holdings or gaining leveraged exposure in-kind.
- USDT-margined contracts provide stablecoin-denominated results, reducing volatility from the base asset at settlement.
Fixed Expiration Date
Every expiry future has a predetermined delivery date. The final settlement price is calculated by averaging the underlying index price over the last hour before delivery, preventing manipulation and ensuring fairness.
Reliable Index Pricing
To maintain accuracy and resist manipulation, OKX calculates index prices using data from at least three major exchanges. If one exchange shows abnormal deviations, a filtering mechanism adjusts its weight to keep the index stable and reflective of true market value.
Dynamic Price Bands
OKX implements real-time price ranges based on the average spot and futures prices from the previous minute. This prevents sudden spikes or flash crashes caused by spoofing or aggressive orders.
Mark Price for Liquidation Protection
During periods of extreme volatility, OKX uses the mark price—a fair value estimate based on the index and funding rates—to determine liquidations. This protects traders from being unfairly liquidated due to isolated, outlier trades.
👉 See how mark price protection works in live markets
Tiered Maintenance Margin Levels
As position size increases, so does risk. OKX applies a tiered system where larger positions require higher maintenance margins and operate under lower maximum leverage. This ensures platform stability and protects both users and the broader market.
One-Way vs. Hedge Mode
Choose the trading mode that fits your strategy:
One-Way Mode: You can only hold one directional position per contract. Opening an opposite trade reduces your existing position.
- Example: Holding 10 long BTCUSDT contracts; selling 5 closes part of the position, leaving 5 long.
Hedge Mode: You can maintain both long and short positions simultaneously.
- Example: Holding 10 long and 5 short BTCUSDT contracts independently.
This flexibility supports complex strategies like hedging spot portfolios or running delta-neutral positions.
Daily Settlement Mechanism
For cross-margin positions, OKX conducts daily settlement at 8:00 AM UTC:
- Realized PnL is credited to your balance.
- Entry price is updated to the latest settlement price.
- Position size remains unchanged.
- No fees are charged.
The settlement price is derived from the average mark price over the final hour before settlement.
Frequently Asked Questions (FAQ)
Q: What happens when an expiry futures contract matures?
A: At expiration, the contract is settled based on the average index price over the last hour. Positions are automatically closed, and PnL is credited in the settlement currency (BTC, ETH, or USDT).
Q: Can I hold an expiry futures contract past its delivery date?
A: No. Unlike perpetual futures, expiry contracts cannot be held beyond their maturity. They are automatically settled at the delivery time.
Q: What’s the difference between mark price and last traded price?
A: The last traded price reflects the most recent transaction, which can be volatile. The mark price is a smoothed, fair-value estimate used for liquidations to prevent manipulation.
Q: Is there a fee for daily settlement?
A: No. Daily settlement incurs no additional fees. Your position size remains intact, but your entry price is adjusted.
Q: How does leverage work in expiry futures?
A: Leverage allows you to control larger positions with less capital. On OKX, leverage ranges from 0.01x to 20x, with higher-tier positions subject to lower maximum leverage for risk control.
Q: Why are there fewer expiry dates for ETHUSDT than BTC pairs?
A: OKX tailors contract availability based on market demand and liquidity. ETHUSDT currently offers weekly and quarterly expiries to match trading activity levels.
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