January 14, 2021 - OKEx, a cryptocurrency spot and derivatives exchange, is extending its real-time settlement feature for ALGOUSD, ATOMUSD, and an additional 20+ coin-margined perpetual swaps, including XLM, YFI and THETA, from 8:00–9:00 am UTC on Jan. 13, 2021. Real-time settlement brings numerous benefits to OKEx users including improved capital efficiency and greater cross-exchange arbitrage opportunities, and it has already proven popular on OKEx's coveted ADAUSD perpetual contract.
Real-time settlement is being rolled out to cover all perpetual swaps, futures and options contracts on the OKEx exchange to improve the trading experience. Since users no longer have to wait until the 4:00 pm UTC daily settlement period, they can withdraw their profit at any time, significantly improving fund utilisation.
"We are really pleased to be able to extend this important feature to further perpetual swap contracts on the OKEx exchange. It is a huge benefit to our traders because it opens up greater trading opportunities for them, including cross-exchange arbitrage, as they can now settle their profit in real-time across exchanges," commented Lennix Lai, Head of Financial Markets at OKEx. "We have received a lot of positive feedback from the feature on our ADAUSD market and will continue to roll this out to all derivatives contracts on the OKEx exchange."
As with the previous implementation of real-time settlement for ADAUSD, any user holding an ALGOUSD, ATOMUSD, CRVUSD, DASHUSD, FILUSD, IOSTUSD, IOTAUSD, KNCUSD, NEOUSD, ONTUSD, QTUMUSD, SUNUSD, SUSHIUSD, THETAUSD, UNIUSD, XLMUSD, XMRUSD, XTZUSD, YFIUSD, YFIIUSD or ZECUSD perpetual contract position between 8:00–9:00 am UTC on Jan. 13 will see the average open price of the position changed to the settlement base price of the last settlement of the perpetual contract in question.
All realised profit and loss will be transferred to the respective perpetual swap account balance, and the profit will be recalculated according to the new opening average price from 8:00–9:00 am UTC on the same day. Users can experience the real-time settlement feature by using an API, web or the OKEx mobile app. Please visit the OKEx Support page for additional information and details about the changes to the display of realised PnL, position and settlement records.
"As with all major upgrades on the OKEx exchange, including our Unified Account management feature coming soon, we are continually working on improving the trading experience for our users, allowing them to engage in more efficient strategies to maximise their capital. We believe that this is crucial and will continue to prove popular among our users," Lennix Lai added.
Throughout the ongoing real-time settlement operation, OKEx reserves the right to temporarily close the real-time settlement function of some currency contracts in the case of extreme market conditions.
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