The cryptocurrency spot and derivatives exchange OKEx has announced the launch of real-time settlement for all perpetual swaps, futures and options contracts, soon to be available on the platform. This new feature will provide users with a better trading experience, improve their funds’ capital efficiency and facilitate greater cross-exchange arbitrage opportunities, among other benefits.
Real-time settlements officially started at 8:00 am UTC on Dec. 29 on the popular ADAUSD perpetual contract. The function will then be launched to other major currency pairs and financial instruments on the platform in the coming months. Real-time settlements will enable users to significantly improve fund utilization, as they can withdraw their profit at any time, without waiting for the 4:00 pm UTC settlement period every day.
Lennix Lai, the head of financial markets at OKEx commented:
This is hugely beneficial to traders carrying out cross-exchange arbitrage, as they need to settle their profit in real-time across exchanges. It will also enhance capital management across the OKEx platform. We will start with the ADAUSD market as a trial and gradually launch other major tokens from early next month.
When real-time settlements begin, all users holding an ADAUSD perpetual contract position at 8:00 am UTC on 29 December will see the average open price of the position changed to the settlement base price of the last settlement of the ADAUSD perpetual contract. All realized profit and loss will be moved to the ADAUSD perpetual account balance, and the profit will be recalculated according to the new opening average price from 8:00 am UTC on the same day.
The real-time settlement function of the ADAUSD perpetual contract can be accessed by using an API, web or the OKEx mobile app.
Lennix Lai added:
We are constantly working on improving the user experience and making trading on the platform as intuitive and beneficial to traders as possible. By being able to withdraw their realized profit instantly and not having to wait for the settlement period, users can engage in more efficient strategies to maximize their capital. The introduction of real-time settlements is another key upgrade at OKEx, and we believe that it will be extremely popular among users.
Independent writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.