Understanding OKEx Perpetual Contracts
Perpetual contracts are a popular derivative product on OKEx, allowing traders to speculate on cryptocurrency prices without expiration dates. While OKEx promotes decentralization in its ecosystem, it maintains robust risk management systems for leveraged trading products like perpetual contracts and savings services.
Key Features of OKEx Perpetual Contracts:
- No expiration date (unlike traditional futures)
- Continuous funding rate mechanism
- High leverage options (up to 125x)
- Multiple collateral types (BTC, ETH, USDT, etc.)
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Step-by-Step Guide to Cancel Orders
1. Accessing Your Contract Position
- Log in to your OKEx account
- Navigate to "Derivatives Trading" > "Perpetual Contracts"
- Select the appropriate contract (e.g., BTC-USDT)
2. Canceling Active Orders
- In the "Open Orders" section, locate your pending orders
- Click "Cancel" next to each order you wish to remove
- Confirm the cancellation when prompted
3. Closing Existing Positions
- Go to "Positions" tab
- Click "Close" next to your active position
- Select closing method (market or limit order)
- Set your desired price/quantity
- Confirm the closing transaction
Risk Management Considerations
OKEx implements several protective mechanisms:
- Mark Price System: Prevents liquidation from short-term price manipulation
- Auto-Deleveraging: Protects against counterparty risk
- Insurance Fund: Covers unexpected losses
"Proper risk management is crucial in perpetual contract trading. The mark price system on OKEx provides fair liquidation prices during volatile market conditions." - Crypto Trading Analyst
Common Questions About OKEx Contracts
FAQs
Q: Can I cancel orders after market close?
A: Yes, you can cancel pending limit orders anytime, but market orders execute immediately.
Q: Why can't I cancel my stop-loss order?
A: Some advanced order types (like iceberg orders) have specific cancellation procedures. Check the "Advanced Orders" section.
Q: How long does cancellation take?
A: Order cancellations process instantly, though blockchain confirmations may take 1-2 minutes during peak times.
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Recent Platform Updates
OKEx continues to enhance its trading infrastructure:
- Introduced Filecoin perpetual contracts (industry first)
- Improved API stability for algorithmic traders
- Added new collateral options for margin trading
- Optimized mobile trading experience
Remember that while OKEx offers sophisticated tools, perpetual contracts carry significant risk. Always trade responsibly and within your risk tolerance.
Last updated: May 2024