OKX Introduces ULTI Perpetual Futures, Margin Trading, and Simple Earn
Cryptocurrency exchange OKX has announced the introduction of USDT-margined perpetual futures for the ULTI token, alongside enabling margin trading and the Simple Earn feature for the same token. The new offerings will be available starting at 7:30 am UTC on June 7, 2024, according to OKX.
Margin Trading and Simple Earn
The margin trading feature will be activated for the ULTI/USDT trading pair, allowing users to trade on margin. Detailed tiered margin levels will be available for users to review on the OKX platform after the official listing. Additionally, the Simple Earn feature will also be enabled, providing users with another avenue for earning on their ULTI holdings. Specific limits for the Simple Earn feature can be accessed through OKX’s official resources post-listing.
Perpetual Futures Trading
For those interested in perpetual futures trading, the ULTIUSDT perpetual futures contract will be available with various features. The underlying asset for this contract will be the ULTI/USDT index, settled in USDT with a face value of 100. The price quotation will be calculated based on the USDT equivalent of 1 ULTI, with a tick size of 0.00001. Leverage options range from 0.01x to 50x, allowing traders to adjust their risk exposure appropriately.
The funding fee for these contracts will be calculated using a formula that includes the best bid and offer prices, spot index price, and an interest component, which is currently set to zero. To protect traders from unreasonable charges, the upper limit of the funding fee will be capped at 0.03% until 4:00 pm UTC on June 7, 2024. After this period, the upper limit will revert to the normal rate of 1.50%, with the first funding fee for this period being charged at 12:00 am UTC on June 8, 2024.
The perpetual futures trading will be available 24/7, providing continuous access to trading opportunities. OKX has also assured users that the price limit rules for ULTI USDT-margined perpetual futures will be consistent with those applied to other cryptocurrencies on the platform. Additional details and user guides are available on the OKX website.
For more information regarding the new features, users can refer to the official announcement by OKX.