OKEx Set to Introduce New Future Products on Their Platform and Implement Perpetual Swap Adjustments

On 21st August 2019, the popular Malta-based cryptocurrency exchange company announced the launch of new future products. These products will come along with the adjustment of the permanent swap settlement and funding time. Implementation for the new features will start in the next few weeks. This is part of the different advancements that OKEx is undertaking to enhance users’ experience.

From now henceforth, OKEx traders can trade future daily contracts that will be settled daily. Up to the time of the announcement, the crypto firm was only allowing weekly settlement on future contract trades. With the new feature on the platform, the arrangement will be made at 10:00 Central European Summer Time (UTC+2) every day. However, traders can still do their regular weekly settlement on Fridays at 10:00 Central European Summer Time (UTC+2), as they initially did.

Schedule for the Token Release

The release for the new tokens will take place in different phases. The first migration will start on Thursday 22nd August on the Tron (TRX) token. This will precede the launch of Bitcoin SV(BSV) and Ethereum Classic (ETC) token on Monday the 26th August.

After that, on Wednesday the 28th of August, the company will release the new feature on Ripple (XPR), Bitcoin Cash (BCH) and Litecoin (LTC). Two days later, on 30th August, a daily settlement on Ethereum and Bitcoin will be released.

Rescheduling of the Perpetual Swaps

Perpetual swaps differ from the regular futures in that they issue an expiry date free on the market. This allows traders to hold on their positions until they attain certain liquefication levels. Since they are priced based on the prices of the assets that they represent, swaps enable traders to predict the dynamics of rate without holding the real assets.

OKEx had previously allowed users to settle contracts at 6:00,14:00 and 22:00 Central European Summer Time (UTC+2). The firm has now switched the settlement time to, 2:00, 10:00 and 18:00. This is scheduled to take effect as from 27th August after the last 14:00 settlement takes place. The approximated funding rate will be calculated on the 12th hour period from 14:00 27th August to 2:00 28th August.

Changes on the Funding Frequency and Settlement Operations

OKEx is also adjusting the frequency allowed for settlement relating to perpetual swaps. Settlement operations can now be carried only once a day (10:00) as opposed to the initial three times a day (02:00, 10:00, and 18:00).

Meanwhile, the funding frequency is set to remain as usual, which is three times a day (02:00, 10:00, and 18:00). The new features are set to take effect in early September in different phases. TRX will launch on 2nd September 2019. BSV, ETC will take effect on 3rd September 2019. XRP, BCH, and LTC will start on 5th September 2019. EOS, ETH, and BTC will unveil on 6th September 2019.

The firm has vowed to change the date of the implementation in case of market volatility arises.