Expiry futures (App/Web)
OKX Expiry futures are contract products settled in digital assets. Users can choose Long (Buy) or Short (Sell) to profit from the rise or fall in digital asset prices. Expiry futures have fixed settlement periods. The expiration date of an expiry futures can be referenced in the contract name, such as BTCUSD-26SEP25, which means the contract expires on September 26, 2025.
App
1. Fund transfer
OKX expiry futures are divided into crypto-margined futures and USDT-margined futures. Before trading expiry futures, you need to transfer funds and move the cryptocurrency you want to use for futures into your trading account.
Select Assets > Transfer, select the assets; USDT as an example > Funding Account to Trading Account > enter the Quantity > Confirm.
2. Account Settings
Select Settings (three dots) > Settings > Account Mode and select the corresponding account mode. Choose Futures Trading Unit to complete the setup. Expiry Futures are divided into USDT contracts and crypto-margined contracts. For USDT contracts, the available trading units are: contract, crypto-margined , USDT; for Crypto-margined contracts, the available trading units are contract, crypto-margined.
3. Bullish, Open Long and Close Long
When you anticipate the market will rise, you can choose to open a long position. Here, we'll use BTCUSDT Weekly 0325-USDT futures as an example to introduce Buy to Open Long and Sell to Close Long.
1. Buy to Open Long
Select Trade > BTC/USDT > Choose All > Expiry.
Select Cross/Isolated Margin, Adjust Leverage Level, choose Limit Order type > insert Price, Quantity > tab Open Long > Confirm Order.
Note:
Difference between Cross Margin and Isolated Margin: Cross Margin mode, all available balances in your account are used as position margin; in Isolated Margin mode, the margin locked at the time of order placement is the maximum loss for that position.
Leverage Level: BTCUSDT Expiry Futures support up to 20x leverage. The higher the leverage, the greater the potential return, high risk high return.
BTCUSDT0806 : where 0806 is the settlement date, meaning settlement will occur at 16:00 on August 6 (HKT).
The settlement price for expiry futures is the arithmetic average in USD of the spot index during the hour before delivery.
When opening a position, users can set take profit and stop loss in Order Confirmation to mitigate risks and lock in return.
If the amount of USDT is too low, it may result in insufficient balance to place an order. Users can complete the order by adjusting leverage or increasing the available USDT amount.
Because leverage trade in futures amplifies both return and risks, if there is a significant fluctuation in the price of BTC, your position could be forcibly liquidation. Therefore, you should closely follow Markets fluctuations and set appropriate take-profit and stop-loss orders.
2. Sell to close long position
OKX expiry futures can be flattened in two places: the trade page and the specific position page. Users can choose according to their own situation.
On the transaction page, to flatten a long position: Flatten > Limit Order > enter Price and Quantity > tab Sell to Close Long.
Select Positions > select Positions > tab Flatten > enter Price or click Market Price > Quantity > Flatten.
Note: Users can choose to flatten their positions using the TP/SL method, which allows them to SL in time or TP promptly.
Select Positions > tab TP/SL > enter TP trigger price, SL trigger price, Quantity > Confirm.
If you need to close all positions within the time, you may select Positions and tab Close all.
Be caution: If there is significant market volatility, your order may not be filled.
3. View positions
Once positions created, users can view their position-related data in Positions list: average Entry Price, Estimated Liquidation Price, Margin, as well as the return on investment and Floating PnL.
Term explanation:
Entry Price: The average entry price of the current position.
Mark Price: The latest mark price of the futures. This price is used to calculate PnL and margin. OKX introduces the mark price to effectively prevent abnormal transaction.
Liquidation Price and Margin Level: Under a unified account, if a customer opens multiple futures positions, the estimated liquidation price may differ from the actual liquidation price. In this case, the estimated liquidation price can be used as a reference, but it is recommended to rely on the margin level. When the margin level of a futures position is ≤100%, deleveraging or liquidation will be triggered.
4. Open Order Inquiry
Select Open Orders , you may tab Cancel to revoke a pending order or Chase (Your order price will be adjusted to the best bid price (for buy) or ask price (for sell).)
4. Bearish, Open Short and Close Short
When you anticipate the market will decline, you can choose to open a short position. Here, let's use BTCUSDT Weekly 0325-USDT futures as an example to introduce Sell to Open Short and Buy to Close Short.
1. Sell to open short
Go to the Trade page, select BTC/USDT, then on the new page, Expiry > USDT futures (here you can also switch between USDT futures and crypto-margined futures) > select BTCUSDT Weekly 0325-USDT futures.
Select Cross/Isolated Margin, Leverage level, Limit Order > enter Price, Quantity > Open Short > Confirm.
2. Buy to Close Short
On the trading page, close a short position: Tab Flatten > select Limit Order > enter Price and Quantity > Buy to Close short.
Close short position on the specific position page: Select Position > select Positions > Flatten > enter Price or Market Price > Quantity > Flatten.
Note : Users can choose to flatten their positions using the TP/SL method, which allows them to SL in time or TP promptly.
Select Positions > TP/SL > enter TP trigger price, SL trigger price, Quantity > Confirm.
If you need to close all positions, select Positions > Close All.
Web
1. Fund transfer
Select Asset > Transfer
Select Crypto, using USDT as an example > Funding Account > Trading account > enter the transfer Quantity > Confirm.
2. Account Information Settings
1. Select Trade > Futures > Settings > Account Mode
3. Bullish, Open Long and Close Long
1. Buy to Open Long
Select Trade > Futures > All select Expiry
Select Cross/Isolated margin > Leverage Level > Open Position > Limit Order > Price and Quantity > Buy Long > Confirm.
2. Sell to Close Long Position
On the Trade page, to flatten a long position: Select Flatten > Limit Order > Price and Quantity > Sell to Close Long.
To close a long position on the specific position page: select Position > Price and Quantity > Flatten.
Note: Users can choose to flatten their positions using the TP/SL method, which allows them to SL in time or TP promptly.
Select Positions > TP/SL > enter TP trigger price, SL trigger price, Quantity > Confirm.
If you need to close all positions, you can select Positions > Close All.
3. View Positions
Once positions created, users can view their position-related data in the Positions list: average entry price, estimated liquidation price, Margin, and Floating PnL.
4. Order inquiry
Select Open Orders > select Positions > Take Profit/Stop Loss to view your current pending orders. You can tab Cancel Order to revoke a pending order.
4. Bearish, Open Short, Close Short
1. Sell to Open Short
Select Trade > Leverage Contract Trading > Expiry > select BTCUSDT This Week 0128.
Select Cross/Isolated margin > Leverage level > Open Position > Limit order > enter Price, Quantity > Sell/Open Short > Confirm.
2. Buy to close short
On the trading page, close a short position: Flatten > Limit Order > enter Price and Quantity > Buy to Close Short.
Close short on the specific position page: Position > Price and Quantity > Flatten.
Friendly reminder: Users can choose to flatten their positions using the TP/SL method, which allows them to SL in time or TP promptly.
Select Positions > TP/SL > enter TP trigger price, SL trigger price, Quantity > Confirm.
If you need to close all positions, select Positions > Close All.