How to use PM2.0 spot hedging? (Web/App version)
OKX PM2.0 Spot Hedging is an optimized upgrade based on PM 1.0. It maintains lower maintenance margin rate (MMR) and frozen margin (IMR), significantly improving efficient use of funds (allowing users to open more positions), while reducing overall risk level and enhancing position security mechanisms.
With this upgrade, spot positions are incorporated into Risk Units, enabling hedging with derivatives positions, including Perpetual futures and Options. Spot assets used for hedging are not locked, but dynamically adjusted based on the user’s asset structure. The system also supports hedging with negative balances.
OKX PM2.0 spot hedge is suitable for traders with experience in derivatives trading experience, high spot open interest, and those seeking risk hedge between different types of assets (delta-one traders).
You can follow the steps below to proceed:
Web
1. Open the OKX official website, go to the Trading page, select Settings icon in the right sidebar, and select Account Mode > Advanced Mode (Portfolio Margin Mode); after enabling Advanced Mode, you can enable or disable Spot Hedging at the Preferences in the Settings page, and select Hedging Risk Unit.
Note: When accessing spot hedging for the first time, the system will default to enabling the USDT spot hedging mode.
2. Example using the BTC/USDT trading pair in both spot and futures mode: Buy a corresponding amount of BTC on the Spot trading page. Sell the same amount of BTC on the Perpetual futures trading page to open short position.
3. Once the order place successfully, you can go to the Open Positions and Assets sections at the bottom of the trading page. Select Risk Unit to view the spot amount used to construct the hedging structure (Spot Hedging Usage), and monitor the decrease in margin level (MMR, frozen margin).
Notes:
When you place an order, transfer funds, or close a spot hedge, OKX will simulate the margin changes resulting from the operation. If the risk level is high, you will be prompted to adjust the corresponding amount, after which you can perform the above operation again.
In the OKX portfolio margin model, all derivatives are categorized into risk units based on the underlying asset (for example, BTC-USD, BTC-USDT, etc.). Perpetual, Expiry, and Options contracts with the same underlying asset are considered collectively within the risk unit. Margin is calculated based on the risk unit for offsetting purposes. Under the OKX risk unit grouping, crypto-margined contracts and USDT-margined contracts are treated as separate risk units.
To open a portfolio margin account, you must have a net assets of at least $10,000. You also need to have experience trading options and declare that you understand the portfolio margin mode.
To learn more, you can click the link: Full margin trading rules for portfolio margin accounts.
App
1. Open the OKX app and tap the icon in the upper right corner of the trading page. Select Settings > Account Mode > Advanced Mode (Portfolio Margin Mode). After setting the portfolio margin mode, you can enable or disable Spot Hedging at the Preferences in the Settings page, and select Hedging Risk Unit.
Note: When accessing spot hedging for the first time, the system will default to enabling the USDT spot hedging mode.
2. Example using the BTC/USDT trading pair in both spot and futures mode: Buy a corresponding amount of BTC on the Spot trading page. Sell the same amount of BTC on the Perpetual futures trading page to open short position.
3. Once the order place successfully, you can go to the Open Positions and Assets sections at the bottom of the trading page. Select Risk Unit to view the spot amount used to construct the hedging structure (Spot Hedging Usage), and monitor the decrease in margin level (MMR, frozen margin).