1. Overview
1.1 Perpetual Contracts ("the Service") are virtual asset derivatives offered by Aux Cayes Fintech Co. Ltd. ("OKX"). OKX oversees product design, management, and platform operations. To use OKX Perpetual Contracts, you must review and comply with this OKX Perpetual Contracts User Agreement ("Agreement"). Carefully read and understand all terms before accepting or declining this Agreement.
1.2 By accepting this Agreement or using the Service, you confirm you’ve read and agreed to be bound by its terms.
2. Eligibility
2.1 User Acknowledgments:
- You comply with the OKX Terms of Service and are not prohibited from using the platform.
- This Agreement aligns with your jurisdiction’s laws.
- You legally own the virtual assets deposited and ensure their lawful origin.
2.2 Risks of Using the Service:
- High volatility may lead to significant or total losses.
- Insufficient margin can trigger immediate liquidation, resulting in loss of deposited assets.
- Technical or market anomalies may disrupt service or cause losses.
- Policy changes by OKX may impact your positions.
2.3 Prohibited Actions:
- Illegal use or market manipulation is strictly forbidden.
3. Using the Service
3.1 Features:
- Real-time market depth and downloadable data for analysis.
3.2 Trading:
- Place orders via web, client, or API. Executed trades cannot be canceled/modified.
3.3 Positions:
- Open orders create positions; closing orders reduce holdings. Real-time updates on assets/positions are provided.
3.4 Settlement:
- Daily at 16:00 (GMT+8), using the mark price (defined in OKX Perpetual Contracts Guide). Unrealized P&L converts to realized P&L, resetting to zero post-settlement.
3.5 Funding Fees:
- Paid between long/short positions during settlement (details in the OKX Perpetual Contracts Guide).
3.6 Fees:
- Service fees apply (see OKX Perpetual Contracts Guide).
4. Risk Control
4.1 Measures Include:
- Tiered maintenance margin rates.
- Partial liquidation.
- Auto-deleveraging (details in Auto-Deleveraging Mechanism Guide).
4.2 Tiered Margins:
- Larger positions require higher maintenance margins (see OKX Perpetual Contracts Guide).
4.3 Liquidation:
- Triggered when margin falls below maintenance + fees. Positions are reduced incrementally.
4.4 Auto-Deleveraging:
- Activated if risk reserves cannot cover losses.
4.5 Emergency Actions:
- OKX may cancel orders or close positions to mitigate systemic risks.
5. Liability Limitations
5.1 User Responsibility:
- Misunderstanding rules/policies does not incur OKX liability.
5.2 Information Accuracy:
- Pre-settlement data is unofficial; reliance may cause losses.
5.3 Policy Changes:
- OKX may modify policies emergently, potentially restricting access or closing positions.
5.4 System Disruptions:
- No liability for outages due to maintenance, force majeure, hacking, etc.
5.5 Abnormal Transactions:
- OKX may cancel/revert trades during technical failures.
5.6 Technical Issues:
- No liability for connection failures, delays, or third-party data errors.
5.7 Market Abuse:
- Manipulation or exploitation may lead to account suspension, trade reversals, or asset forfeiture.
6. Indemnification
6.1 User Obligations:
- Compensate OKX for damages from misuse or violations.
6.2 Third-Party Claims:
- Defend OKX against claims arising from your actions or account misuse.
7. Miscellaneous
7.1 Governing Documents:
- Includes OKX policies/rules; conflicts resolved in favor of this Agreement.
7.2 Amendments:
- OKX may update terms unilaterally; continued use implies acceptance.
7.3 Communication:
- Formal queries must be in English via email. Non-English translations are secondary.
7.4 Governing Law:
- Seychelles law applies.
7.5 Dispute Resolution:
- Negotiation first; unresolved disputes go to Seychelles courts.
7.6 Headings:
- For reference only, non-binding.
7.7 Demo Accounts:
- This Agreement is non-binding for simulation participants.
👉 Master Perpetual Contracts Trading
👉 Advanced Risk Management Strategies
FAQ
Q: What happens if my margin falls below requirements?
A: Positions face partial liquidation to restore margin levels.
Q: How are funding fees calculated?
A: Based on the difference between perpetual contract and spot prices (see OKX Guide).
Q: Can OKX modify policies without notice?
A: Yes, to comply with laws or market stability; users are bound by updates.
Q: What assets can I use as margin?
A: Only supported virtual assets listed by OKX.
Q: How do I avoid auto-deleveraging?
A: Maintain sufficient margin and monitor tiered rates.