Dear OKX Users,
OKX is pleased to announce the official launch of the HYPEUSDT perpetual contract across web, app, and API platforms at 15:00 (UTC+8) on February 21, 2025. Additionally, the HYPEUSDT pre-launch futures contract will be settled at 18:00 (UTC+8) on the same day. Key details are outlined below:
1. Trading Schedule
- HYPEUSDT Perpetual Contract begins trading at 15:00 (UTC+8), February 21, 2025.
2. Contract Specifications
HYPEUSDT Perpetual Contract:
Hyperliquid is a high-performance Layer 1 blockchain optimized from the ground up, aiming to build a fully on-chain open financial system. Its flagship application is Hyperliquid DEX, a decentralized perpetual contract exchange with an order book model.
| Contract Element | Details |
|---|---|
| Underlying | HYPE/USDT Index |
| Settlement Currency | USDT |
| Face Value | 0.1 |
| Price Quotation | USDT price per 1 HYPE |
| Minimum Price Increment | 0.001 |
| Leverage | 0.01× – 20× |
| Funding Fee | Calculated based on the clamped moving average of the premium rate (max 1.5%) |
| Funding Interval | Every 4 hours |
| Trading Hours | 24/7 |
Note: To mitigate volatility, funding rate caps will be temporarily set at 0.5% until 00:00 (UTC+8) on February 22, 2025, after which the standard 1.5% cap applies. Adjustments may be made if price deviations occur.
👉 Learn more about perpetual contracts
3. Settlement Rules for HYPE Pre-Launch Futures Contract
OKX will settle the HYPEUSDT pre-launch futures contract at 18:00 (UTC+8) on February 21, 2025:
1. Settlement Price
- Index Price: Derived from the weighted average of HYPE/USDT pairs across ≥3 major exchanges.
- Final Settlement Price: The arithmetic mean of the OKX index price over the last hour before settlement. Abnormal market conditions may prompt manual adjustments.
Post-Settlement Restrictions:
Users with positions > $10,000 will face a 30-minute transfer freeze post-settlement.
2. Settlement Fee Rate
- Fixed at 1% (subject to change with prior notice).
3. Price Limits
- Pre-Settlement: Orders must stay within ±15% of the 1-hour moving average mid-price.
- Final 60 Minutes: Tightened to ±5% of the mid-price.
Risk Reminder
Cryptocurrencies are innovative investment products with high volatility. Assess risks thoroughly and invest prudently.
OKX is committed to delivering exceptional products and services.
OKX Team
February 19, 2025
FAQs
Q1: What is Hyperliquid (HYPE)?
A: Hyperliquid is a Layer 1 blockchain designed for decentralized finance, featuring a fully on-chain perpetual contract exchange.
Q2: Why is the funding rate capped at 0.5% initially?
A: To reduce volatility risks during the initial launch period.
Q3: How is the settlement price determined?
A: It’s based on the OKX index price averaged over the final hour before settlement.