To provide a better trading experience and improve the utilization of users' funds, OKEx will soon launch real-time settlement functions for all perpetual swap, futures and options contracts. The real-time settlement of DOTUSD perpetual and futures will officially start at 8:00 am UTC on Dec. 30, 2020. To effectively improving fund utilization, the user's transaction contract's realized profit and loss will be immediately carried over to the account balance in this launch. You can withdraw your profit at any time, without waiting for settlement at a fixed time every day.
Users can experience the real-time settlement function of DOTUSD perpetual swaps and futures through the API, web or mobile app. There are the following changes on the real-time settlement contract page of the website and app include:
1) Asset: The information of "Realized P&L" is no longer displayed, and the realized profit and loss generated by the transaction after the real-time settlement is still calculated in the account equity.
2) Position: The information of "Settlement price," "Settled earnings" and "Unrealized P&L" will no longer be displayed. The profit shown on the position after the real-time settlement is the unrealized profit and loss from the opening of the position to the current time.
3) Settlement records: New settlement records will not be generated after real-time settlement, and historical settlement records still support query.
Additionally, suppose a user holds DOTUSD perpetual swap or futures positions at 8:00 am UTC on Dec. 30, 2020. In that case, the average open price of the positions will be changed to the settlement base price of the last settlement of the DOTUSD perpetual swap or futures. All realized profit and loss will be transferred to the DOTUSD perpetual swap or futures account balance. After completing the above changes, the profit and loss shown on the position will be cleared, and the profit will be recalculated according to the new opening average price from 8:00 am UTC on the same day.
The real-time settlement function of other currencies and business lines will be gradually launched in the future, and the launch time will be notified separately. In the subsequent real-time settlement operation process, if the market is due to extreme market conditions or abnormal user manipulation, resulting in the accumulation of large liquidation orders and abnormal rapid consumption of risk reserves, the intelligent risk control engine may temporarily close some or all users fund transfer function of the corresponding contract account until the market returns to normal. Under extreme market conditions, the real-time settlement function of some contracts may also be turned off.
Dec 29, 2020 (UTC)