OKEx Announced the Launch of a Real-Time Settlement
On Dec 29, 2020
Malta-based cryptocurrency spot and derivatives exchange OKEx announced the launch of a real-time settlement for all permanent swap, futures, and options contracts that will soon be on the platform. According to OKEx, the new feature will provide users with a better trading experience by increasing the capital efficiency of their funds.
Lennix Lai, head of financial markets at OKEx, said about the new feature:
“This is hugely beneficial to traders carrying out cross-exchange arbitrage, as they need to settle their profit in real-time across exchanges. It will also enhance capital management across the OKEx platform. We will start with the ADAUSD market as a trial and gradually launch other major tokens from early next month.”
According to the statements, real-time settlements will officially begin on Dec.29 at 08:00 am UTC, according to the popular ADAUSD permanent contract. This functionality will then be applied to other major currency pairs and financial instruments on the OKEx platform in the coming months. Real-time settlements will allow them to improve their utilization of funds significantly. According to the exchange, users will be able to withdraw their profits at any time without waiting for the 04:00 pm UTC settlement period every day.
“Another Key Upgrade at OKEx”
Speaking about the feature’s launch, Lai also commented:
“By being able to withdraw their realized profit instantly and not having to wait for the settlement period, users can engage in more efficient strategies to maximize their capital. The introduction of real-time settlements is another key upgrade at OKEx, and we believe that it will be extremely popular among users.”
OKEx also announced that any user with an ADAUSD perpetual contract position at 8:00 am UTC on December 29 will see the position’s average opening price altered to the settlement base price of the last ADAUSD settlement when real-time payments begin. All profits and losses incurred will be transferred to the ADAUSD permanent account balance and the profit will be recalculated according to the new opening average price starting from 08:00 am UTC on the same day.