In a move aimed at enhancing trading flexibility and lowering barriers for traders, OKX has announced an upcoming adjustment to the minimum order quantity for select perpetual and delivery futures contracts. This update is scheduled to take place between 6:00 AM and 8:00 AM UTC on October 22, 2024.
The most notable change involves the TURBO/USDT perpetual contract. Here’s a breakdown of the adjustment:
| Instrument | Trading Pair | Min Order Qty, Step (Contracts) - Before | Min Order Qty, Step (Coin) - Before | Min Order Qty, Step (Contracts) - After | Min Order Qty, Step (Coin) - After |
|---|---|---|---|---|---|
| Perpetual | TURBO/USDT | 1 | 10,000 | 0.1 | 1,000 |
During the adjustment period, all trading activities—including order placement, fund transfers, and leverage changes—will proceed without interruption.
Understanding Step Size and Minimum Order Quantity
To make the most of these changes, it’s essential to grasp two key concepts: step size and minimum order quantity.
Step Size refers to the smallest possible increment or decrement by which the quantity of a futures contract can change. For instance, in an ETHUSDT perpetual futures contract with a contract size of 0.1 ETH, if the step size is set to 0.1 contracts, the smallest change you can make to your order is 0.1 contracts (equivalent to 0.01 ETH).
Minimum Order Quantity is the smallest number of contracts allowed for an order. This value must be an integer multiple of the step size. So, any order you place must be equal to or greater than this minimum and must align with the step increments.
For example, if an ETHUSDT perpetual contract has a contract size of 0.1 ETH, a step size of 0.1 contracts, and a minimum order quantity of 1 contract (0.1 ETH), your order must be at least 1 contract. But you can also order in increments like 1.1, 1.2 contracts, and so on.
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Display Rules for Positions and Pending Orders
After the step size adjustment, if the new step size is less than 1, both the size of your positions and the quantities in your open orders will be displayed with decimals. This applies to all order types—unfilled, partially filled, fully filled—as well as the size of your open positions.
Consider the SHIBUSDT perpetual contract with a contract size of 1,000,000 SHIB. Previously, with a step size of 1 contract, an order for 10 contracts would show as 10,000,000 SHIB, and a position of 1 contract as 1,000,000 SHIB. After adjusting the step size to 0.1 contracts, an order for 10.5 contracts would display as 10,500,000 SHIB, and a position of 1.5 contracts as 1,500,000 SHIB.
This change affects all users, including those using APIs, trading bots, and copy trading services.
Order Handling After the Adjustment
For new orders, you must ensure that the quantity you place or modify is an integer multiple of the step size and is at least equal to the minimum order quantity.
Using the SHIBUSDT example again: previously, with both step size and minimum order quantity set to 1 contract, you had to order in multiples of 1 contract (1,000,000 SHIB). After the adjustment, with a step size of 0.1 contracts, you must order in multiples of 0.1 contracts (100,000 SHIB). The minimum order quantity also becomes 0.1 contracts (100,000 SHIB).
These rules are uniformly applied across all trading interfaces, including API, bot, and copy trading.
API Interface Updates
Following the adjustment, OKX’s API endpoints (such as /api/v5/public/instruments) and WebSocket channels (like Instruments) will reflect the updated values for lotSz (step size) and minSz (minimum order size). This ensures that automated systems and developers have accurate, real-time data.
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Frequently Asked Questions
What is step size in futures trading?
Step size is the smallest increment by which you can adjust your order quantity. It ensures that orders are placed in consistent, manageable units, which helps maintain market efficiency and precision in trade execution.
Why did OKX reduce the minimum order quantity for TURBO?
Reducing the minimum order quantity allows smaller traders to participate more easily, increases market liquidity, and provides greater flexibility for all users. It lowers the entry barrier, making the contract more accessible.
Will my existing orders be affected during the update?
No. All existing orders, positions, and trading activities will remain unchanged during the adjustment window. The update only affects new orders placed after the change.
How does this change benefit retail traders?
With a lower minimum order size, retail traders can manage their risk more precisely, allocate capital more efficiently, and experiment with strategies that require smaller position sizes.
Is this update applicable to all trading interfaces?
Yes. The changes apply uniformly across the OKX web platform, mobile app, API, and all integrated third-party services like bots and copy trading systems.
What should I do if I’m using a trading bot?
Review your bot’s configuration to ensure it complies with the new step size and minimum order rules. Update any hard-coded parameters to avoid placement errors after the adjustment goes live.
Risk Disclaimer
Trading digital assets involves significant risk due to their speculative nature and high volatility. Liquidity can vary, and it is possible to lose the entire value of your investment. The information provided here is for educational and informational purposes only and should not be considered financial advice.
OKX does not guarantee the accuracy or completeness of this information and assumes no liability for any trading losses. Always conduct your own research and assess your risk tolerance before engaging in any trading activity. For further details, please refer to OKX’s Terms of Service and Risk and Compliance disclosures.