In a significant move to improve user experience and enhance capital efficiency, OKX is rolling out real-time settlement functionality across its entire suite of derivative products. This update is set to transform how traders manage their profits and losses, providing immediate access to funds.
The first phase of this major upgrade commenced on January 14, 2021, between 16:00 and 17:00 (HKT), introducing real-time settlement for a selection of crypto-margined perpetual and delivery contracts.
What is Real-Time Settlement?
Real-time settlement is a process where the realized profit and loss (PnL) from a user's contract trades are instantly transferred to their account balance. This eliminates the traditional waiting period for a daily fixed settlement time, allowing traders to withdraw their profits immediately and significantly improve their capital utilization.
Initial Supported Contracts
The initial launch of this feature includes the following crypto-margined contracts:
- Perpetual Contracts: LTCUSD, ETCUSD, XRPUSD, BCHUSD, BSVUSD, TRXUSD, LINKUSD
- Delivery Contracts: LTCUSD, ETCUSD, XRPUSD, BCHUSD, BSVUSD, TRXUSD, LINKUSD
User Interface Changes on Web and App
With the activation of real-time settlement, users will notice several streamlined changes on the OKX web and mobile platforms:
- Asset Display: The "Realized PnL" field will no longer be displayed. All realized profits and losses are immediately reflected in the total account equity.
- Position Display: The "Settlement Base Price," "Settled PnL," and "Unrealized PnL" fields are removed. The profit/loss shown on a position now represents the total unrealized PnL from the moment the position was opened.
- Settlement Records: No new settlement records will be generated. However, users can still access and review their historical settlement data.
Important Note for Existing Positions
Users holding positions in the affected LTCUSD and other crypto-margined contracts at 16:00 (HKT) on January 14, 2021, underwent a one-time adjustment:
- The average opening price for each position was adjusted to the final settlement base price from the last traditional settlement.
- All realized profits from those positions were transferred to the corresponding contract account balance.
- Following this adjustment, the displayed profit/loss on the position was reset to zero. From 16:00 (HKT) that day, PnL began calculating anew based on the new average opening price.
API Updates for Developers
For API users, several key fields in the position and account information interfaces for contracts with real-time settlement enabled now return a value of "0".
Position Information Interface:
- Delivery Contracts: long_settlement_price, realised_pnl, short_settlement_price, short_unrealised_pnl, short_settled_pnl, long_unrealised_pnl, long_settled_pnl
- Perpetual Contracts: settlement_price, realized_pnl, settled_pnl
- Option Contracts: settlement_price, realized_pnl, unrealized_pnl
Account Information Interface:
- The
realized_pnlfield for Delivery, Perpetual, and Option contracts will return "0".
👉 Review the updated API documentation for detailed changes
Risk Management and Contingencies
OKX employs a sophisticated intelligent risk control engine to maintain market stability. In extreme market conditions or instances of abnormal user manipulation—such as the accumulation of large liquidation orders or the rapid depletion of the risk reserve fund—this system may temporarily restrict fund withdrawals for some or all users on specific contracts until the market normalizes. In the most severe cases, the real-time settlement feature for a particular contract may be temporarily disabled.
This proactive measure is crucial for protecting user funds and ensuring overall market health during periods of high volatility.
Frequently Asked Questions
Q: What is the main benefit of real-time settlement?
A: The primary advantage is immediate access to your profits. Realized gains are instantly credited to your available balance, allowing for immediate withdrawal or reinvestment, which greatly enhances your capital efficiency.
Q: Will I still be able to see my historical trading performance?
A: Yes, all your historical settlement records remain fully accessible for review. Only the generation of new records has stopped for the affected contracts.
Q: How does this affect my open positions during the transition?
A: If you held a position at the specified time, its average price was reset to the last settlement price, and any accrued realized PnL was moved to your balance. Your position then continued with PnL calculated from this new baseline.
Q: Are USDⓈ-margined contracts included in this update?
A: This initial phase focuses on crypto-margined contracts (LTCUSD, ETCUSD, etc.). Support for other contract types, including USDⓈ-margined contracts, will be introduced in subsequent phases, with announcements made in advance.
Q: What should I do if the withdrawal function is temporarily restricted?
A: Such restrictions are rare and are safety measures triggered by extreme market volatility. Normal functionality is automatically restored once market conditions stabilize. You can continue to manage and monitor your positions during this time.
Q: Where can I find the most technically precise information?
A: For developers and users requiring in-depth technical specifics, the official API documentation is the definitive source of truth. 👉 Access the latest technical documentation here
OKX remains committed to building a powerful, secure, and user-centric trading platform. The introduction of real-time settlement marks a key step in providing a superior product and service for all users.