Overview
This Expiry Futures Trading User Agreement ("Agreement") is a legally binding document between you (the "User") and OKX. It governs your access to and use of the expiry futures trading services (the "Service") provided through the OKX platform.
By accessing or using the Service, you confirm that you have read, understood, and accepted all terms and conditions contained in this Agreement, along with any related system specifications, rules, policies, and announcements. If you do not agree with any part of these terms, you must immediately cease using the Service.
This Agreement supplements OKX's general Terms of Service. In case of any conflict between documents, this Agreement takes precedence. All capitalized terms not defined herein have the meanings given in OKX's Terms of Service.
Eligibility Requirements
To use the Service, you must meet specific eligibility criteria:
- You must be eligible to use OKX's services under the general Terms of Service
- You must possess the experience and risk tolerance necessary for trading non-guaranteed cryptocurrency products
- You must have the technical ability to perform internet operations
- Your use of the Service must comply with all applicable laws in your country or region
- You must be the legal owner of all digital assets in your OKX account with lawful sources
You agree not to use the Service for any illegal activities, including but not limited to money laundering, fraud, market manipulation, terrorist financing, or any other prohibited businesses.
Risk Management Framework
The Service employs various measures to control risks, including position limits, margin requirements, and liquidation protocols. OKX reserves the right to introduce additional risk control measures and update existing protocols as needed.
If your positions or open orders accumulate to levels that pose risks to other users or the platform, OKX may cancel your orders or close your positions partially or fully.
👉 Explore advanced risk management strategies
Service Operation
The Service enables you to buy or sell digital assets at a specific future price and date (Expiry Futures Trading). You may also borrow digital assets from OKX to conduct margin trading.
To engage in margin trading, you must deposit approved digital assets or fiat currency as collateral in your margin account. This collateral serves as security for your obligations.
Order Placement and Execution
You may place orders through OKX's website, client software, API, or other channels. Once an "Open Long" or "Open Short" order is filled, the corresponding position opens. When a "Close Long" or "Close Short" order fills, the position closes.
Filled orders cannot be cancelled or amended. The Service provides real-time information about your positions and asset values.
Interest and Fees
When borrowing digital assets, you must pay interest on the borrowed amount. Interest accrues and deducts hourly, with margin subject to liquidation rules and forced repayment.
Contract Delivery and Settlement
At contract delivery time (08:00 UTC every Friday), the system automatically closes all weekly expiry futures positions. The settlement price is the arithmetic mean of the relevant index during the hour preceding delivery.
Profit and loss from delivery settle as realized profits and losses (RPL), which credit to your balance and become immediately withdrawable.
For specific tokens including ETH-USD, ETH-USDT, BTC-USDT, and BTC-USDT expiry futures in cross-margin mode, daily settlement occurs at 8:00 UTC. Settlement credits positions' profit/loss to currency balance and updates entry prices without changing position size.
Borrowing and Liability Management
You may incur borrowing under both auto-borrow and non-auto-borrow modes based on your equity level and profit/loss status. Liabilities exceeding specified limits trigger forced repayment. You must monitor positions and maintain sufficient equity to avoid liquidation.
If maintenance margin requirements aren't met, OKX may sell margin assets to cover deficiencies. You remain responsible for any account shortfalls after such sales.
Market Anomalies
During market anomalies before settlement and delivery, OKX may settle and/or deliver contracts using commercially reasonable methods at its discretion.
Margin and Security Interests
Margin Usage
OKX uses your margin deposit as security against potential losses from Service usage. You grant OKX a continuing first-priority security interest in all margin account assets.
The security interest remains valid despite any intermediate payments and secures the ultimate balance of your obligations.
Additional Security Measures
Upon request, you must perform all necessary acts to maintain the validity, perfection, and enforceability of OKX's security interest. This includes executing additional documents and instruments.
You irrevocably appoint OKX as your attorney to act on your behalf regarding margin matters, including executing transfers, exercising rights, and taking legal action to protect OKX's security interest.
User Representations and Warranties
You represent, warrant, and undertake that:
- Margin sources are legal and ownership is undisputed
- Deposited margin assets are unencumbered and free from mortgages, charges, liens, or other claims
- Margin assets aren't subject to litigation, preservation, mortgage, judicial freeze, or enforcement
- You won't infringe OKX's legitimate rights and interests
- You don't appear on any government or international organization sanctions lists
- You'll immediately notify OKX if representations become incorrect due to legal changes
Breaching these representations grants OKX the right to stop providing services and hold you liable for resulting losses.
Liability Limitations
Risk Disclosure
You use the Service strictly at your own risk. The Service is provided "as is" and "as available" without warranties of any kind, either express or implied.
Digital assets involve significant risk, including market risk, smart contract risk, liquidity risk, oracle risk, volatility risk, and legal/compliance risks. Values fluctuate considerably, and investments may suffer total losses.
You confirm that you:
- Fully understand all risks associated with digital assets
- Agree to bear all risks and losses from Service usage
- Acknowledge that OKX isn't responsible for these risks or losses
The platform doesn't guarantee content authenticity, sufficiency, reliability, accuracy, completeness, or validity. You must rely on independent judgment for transactions and bear all responsibility for decisions.
Specific Risks
Key risks include:
- Market price fluctuations that may cause significant losses
- Inability to trade frozen digital assets used as margin
- Service termination preventing expected profits
- Force majeure events causing digital asset value collapse
- Technical abnormalities delaying or preventing Service access
- Market abnormalities causing losses
- Protocol changes that may benefit or harm users
Market Volatility Responsibility
You bear full responsibility for all trading and non-trading activities on your account. OKX isn't liable for any losses arising from Service usage.
System Limitations
OKX isn't liable for Service interruptions resulting from:
- Scheduled maintenance
- Hacker attacks
- Telecom equipment failures
- Force majeure events (typhoons, earthquakes, government actions, etc.)
- Technical issues from hacking, viruses, or adjustments
- System damage or defects
- Industry-wide unpredictable technical problems
- Third-party faults or delays
- Legal or government order changes
- Other objectively unforeseeable circumstances
Software Protocol Risks
Digital assets typically rely on open-source protocols outside OKX's control. These may change suddenly, significantly affecting availability, usability, or value.
OKX may experience cyber attacks, activity surges, or technical difficulties causing Service interruptions. You accept the risk of transaction failures from technical difficulties.
Unfair Trading Prohibition
OKX prohibits price manipulation, insider dealing, market distortion, and other malicious activities. OKX may take action against accounts engaging in harmful behaviors, including closing accounts, limiting trading, canceling transactions, and rolling back trades.
👉 Learn more about compliant trading practices
Indemnification Obligations
You must protect OKX from damages caused by your Service usage or account activities. You agree to defend and indemnify OKX from claims resulting from:
- Agreement breaches
- Improper service use
- Law violations or third-party rights infringement
- Third-party actions/omissions regarding your account
No Professional Advice
OKX doesn't provide business, legal, financial, or tax advice. You should consult appropriate professionals regarding chances, opportunities, risks, obligations, or costs related to digital asset reception.
OKX isn't your broker, dealer, agent, or consultant. No fiduciary relationship exists between you and OKX. Communications from OKX shouldn't be considered investment, business, legal, financial, tax, or trading advice.
You alone determine investment suitability based on personal objectives, financial condition, and risk tolerance. OKX doesn't recommend buying, selling, transferring, or holding digital assets.
Third-Party Website Disclaimer
Links to third-party websites don't indicate OKX endorsement of products, services, or information. OKX doesn't guarantee information accuracy on external sites and isn't liable for losses from third-party product usage.
Third-party websites have independent terms of use and privacy policies. OKX and third-party operators are separate legal entities without agency, partnership, or cooperative relationships.
Governing Law and Jurisdiction
This Agreement and Service use are governed by English and Welsh law, disregarding conflict of law principles.
Dispute Resolution
Mediation
Disputes must first proceed to mediation through the Hong Kong International Arbitration Centre (HKIAC) under its Mediation Rules.
Arbitration
If unresolved within 90 days after mediation request, disputes proceed to HKIAC arbitration under its Administered Arbitration Rules. Arbitration clause law is Hong Kong law.
Arbitration Details
- Seat: Hong Kong
- Arbitrators: Three (one appointed by each party, third by HKIAC Chairman)
- Language: English
- Document discovery: Limited to specific, identified relevant documents
Arbitral awards are final, binding, and enforceable in any competent jurisdiction.
Frequently Asked Questions
What is expiry futures trading?
Expiry futures trading involves agreeing to buy or sell digital assets at a predetermined price on a specific future date. These contracts have set expiration dates when positions automatically settle based on the settlement price mechanism described in the agreement.
How does margin work in OKX expiry futures?
Margin represents collateral you deposit to open and maintain positions. OKX accepts approved digital assets and fiat currencies as margin. The platform uses this collateral as security against potential losses and may liquidate positions if margin requirements aren't maintained.
What happens if I can't meet margin requirements?
If your equity falls below maintenance margin requirements, OKX may sell margin assets to cover deficiencies. You remain responsible for any account shortfalls after such sales. It's crucial to monitor positions regularly and maintain sufficient equity.
How are disputes resolved under this agreement?
Disputes first proceed to mediation through HKIAC. If unresolved within 90 days, they advance to binding arbitration administered by HKIAC with three arbitrators. The arbitration seat is Hong Kong, proceedings are in English, and awards are final and binding.
Can OKX change the terms of this agreement?
Yes, OKX reserves the right to unilaterally modify terms when necessary without prior notice. Changes post on OKX's website, and continued Service use constitutes acceptance of revised terms. If you don't accept changes, you must stop using the Service.
What risks should I consider before trading?
Key risks include market volatility, technical failures, force majeure events, regulatory changes, and potential platform modifications. Digital assets can experience extreme price fluctuations, possibly resulting in total investment loss. Only risk capital you can afford to lose entirely.
Miscellaneous Provisions
Additional Documents
This Agreement includes OKX's various system specifications, related agreements, rules, and future Service-related documents. Once published, these become Agreement components. In case of conflict, this Agreement prevails.
Transfer Restrictions
You cannot transfer or assign rights or obligations without OKX's prior written consent. OKX may transfer rights or obligations by providing written notice effective upon delivery.
Headings and Interpretation
Section headings are for convenience only without actual meaning and shouldn't interpret Agreement meaning. OKX has sole and final discretion to interpret these Terms.
Language Preference
The English version prevails if discrepancies exist between translations.
Severability
If any provision is invalid, illegal, or unenforceable, remaining provisions remain effective. Invalid provisions modify to meet minimum legal requirements or sever without affecting other terms.
Rights Preservation
OKX's failure to exercise rights doesn't waive those rights. Partial exercise doesn't preclude further exercises of rights.
Communications
Formal communications between parties should occur via email unless otherwise instructed. English language communications prevail over foreign language versions. The Agreement prevails over any conflicting communications.