OKX to Adjust Minimum Order Quantities for Futures Contracts

Upcoming Adjustments to Minimum Order Quantities

Cryptocurrency exchange OKX will implement changes to the minimum order quantities for several perpetual and expiry futures contracts, according to a recent announcement on their official website. The adjustments are scheduled to take effect between 6:00 am and 8:00 am UTC on June 6, 2024. The update also includes corresponding modifications to step size.

Details of the Adjustments

The following changes will be made:

Understanding Step Size and Minimum Order Quantity

Step size refers to the smallest possible increment or decrement in the number of contracts placed for perpetual and expiry futures. For example, in the ETHUSDT perpetual futures with a contract size of 0.1 ETH, the updated step size will be set at 0.1 contracts, meaning the minimum fluctuation in the contracts ordered is 0.1 contracts (equivalent to 0.01 ETH).

Minimum order quantity is the smallest number of contracts permissible for an order in perpetual and expiry futures. It must be an integer multiple of the step size. For instance, in the ETHUSDT perpetual futures with a contract size of 0.1 ETH and a step size of 0.1 contracts, the minimum order quantity is set at 1 contract (0.1 ETH).

Display Rules for Open Positions and Orders

With the new step size adjustments, if the step size is less than 1, both position contract sizes and order quantities will be displayed in decimals. This applies to unfulfilled, partially filled, completely filled, and open orders, as well as the sizes of open positions. For example, in SHIBUSDT perpetual futures with a contract size of 1,000,000 SHIB, the order quantity will be displayed as 10.5 contracts (10,500,000 SHIB) if the step size is adjusted to 0.1 contracts.

Order Processing Rules

For new orders, traders must ensure that the quantity placed or modified is an integral multiple of the step size and at least equal to the minimum order quantity. For instance, when the step size for SHIBUSDT perpetual contracts is adjusted to 0.1 contracts, any order placed or modified must be in integral multiples of 0.1 contracts (100,000 SHIB).

API Interface Adjustment Rules

Post-adjustment, the API endpoint (/api/v5/public/instruments) and the WebSocket channel (Instruments) will reflect the updated values for step size (lotSz) and minimum order quantity (minSz). More details about these changes can be found on the OKX documentation page.

OKX emphasizes the importance of understanding these changes for all traders, including API users, bot traders, and copy traders, as these adjustments aim to enhance the trading experience and efficiency on their platform.

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• Source: https://Blockchain.News/news/okx-adjusts-minimum-order-quantities-futures-2024