X-Perps Contract Mechanics, Funding, Margin, and Risk Controls
Summary
The article explains OKX X-Perps, leveraged crypto derivatives offered to eligible traders in the European Economic Area, and reports the addition of five contracts: TAO, BNB, HYPE, LINK, and TRX. It outlines the contract features, including leverage up to 10x, multi-asset margin, funding payments every eight hours, a fixed settlement date five years after issuance, and cash settlement. A mark price is used for liquidation checks and unrealized profit and loss calculations to reduce the effect of brief price spikes.
The document also explains that funding payments generally transfer between long and short holders to help align the contract with spot prices, and describes position-level take-profit and stop-loss orders. These controls can be changed before triggering, but must be adjusted separately if a position is partly closed manually. The article is primarily a product description, not a trading method or performance analysis. It gives no funding history, margin formulas, or evidence on slippage or liquidation outcomes, and stresses that leverage can magnify losses.
Key ideas
- X-Perps are leveraged derivatives that allow eligible traders to take long or short exposure without holding the underlying tokens.
- The contracts use multi-asset margin, eight-hour funding settlements, and cash settlement at a fixed five-year date.
- A mark price informs liquidation and unrealized profit-and-loss calculations.
- Take-profit and stop-loss orders can be set by price or percentage, but partial position closures require separate order adjustment.
- Leverage and liquidation can produce rapid and substantial losses.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.