Perpetual contracts, as the name suggests, are futures contracts that never expire or settle. Unlike traditional futures contracts that settle weekly, perpetual contracts use a daily settlement mechanism. Depending on the exchange, settlements may occur twice or three times daily. This article focuses on OKX perpetual contracts, particularly their fee structure, which traders must understand before engaging in perpetual contract trading—even on a reputable platform like OKX.
OKX Perpetual Contract Fees Explained
OKX perpetual contract fees typically range as follows:
- Maker fees: 0.015%–0.02%
- Taker fees: 0.03%–0.05%
Additionally, funding fees are charged every 12 hours during daily settlements (at 10:00 and 22:00 UTC). These fees apply only if you hold a position at the time of settlement.
How Funding Fees Are Calculated:
Funding Fee (USD) = Contract Face Value × Number of Contracts × Funding Rate
- If the funding rate is positive, long positions pay short positions.
- If the funding rate is negative, short positions pay long positions.
Funding Rate Formula:
Funding Rate = Clamp(MA((Future Mid Price − Spot Index Price) / Spot Index Price + Interest), -0.25%, 0.25%)👉 Discover how OKX’s low fees optimize your trading strategy
Calculating Profits and Losses in OKX Perpetual Contracts
Traders can voluntarily buy or sell contracts before expiration based on market conditions.
Realized P&L:
Profit/loss from actual closing positions.
Long Position Example:
Realized P&L = (Contract Face Value / Settlement Price − Contract Face Value / Average Closing Price) × Closed Quantity
Example: Buying 2 BTC contracts at 500 USD/BTC and selling 1 at 1000 USD/BTC yields: (100/500 − 100/1000) × 1 = 0.1 BTC profit.
Short Position Example:
Realized P&L = (Contract Face Value / Average Closing Price − Contract Face Value / Settlement Price) × Closed Quantity
Example: Selling 10 BTC contracts at 500 USD/BTC and buying back 8 at 1000 USD/BTC results in: (100/1000 − 100/500) × 8 = −0.8 BTC loss.
Unrealized P&L:
Profit/loss from open positions.
Long Position:
Unrealized P&L = (Contract Value / Settlement Price − Contract Value / Latest Mark Price) × Open Quantity
Example: Holding 6 BTC contracts bought at 500 USD/BTC with a current price of 600 USD/BTC: (100/500 − 100/600) × 6 = 0.2 BTC profit.
Short Position:
Unrealized P&L = (Contract Value / Latest Mark Price − Contract Value / Settlement Price) × Open Quantity
👉 Master OKX perpetual contracts with expert insights
Key Takeaways
- OKX’s funding rate mechanism is straightforward and reacts sensitively to market sentiment.
- Post-settlement, funding rates may fluctuate significantly—wait for stabilization before analysis.
- Choose perpetual contracts aligned with your trading strategy and holding period.
FAQ
1. How often are OKX perpetual contract fees charged?
Fees are levied per trade (maker/taker) and funding fees every 12 hours during settlements.
2. What’s the difference between maker and taker fees?
Makers (limit orders) pay lower fees (0.015%–0.02%) than takers (market orders, 0.03%–0.05%).
3. When do I pay/receive funding fees?
Only if holding a position at settlement times (10:00 and 22:00 UTC).
4. How is unrealized P&L calculated?
Based on mark price vs. your entry price for open positions.
5. Can funding rates be negative?
Yes—negative rates mean shorts pay longs.
6. Why do funding rates matter?
They prevent perpetual contracts from deviating significantly from spot prices.