Overview
OKX Perpetual Contracts and Delivery Contracts are two primary derivatives trading instruments in cryptocurrency markets. Both allow traders to speculate on price movements through long (buy) or short (sell) positions, but they differ significantly in structure and mechanics.
OKX Perpetual Contracts
Perpetual Contracts are settled in digital assets and do not have an expiration date. Traders can hold positions indefinitely, provided they maintain sufficient margin to avoid liquidation. Key features include:
- No Expiry: Continuous trading without mandatory settlement.
- Funding Rate Mechanism: Periodic payments between long and short positions to tether the contract price to the spot market.
- Mark Price System: Uses a composite index price (rather than last traded price) to calculate unrealized P&L, reducing unnecessary liquidations during volatility.
OKX Delivery Contracts
Delivery Contracts also settle in digital assets but have fixed expiry dates, including:
- Weekly
- Bi-Weekly
- Quarterly
- Bi-Quarterly
At expiry, positions are closed automatically at the settlement price (based on the hourly arithmetic average of the underlying asset’s index price).
Key Differences
| Feature | Perpetual Contracts | Delivery Contracts |
|-----------------------|------------------------------------|------------------------------------|
| Expiry | No expiry (hold indefinitely) | Fixed (weekly, quarterly, etc.) |
| Settlement | Continuous via funding rate | One-time at expiry |
| Price Anchor | Tracks spot via mark price | Matches spot at expiry |
FAQs
1. Which contract type is better for long-term holding?
Perpetual Contracts are ideal for indefinite positions, while Delivery Contracts suit traders targeting specific market cycles.
2. How does the funding rate work?
Long/short positions pay or receive fees every 8 hours to balance perpetual contract prices with the spot market.
3. Can Delivery Contracts roll over?
No—they expire and settle automatically. Traders must manually reopen positions in the next cycle.
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