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Home»ADOPTION NEWS»OKX adjusts minimum order quantity for futures contracts
ADOPTION NEWS

OKX adjusts minimum order quantity for futures contracts

By Crypto FlexsJune 1, 20243 Mins Read
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OKX adjusts minimum order quantity for futures contracts
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Future adjustments to minimum order quantity

Cryptocurrency exchange OKX will change the minimum order quantities for several perpetual and expiring futures contracts, according to a recent announcement on its official website. The adjustment will take effect between 6:00 AM and 8:00 AM UTC on June 6, 2024. The update also includes corresponding fixes to step sizes.

Adjustment Details

The following changes apply:








machinetrading pairsMinimum Order Quantity (Contract) (Previous)Minimum Order Quantity (Coins) (Previous)Minimum order quantity (contract) (hereafter)Minimum Order Quantity (Coins) (from now on)
frequentFET/USDTOne100.1One
frequentSOL/USDT0.10.10.010.01
frequentSTX/USDTOne100.1One
frequentTheta/USDTOne100.1One

Understand step size and minimum order quantity

The step size represents the smallest possible increase or decrease in the number of contracts entered into for perpetual and expiration futures. For example, for ETHUSDT perpetual futures with a contract size of 0.1 ETH, the updated step size will be set to 0.1 contract. This means that the minimum change for an ordered contract is 0.1 contract (equivalent to 0.01 ETH).

Minimum order quantity is the minimum number of contracts allowed for perpetual futures and expiration futures orders. This must be an integer multiple of the step size. For example, for ETHUSDT perpetual futures with a contract size of 0.1 ETH and a step size of 0.1 contract, the minimum order quantity is set to 1 contract (0.1 ETH).

Display rules for open positions and orders

With the new step size adjustment, both the position contract size and order quantity are displayed as decimals when the step size is less than 1. This applies to open orders, partially filled orders, fully filled orders, open orders and open position sizes. For example, for SHIBUSDT perpetual futures with a contract size of 1,000,000 SHIB, if you adjust the step size to 0.1 contract, the order quantity will be displayed as 10.5 contracts (10,500,000 SHIB).

Order Processing Rules

For new orders, traders must ensure that the quantity placed or modified is an integer multiple of the step size and is at least equal to the minimum order quantity. For example, if the step size of a SHIBUSDT perpetual contract is adjusted to 0.1 contracts, all orders placed or modified must be integer multiples of 0.1 contracts (100,000 SHIB).

API interface tuning rules

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

OKX emphasizes that it is important for all traders, including API users, bot traders and copy traders, to understand these changes. This is because these adjustments aim to improve the trading experience and efficiency of the platform.

Image source: Shutterstock

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