The Malta based cryptocurrency exchange of OKEx wishes to let its users know that it has launched Perpetual Swap Contracts for the popular digital asset of Tron (TRX). Trading of the new product will be available on OKEx.com and the OKEx mobile application.
The exchange went on to explain that each contract will have a face value of $10 and leverage will be capped at 20x.
The new TRX perpetual swap offers a contract face value of USD10, and the minimum price interval is set at USD0.00001. The perpetual swap features a leverage of 1-20x.
The TRX perpetual swap contracts will be settled and funded every 12 hours at 3am and 3pm daily, UTC + 1. The funding rate will be calculated using the following formula which is constructed from the weighted average of the market prices on OKEx, Binace and Huobi.
Funding rate = Clamp (MA ((contracts best buy price + contracts best sell price) / 2-spot index price / spot index price – interest), -0.2%, 0.2%)
The exchange also notified its users that they will keep introducing perpetual swap contracts for other prominent digital assets with time.
The exchange also went on to notify the crypto trading community that they have adjusted the leverage to 100x for Perpetual Swap contracts on Ethereum and EOS. The leverage available is however, based on a tier system present at the exchange. The new feature will be available effective today at 8:40 am, UTC + 1.
Perpetual Swap is a peer-to-peer, virtual derivative developed by OKEx to enable traders to capitalize on the up or down direction of the price of digital assets. It is similar to futures contract, but with no expiry, and settlement occurs daily.
Each swap contract has a notional value of of between $100 for BTC and $10 for other digital assets on OKEx. Users can go long a position to profit from the increase of a digital asset’s price, or short a position to profit from the decline of a digital asset’s price. The leverage can go as high as 100x.
What are your thoughts on OKEx continually expanding its perpetual swap contracts to include TRX? Please let us know int he comment section below.
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