Introduction
Cryptocurrency futures trading has grown exponentially, with OKEx and Huobi emerging as leading platforms. This comprehensive analysis compares their delivery contracts (excluding perpetual contracts, which Huobi lacks). We evaluate design features, trading data, fees, liquidity, and risk management to help traders choose the best-fit exchange.
Contract Basics
Supported Assets & Pricing
- Commonalities: Both support major coins (BTC, ETH, etc.) with inverse pricing.
- Bitcoin Contract: Face value = $100; high adjustment coefficients to prevent "loss sharing."
| Feature | Huobi Futures | OKEx Futures |
|-----------------------|------------------------|-------------------------|
| Leverage | 1–20x (capped) | 1–100x (adjustable) |
| Settlement Price | 1-hour weighted avg | Last traded price |
| Margin Modes | Cross-margin only | Cross/isolated margin |
Key Insight: OKEx offers flexibility; Huobi prioritizes risk control.
Risk Management
Maintenance Margin Rules
- Huobi: Adjustment coefficient = OKEx’s maintenance rate × leverage. At 20x leverage, Huobi liquidates at ~80% loss vs. OKEx’s 90%.
- Large Traders: Huobi’s coefficients favor high-volume users (>10,000 contracts), while OKEx benefits smaller traders.
FAQ:
Q: Which exchange is safer for beginners?
A: OKEx’s higher liquidation threshold (90%) reduces early爆仓 risk.
Q: Does Huobi have zero loss sharing?
A: Yes, thanks to strict adjustment coefficients.
Fee Structure
| Tier | Huobi (Taker/Maker) | OKEx (Taker/Maker) |
|------------|---------------------|--------------------|
| Lv1 | 0.03%/0.02% | 0.05%/0.02% |
| VIP3 | 0.025%/0.015% | 0.04%/0.015% |
Advantage: Huobi’s lower fees attract high-frequency traders.
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Trading Performance
Liquidity & Depth
- BTC Quarterly: OKEx has tighter spreads (avg $0.116 vs. Huobi’s $0.199).
- Weekly Contracts: Huobi leads with lower spreads.
- Order Book Depth: Huobi’s 20-level bid/ask volume is 1.36x OKEx’s.
Volume Trends
- Huobi: 112% monthly growth (2019); $6.7T cumulative volume by August.
- OKEx: Peaked in April–May (72–157% growth).
Price Stability ("Wicking")
Both exchanges show similar volatility:
- Minute Data: OKEx has higher deviation.
- Daily Data: Huobi less prone to spikes recently.
Strategic Considerations
Stop-Loss Tips
- Self-Liquidate: Avoid letting exchanges trigger liquidation (Huobi seizes ~$100 below; OKEx ~$50).
- Arbitrage: OKEx’s perpetual contracts enable cross-market strategies.
Pro Tip:
"Use isolated margin on OKEx for precise risk control."
Final Verdict
| Exchange | Strengths | Weaknesses |
|-----------|---------------------------------------|-----------------------------|
| Huobi | Low fees, deep liquidity, rapid growth | No perpetual/isolated margin |
| OKEx | High leverage, flexible tools | Higher taker fees |
Decision Guide:
- Day Traders: Huobi for cost efficiency.
- High-Risk Strategies: OKEx’s 100x leverage.
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FAQ:
Q: Can I switch between margin modes on OKEx?
A: Yes—cross-margin for hedging; isolated for targeted bets.
Q: Which exchange handles volatility better?
A: Both use mark prices (EMA-adjusted) to reduce "wicking."