Dear OKX Users,
To optimize your trading experience, OKX will implement a significant upgrade to its futures trading platform on June 19, 2024, at 4:30 PM (UTC+8). This enhancement modifies the closing position functionality under the open-close position mode for delivery and perpetual contracts, applying close-only position logic to all closing orders.
Key Features of the Upgrade
Streamlined Closing Orders
- Limit orders, market orders, and advanced limit orders will no longer verify available closing quantities
- Users can place closing orders as long as they hold positions
Automated Order Management
When total closing quantities exceed position size, the system will:
- Prioritize orders by price (best prices executed first)
- Automatically cancel or modify less competitive orders
- Ensure total closing quantities match position size
👉 Discover advanced futures trading strategies
Practical Example: BTCUSDT Perpetual Contract
| Scenario | Current Position | Existing Orders | New Order | Result |
|---|---|---|---|---|
| Multiple closing orders with better pricing | 100 contracts (Long) | Order 1: 80 contracts @ $17,000 (Sell Close) <br> Order 2: 20 contracts @ $18,000 (Sell Close) | 50 contracts @ $16,000 (Sell Close) | • New order succeeds (50 contracts) • Order 1 modified to 50 contracts • Order 2 canceled • Total closing quantity remains 100 contracts |
Take Profit/Stop Loss Enhancements
Flexible Strategy Implementation:
- Multiple TP/SL orders can be set without quantity checks
- System automatically manages order execution per price priority rules
For comprehensive details, refer to our Basic Order Types documentation.
FAQ Section
Q: Will this affect my existing positions?
A: No, this only modifies how closing orders are processed. Your open positions remain unchanged.
Q: How does price prioritization work?
A: The system always prioritizes better prices (higher for sells, lower for buys) when managing multiple closing orders.
Q: Can I still place partial closing orders?
A: Yes, you may place any quantity of closing orders, but the system will ensure total executed closes don't exceed your position size.
Q: Does this apply to all contract types?
A: Currently covers delivery and perpetual contracts in open-close position mode.
👉 Master futures trading with OKX's upgraded platform
OKX remains committed to delivering superior trading products and exceptional service.
Best regards,
The OKX Team
June 19, 2024 (UTC+8)