OKX to list perpetual for AUCTION and enable margin trading and Simple Earn

We are pleased to announce that AUCTION margin trading and Simple Earn will be enabled at 08:00 am UTC on December 1. USDT-margined perpetual swaps for AUCTION will be listed at the same time.
The updates will cover both the web and app interfaces as well as API. The details are as follows:

I. Margin trading and Simple Earn

Spot margin trading will be activated for the following pair: AUCTION/USDT
For the details of the tiered margin level, please refer to Margin Borrowing Position Tiers after the official listing.
For the limits of Simple Earn, please refer to the Introduction to OKX Simple Earn and Its Rules after the official listing.

II. Perpetual swap trading
AUCTIONUSDT Perpetual Swap:

Feature	Details
Underlying	AUCTION/USDT Index
Settlement asset	USDT
Face value	0.1
Price quotation	1 AUCTION value calculated in USDT equivalent
Tick size	0.001
Leverage	0.01-50x
Funding rate	Clamp(MA([(Best bid Best offer) / 2 – Spot index price] / Spot index price – Interest), -1.5%, 1.5%), Interest = 0
Trading hours	24/7

Note: When a new contract is launched, the premium is unstable. To avoid unreasonable charges, the upper limit of the funding rate before 4:00 pm UTC on December 1 is 0.03%. After 4:00 pm UTC on December 1, the upper limit of the predicted funding rate will be adjusted back to normal 1.50% (the funding fee for this period will be charged at 8:00 am UTC on December 2).

The price limit rules of AUCTION USDT-margined perpetual swap trading are the same as those of other currencies. Please refer to our perpetual swap trading guides for further details.
USDT-margined perpetual swap trading: OKX Perpetual Swap Trading User Agreement

OKX
December 1, 2023

Read the original article at okex

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