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OKEX To Launch 100x Leverage USDT Futures on November 14


OKEx, the world’s 5th largest crypto exchange is all set to launch trading for Tether (USDT) futures on the 14th of November. The exchange will offer a linear futures contract with 10x leverage. 

Will a USDT- based Contract Reduce Risks?

The contract will be settled daily and will have pairs with Bitcoin (BTC), EOS, Ether (ETH), Bitcoin Cash (BCH), XRP, Ethereum Classic (ETC), Bitcoin SV (BSV) and Tron (TRX) and Litecoin(LTC). According to OKEx, this stablecoin-based derivatives contracts will be beneficial for traders and will help them navigate the market and take calculated risks with increased efficiency. Furthermore, a USDT- based derivative will reduce the need to switch between crypto-assets. 

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Lennix Lai, Financial Market Director at OKEx,  hinted that the exchange in future may roll put more  USD-based stablecoin derivatives to provide the platform users with simplified hedging instruments.  He further revealed the reason behind the exchange’s choice to offer linear and not inverse futures contracts for USDT.

“Most of the time, users are not willing to hold altcoins as margin, and they also see inverse contracts itself are complicated to understand. We see this linear contract would be an open door to many new retail traders.”

USDT Futures to Launch on November 14th

The USDT futures contract will be launched on the 14th of November and the simulation for the same will start on the 5th of November. The USDT futures contract will have a fixed delivery date. The price will be set at the mean value of the index at the hour preceding delivery. Furthermore, the exchange will use a mark price to calculate the users’ unrealized Profits and Losses (PnL). This provision has been included to eliminate unnecessary liquidation in volatile market conditions. The exchange had confirmed its intentions to launch Tether Futures in late September. 

In another recent development,  OKEX joined hands with Klaytn, a global public blockchain project backed by Kakao Corporation. The synergy aims to build a stable blockchain ecosystem.  The partnership will further help the exchange to connect with other blockchain networks and portfolios.

Will USDT Futures gain the same popularity as Bitcoin Futures? Let us know, what you think in the comments below!



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