OKX Introduces Perpetual Futures for Convex Finance (CVX) Alongside Margin Trading and Simple Earn
James Ding Jun 25, 2024 13:11
OKX to enable USDT-margined perpetual futures, margin trading, and Simple Earn for CVX on June 25, 2024.
OKX, a leading cryptocurrency exchange, will enable USDT-margined perpetual futures for Convex Finance (CVX) at 8:30 am UTC on June 25, 2024, according to an announcement from the company. Additionally, the platform will launch CVX margin trading and Simple Earn at 8:00 am UTC on the same day.
Margin Trading and Simple Earn
The new offerings will be accessible via both the web and app interfaces, as well as through the API. The CVX/USDT spot margin trading pair will be activated, providing traders with new opportunities to leverage their positions. Detailed information about the tiered margin levels can be found on the OKX Margin Borrowing Position Tiers page.
For those interested in the Simple Earn program, the limits and rules are available in the Introduction to OKX Simple Earn and Its Rules section on the OKX website.
Perpetual Futures Trading
The CVXUSDT perpetual futures will feature a CVX/USDT index as the underlying asset, with USDT as the settlement cryptocurrency. The contract will have a face value of 1, and the price quotation will be calculated based on the USDT equivalent of 1 CVX. The tick size is set at 0.001, and traders can utilize leverage ranging from 0.01x to 20x. Trading will be available 24/7, offering continuous opportunities for market participation.
Funding fees are calculated using the formula: Clamp(MA([(Best bid + Best offer) / 2 – Spot index price] / Spot index price – Interest), -0.75%, 0.75%), with interest set at 0. Notably, to avoid unreasonable charges due to initial premium instability, the upper limit of the funding fee will be capped at 0.03% until 4:00 pm UTC on June 25, 2024. After this period, the upper limit will revert to the normal 1.50%, with the first fee charged at 12:00 am UTC on June 26, 2024.
The price limit rules for CVX USDT-margined perpetual futures will align with those of other cryptocurrencies on the platform. Traders are encouraged to refer to the perpetual futures trading guides available on the OKX website for comprehensive details.
For more information, visit the official OKX announcement.
Image source: Shutterstock