Options futures (App/Web version)

An option is a right that can be exercised at a certain time in the future. After purchasing an option, if exercising the right on the expiration date is beneficial to the buyer, the buyer will receive the corresponding revenue through exercising, and the seller needs to cooperate with the buyer's exercise and make the corresponding payment. If exercising the right on the expiration date is not beneficial to the buyer, the buyer can choose not to exercise, and the seller does not need to cooperate or make any payment.

OKX offers options contracts with Bitcoin (BTC) and Ethereum (ETH) as underlying assets, allowing customers to buy and sell call options and put options. [Simple Mode] is only available on the App; this mode is currently not supported on the Web.

The overall process of options trading consists of three steps: 1. Fund transfer; 2. Account information setup; 3. Call/put options operations.

App

1. Fund transfer

Before trading options contracts, you need to transfer funds and move the cryptocurrency you want to use for options into your trading account. You can transfer funds on pages such as [Assets] and [Trade]. Here, we'll use the Assets page as an example. USDT can only be used for [Simple Options], and cannot be used for [T-Quote].

Open the OKX app, tap on 【Assets】—【Fund Transfer】, select the currency, using 【USDT】 as an example — from 【Funding Account】— to 【Trading Account】— enter the transfer 【quantity】— tap 【Confirm】.

Friendly reminder: Users can also click the [transaction] icon in the upper left corner of the page—select [Account Information]—[funds Transfer] to proceed.

2. Account Information Settings

Click the icon in the upper left corner of the transaction page—[Account Information]—[Transaction Settings].

Tap [Account Mode] and swipe left or right to select the corresponding account mode: futures mode, Advanced Mode. Select the appropriate [Trading Unit], [Settlement Unit] to complete the setup. For options, the available trading units are: cont, coins; the available settlement units are: coins, local currency.

3. Call Option

When you anticipate that the Markets will rise in the future, you can choose a call option.

1. Buy to open a long position

Experienced professional customers can choose the T quote mode, which offers a wider variety of option futures types.

Take BTC options as an example: Open the APP and go to the [Trade] page — click the left upper corner [BTC/USDT] pair box; on the new page, click to switch trading mode — [Options] — select [Professional Mode], underlying asset [BTC] — [All Options] — click [Call] — select the exercise date — scroll down to choose options contracts at different strike prices.

Note: Some of the screenshots below are from demo trading.

Select [Cross/Isolated Margin] — [Limit Order] — Enter [Price], [Quantity] — Click [Buy].

Lite users can directly select different expiration dates and types of option contracts for trading in the list navigation bar, making it more convenient.

Customers with zero experience can choose [Simple Mode], which is easier and smarter.

Select [BTC Simple Options] — choose the exercise date — click the [Call] button — use the dropdown to select different strike price options futures contract types.

View the profit and loss and other related data of the selected options contract, then click [Confirm] — enter [Purchase Quantity] — [OK].

Important notes:

• Explanation of option contract types: BTCUSD (underlying asset) – 20210625 (expiration date, at 16:00 HKT on that day) – 30000 (strike price) – C (C stands for call, P stands for put).

• OKX options offers 8 expiration date to choose from: same day, next day, current week, bi-weekly, monthly, bi-monthly, quarterly, and next quarter.

2. Flatten by selling

OKX options futures can be flattened in two places: the transaction page and the specific position page. Here, we'll use the specific position page as an example for flattening a position.

Click [Position]—select the specific position you want to flatten, click [flatten]—enter [Price], [Quantity]—click [flatten].

Important notes:

• OKX options are European-style options. Both buyers and sellers can only exercise or be exercised at 4:00 PM (HKT) on the futures expiration date, but they can flatten their positions early before expiration.

• When an options contract expires, at 16:00 (HKT) on the same day, profitable options contracts will be automatically exercised, while losing options contracts will automatically expire and will not be exercised.

• If there is significant market volatility, your order may not be filled.

• If you need to quickly close all positions, you can select specific positions and click [Market Close All].

3. Order Inquiry

On the main position opening page, click [Open Orders] at the bottom—select the order type to view your current pending orders. You can also click [Cancel Order] to revoke a pending order.

4. Position Overview

After an order is filled, users can view their position-related data in the [Positions] list: average entry price, position size, initial margin requirement, and return rate, etc.

4. Put Option

When you anticipate that the Markets will decline in the future, you can choose a put option.

1. Sell to open position

Take BTC options as an example: Open the APP and go to the [Trade] page — click the trading pair box in the upper left corner [BTC/USDT]; on the new page, click to switch trading mode — [Options] — select [Professional Mode], underlying asset [BTC] — [All Options].

Click [Put] — select the expiration date — use the dropdown to choose different option contract types at various strike prices; select [Cross/Isolated] — [Limit Order] — enter [Price], [Quantity] — click [Sell].

Friendly reminder: When selling to open a put option, users can also choose [Simple Mode] or directly click the navigation list below to select options of different dates and types for trading.

2. Buy to close

Click [Position]—select the specific position you want to flatten, click [flatten]—enter [Price], [Quantity]—click [flatten].

Web

1. Fund transfer

Before trading options contracts, you need to transfer funds and move the cryptocurrency you want to use for options into your trading account. You can transfer funds on pages such as [Assets] and [Trade]. Here, we'll use the trading page as an example.

Open the OKX official website, click the upper left [Trade]—[Leverage Futures Trading]; on the new page, scroll down and click [Assets]—[Transfer].

Select the currency, using 【BTC】 as an example—from 【Funding Account】—to 【Trading Account】—enter the transfer 【Amount】—【Confirm】.

2. Account Information Settings

Click the settings icon in the upper right corner of the trading page—select options such as [Account Mode][Transaction Unit] to configure your settings.

3. Call Option

When you anticipate that the Markets will rise in the future, you can choose a call option.

1. Buy to open a long position

Experienced professional customers can choose the T quote mode, which offers a wider variety of option futures types.

Taking BTC options as an example: Select [Manual Trading Mode] — Click the icon to switch trading modes — Swipe right to select [Options] — Choose the underlying asset [BTC] — [All Options].

Note: Some of the content below includes demo trading screenshots.

Select the [Call Option] on the left — Choose the exercise date — Use the dropdown to select option futures at different strike prices.

Select [Cross/Isolated Margin] — [Limit Order] — Enter [Price], [Quantity] — Click [Buy].

Lite users can directly select different expiration dates and types of option contracts for trading in the list navigation bar, making it more convenient.

Important notes:

• Explanation of option contract types: BTCUSD (underlying asset) – 20210625 (expiration date, at 16:00 HKT on that day) – 30000 (strike price) – C (C stands for call, P stands for put).

• OKX options offers 8 expiration date to choose from: same day, next day, current week, bi-weekly, monthly, bi-monthly, quarterly, and next quarter.

2. Flatten by selling

OKX options futures can be flattened in two places: the transaction page and the specific position page. Here, we'll use the specific position page as an example for flattening a position.

Click [Position] — select the specific position to flatten — enter [Price], [Quantity] — click [flatten].

Important notes:

• OKX options are European-style options. Both buyers and sellers can only exercise or be exercised at 4:00 PM (HKT) on the futures expiration date, but they can flatten their positions early before expiration.

• When an options contract expires, at 16:00 (HKT) on the same day, profitable options contracts will be automatically exercised, while losing options contracts will automatically expire and will not be exercised.

• If there is significant market volatility, your order may not be filled.

• If you need to quickly close all positions, you can select specific positions and click [Market Close All].

3. Order Inquiry

On the main position opening page, click [Open Orders] at the bottom—select the order type to view your current pending orders. You can also click [Cancel Order] to revoke a pending order.

4. Position Overview

After an order is filled, users can view their position-related data in the [Positions] list: average entry price, position size, initial margin requirement, and return rate, etc.

4. Put Option

When you anticipate that the Markets will decline in the future, you can choose a put option.

1. Sell to open position

Taking BTC options as an example: Select [Manual Trading Mode]—Click the icon to switch trading modes—Swipe right to select [Options]—Select the underlying asset [BTC]—[All Options];

Select the [Put Option] on the right — choose the expiration date — use the dropdown to select different option contracts at various strike prices; select [Cross/Isolated] — [Limit Order] — enter [Price] and [Quantity] — click [Sell].

Friendly reminder: When opening a sell position for a put option, users can also choose [Simple Mode] or directly click the navigation list below to select options of different dates and types for trading.

2. Buy to close

Click [Position] — select the specific position to flatten — enter [Price], [Quantity] — click [flatten].