OKX to upgrade the position-closing feature for futures and perpetual contracts
Dear OKX users,
To enhance your trading experience, OKX will upgrade the position-closing function for futures and perpetual contracts in hedge mode at 8:30 am UTC on June 19, 2023. All closing orders in hedge mode will apply the reduce-only feature.
Feature rules:
When placing limit orders, market orders, and advanced limit orders to close a position, there will be no verification for the remaining amount of the pending positions that can be closed. You can place a closing order with any amount.
If the total of all closing position amounts exceeds the amount of open positions, orders will be sorted by price. The system will automatically cancel or modify the less favorable orders (those filled later) so that the final total of all closing position amounts equals the amount of the pending positions.
For example, you can refer to the following BTCUSDT perpetual case:
| Scenario | Position | Open orders | New order placement | Order result |
|---|---|---|---|---|
| Hold positions, place another closing order at a better price | 100 contracts, long position | Sequence 1: 17,000 (price), 80 contracts, close long &Sequence 2: 18,000 (price), 20 contracts, close long Sorted by price | 16,000 (price), 50 contracts, close long | The new order is placed. The sequence 1 order amount is modified to 50 contracts. The sequence 2 order is cancelled. All close long orders add up to 100 contracts. |
For take-profit and stop-loss orders that are used to close positions, there will be no verification of the remaining amount of the positions that can be closed. You can set multiple take-profit and stop-loss orders based on your strategy. Once the orders are triggered, the cancellation or modification rules above will automatically apply.
For more details, please refer to our product documentation: Ⅹ. Basic Order types.
OKX
June 19, 2023 UTC