OKX Introduces Multi-Currency Settlement Support for USD-Margined Futures
OKX has introduced USD-margined futures contracts that allow users to select their preferred settlement currency. This means that all trading liquidity is consolidated into a unified order book in US dollars, providing a seamless trading experience for users.
The supported settlement currencies are USD, USDC, and USDG. If you already hold one of these stablecoins, you can use it as your settlement currency instead of converting to USD first. This means that all fees, unrealized PnL, funding fee, initial margin, and maintenance margin will be calculated in the selected settlement currency.
For example, if you're holding USDC, select that as your settlement currency instead of converting it to USD first. However, you cannot use BTC or other cryptocurrencies to settle these contracts, they must be converted to one of the supported currencies first.
The 'USD' in XXX/USD UM refers to the pricing unit of the contract, not necessarily the asset you hold. This means that users trade the XXX/USD UM contract and set their settlement currency to USDC or USDG instead of looking for a separate XXX/USDC or XXX/USDG contract.