We are excited to announce the listing of SONIC on the OKX trading platform. SONIC perpetual futures trading, margin trading, and Simple Earn products will be officially available starting January 2025. This expansion provides traders and investors with more opportunities to engage with the SONIC cryptocurrency in a secure and versatile trading environment.
This update is applicable to the OKX web platform, mobile application, and API services. Below is a detailed breakdown of the new offerings.
Trading Pairs and Launch Schedule
SONIC perpetual futures trading will go live at 2:00 pm UTC on January 7, 2025. Following that, SONIC margin trading and Simple Earn will be enabled at 4:00 am UTC on January 8, 2025.
The primary trading pair for all margin-related activities will be SONIC/USDT.
Margin Trading and Simple Earn Details
Spot margin trading allows users to borrow funds to amplify their trading positions. The SONIC/USDT pair will be available for this purpose.
Tiered Margin Levels
Different margin levels determine the amount of leverage available and the corresponding margin requirements. These tiers are designed to manage risk for both the user and the platform.
- The specific details for SONIC's tiered margin levels will be available on the official OKX position tier margin schedule page once the asset is listed.
- It is crucial to understand these tiers before engaging in margin trading to effectively manage your risk exposure.
Simple Earn Participation
Simple Earn offers users a way to earn interest on their idle SONIC assets by depositing them into flexible or fixed-term savings products.
- The specific limits, annual percentage yield (APY), and terms for SONIC Simple Earn will be outlined in the official Simple Earn guide upon launch.
- This provides a passive income stream for holders who do not wish to actively trade their assets.
SONIC Perpetual Futures Specifications
Perpetual futures are derivative contracts that allow you to speculate on the future price of SONIC without an expiry date. The key specifications for the SONIC/USDT perpetual swap are summarized below.
| Feature | Details |
|---|---|
| Underlying Index | SONIC/USDT |
| Settlement Asset | USDT |
| Contract Face Value | 1 SONIC |
| Price Quotation | USDT equivalent per 1 SONIC |
| Tick Size | 0.00001 |
| Leverage Offered | 0.01x to 50x |
| Funding Fee Mechanism | Calculated based on the difference between the mark price and the spot index price. The initial Interest component is set to 0. |
| Trading Hours | 24 hours, 7 days a week |
Understanding Funding Fees
Funding fees are periodic payments exchanged between long and short traders to ensure the futures contract price converges with the underlying spot price.
- The formula is: Clamp(MA([(Best bid + Best offer) / 2 – Spot index price] / Spot index price – Interest), -1.5%, 1.5%), with Interest = 0 at launch.
- For the initial period after launch, a special measure is in place to protect users from extreme volatility. Before 4:00 pm UTC on January 7, 2025, the funding fee upper limit is reduced to 0.03%.
- After this time, the predicted upper limit will return to the standard 1.5%. The first full funding fee payment will occur at 12:00 am UTC on January 8, 2025.
Price Limit Rules
The SONIC/USDT perpetual contract will adhere to the same price limit rules as other cryptocurrencies on OKX. These rules are designed to prevent excessive price movements in a short period and are part of the platform's risk management framework. For an in-depth understanding of how perpetual futures work on the platform, you can review the comprehensive trading guides available 👉 here.
Frequently Asked Questions
What is the difference between margin trading and perpetual futures?
Margin trading involves borrowing funds to buy or sell an asset in the spot market. Perpetual futures are derivative contracts that track an asset's price without an expiry date, using funding fees to tether them to the spot price. Futures typically offer higher leverage.
How can I start earning with SONIC on Simple Earn?
Once SONIC Simple Earn is active, you can navigate to the "Earn" section on the OKX platform, select SONIC, and choose between flexible or fixed-term products. You will need to transfer SONIC from your funding account to your Earn account to start accruing interest.
Why is the initial funding fee cap set lower?
A lower funding fee cap immediately after listing helps prevent unreasonable fees for users during the initial period of high volatility and price discovery that often follows a new listing. It provides a more stable trading environment at launch.
What risks are associated with leveraged SONIC trading?
Leveraged trading, including margin and futures, amplifies both potential gains and losses. It is possible to lose more than your initial investment. It is essential to have a solid risk management strategy, use stop-loss orders, and never invest more than you can afford to lose.
Are these products available to all OKX users?
Availability is subject to local laws and regulations. Users should confirm that leveraged trading, futures, and Earn products are available in their respective jurisdiction before participating.
Where can I find the most current trading rules for SONIC?
All official and updated rules, including tiered margin details and Earn limits, will always be available in the help center and official announcements section of the OKX website post-launch. It is advisable to 👉 check the latest information directly from the source before trading.