We are excited to announce that OKX will enable margin trading and savings for WEMIX, along with listing a USDT-margined perpetual swap for the token. These new features are scheduled to go live at 7:00 am UTC on November 8.
These updates will be available across all platforms, including the OKX website, mobile application, and API services.
Key Features of the WEMIX Update
Margin Trading and Savings
Spot margin trading will be activated for the WEMIX/USDT trading pair. This allows users to borrow funds to trade WEMIX, potentially amplifying their returns (and risks) in the market.
Additionally, the savings feature enables users to earn interest on their WEMIX holdings by lending them out within the OKX ecosystem.
WEMIX Perpetual Swap Listing
A new USDT-margined perpetual swap contract for WEMIX will also be introduced. Below are the detailed specifications for this derivative product:
| Feature | Details |
|---|---|
| Underlying | WEMIX/USDT Index |
| Settlement | USDT |
| Face Value | 1 WEMIX |
| Price Quotation | Value of 1 WEMIX in USDT |
| Tick Size | 0.001 |
| Leverage | 0.01x to 75x |
| Funding Rate | Clamp(MA(((best bid + best offer)/2 - spot index price)/spot index price - interest), -0.75%, 0.75%), where interest = 0 |
| Trading Hours | 24/7 |
This contract allows traders to speculate on the future price of WEMIX without an expiration date, using leverage to open larger positions.
Important Notes for Traders
Due to the potential for high volatility and premium instability when a new perpetual swap contract is launched, OKX has implemented a temporary funding rate cap.
- Before 16:00 UTC on November 7, the upper limit for the funding rate is set at 0.03%.
- After 16:00 UTC on November 7, the predicted funding rate cap will return to the standard 1.50%.
The first funding fee under the normal cap will be charged at 08:00 UTC on November 8.
The price limit rules for the WEMIX perpetual swap will align with those of other similar contracts on the OKX platform. For a comprehensive understanding of how perpetual swaps work, including funding mechanisms and risk management, it is highly recommended to review the official trading guides.
👉 Explore perpetual swap trading guides
Frequently Asked Questions
What is margin trading on OKX?
Margin trading allows you to borrow funds to increase your trading position size, amplifying both potential profits and losses. It is available for select trading pairs like WEMIX/USDT.
How does the savings feature work for WEMIX?
The savings feature lets you earn interest on your idle WEMIX tokens by lending them to other users on the platform for margin trading. It's a way to generate passive income from your holdings.
What is a USDT-margined perpetual swap?
It is a type of derivative contract that allows you to speculate on the price of WEMIX against USDT without an expiry date. Profits and losses are calculated in USDT, and traders can use leverage.
Why is the funding rate capped initially?
A temporary cap on the funding rate helps prevent unreasonable charges for traders during the initial period after a new contract is listed, when the market premium can be highly volatile and unpredictable.
What leverage can I use for the WEMIX perpetual swap?
The available leverage ranges from a minimum of 0.01x up to a maximum of 75x. Remember that higher leverage significantly increases both potential gains and risks.
Are these features available on the OKX mobile app?
Yes, all new features, including WEMIX margin trading, savings, and perpetual swap trading, are accessible on both the OKX website and its mobile application.