OKX to change discount rate rules in multi-currency and portfolio margin modes
To ensure platform safety and improve precision in risk measurement and trading rules implementation, OKX will adjust the discount rates for all traders in multi-currency margin mode and portfolio margin mode.
The adjustment will take place from 8:00 am UTC on August 22, 2024 to 8:00 am UTC on September 22, 2024. After the adjustment, the discount tiers will be based on crypto amounts, with each crypto assigned to its own tiers.
The specific adjustments are as follows:
Discount rule changes
The new discount tiers will be based on crypto amounts, with each crypto assigned to its own tiers, as shown below:
Web:
App:
Discount rates of each crypto
The following table shows the discount rates for the first crypto tier and the decrement for each subsequent tier:
Crypto | Discount rates for the first tier | Decrement in each subsequent tier (from the third tier onwards) |
|---|---|---|
USDT | 1 | 0 |
USDC | 0.98 | 0 |
BTC and ETH | 0.98 | 0.005 |
LTC, SOL, DOGE, BETH | 0.95 | 0.005 |
ADA, ATOM, AVAX, BCH, BNB, DOT, FIL, LINK, MATIC, OKB, ORDI, SHIB, STETH, SUI, XRP | 0.9 | 0.01 |
AEVO, APT, ARB, BIGTIME, BONK, CFX, CHZ, DYDX, ENS, EOS, ETC, ETHFI, FTM, GALA, HBAR, ICP, JTO, JUP, LDO, MEME, MERL, NEAR, NOT, OP, PEOPLE, PEPE, PYTH, SATS, STRK, STX, TIA, TON, TRX, UNI, W, WIF, WLD, ZETA, ZRO | 0.85 | 0.01 |
1INCH, AAVE, ACE, ACH, AGLD, AIDOGE, ALGO, APE, API3, AR, ATH, AUCTION, AXS, BADGER, BAL, BAND, BAT, BICO, BLOCK, BLUR, BNT, BONE, BSV, CELO, CELR, CETUS, COMP, CORE, CRO, CRV, CSPR, CTC, CVC, CVX, DGB, DMAIL, EGLD, ELF, ENJ, ETHW, FITFI, FLM, FLOKI, FLOW, FLR, FOXY, FRONT, FXS, GAS, GFT, GLM, GLMR, GMT, GMX, GODS, GPT, GRT, ICX, ID, IMX, INJ, IOST, IOTA, JOE, JST, KISHU, KLAY, KNC, KSM, LAT, LOOKS, LPT, LQTY, LRC, LSK, LUNA, LUNC, MAGIC, MANA, MASK, METIS, MEW, MINA, MKR, MOVR, MSN, NEO, NFT, NMR, OM, ONE, ONT, ORBS, PERP, PRCL, QTUM, RACA, RAY, RDNT, REN, RON, RSR, RSS3, RVN, SAND, SLP, SNX, SSV, STORJ, SUSHI, SWEAT, T, THETA, TNSR, TRB, TURBO, ULTI, UMA, USTC, UXLINK, VELO, VENOM, VRA, WAXP, WOO, XCH, XLM, XTZ, YFI, YGG, ZENT, ZERO, ZEUS, ZIL, ZK, ZRX | 0.8 | 0.01 |
Note: Any newly listed crypto will be updated to this table.
For more details on the new discount tiers and rates, refer to the following Excel file: Discount rate v1
API users can begin querying the new discount rates on the Get discount rate and interest free quota page from 8:00 am UTC on August 15, 2024.
Affected calculations
Adjusted equity before the changes | Adjusted equity after the changes |
|---|---|
Discount rates for BTC with tiers valued in USD Tier and discount rate 0 - 5,000,000 USD: 1 5,000,000 - 10,000,000 USD: 0.975 Assume the price of BTC is 60,000 USD and you have 100 BTC. Equity = 100 BTC Equity = 100 × 60,000 = 6,000,000 USD Adjusted equity = 5,000,000 × 1 + 1,000,000 × 0.975 = 5,975,000 USD | Discount rates for BTC with tiers valued in crypto Tier and discount rate 0 - 20 BTC: 0.98 20 - 25 BTC: 0.975 25 - 30 BTC: 0.97 30 - 50 BTC: 0.965 50 - 70 BTC: 0.96 70 - 90 BTC: 0.955 90 - 110 BTC: 0.95 Assume the price of BTC is 60,000 USD and you have 100 BTC. Equity = 100 BTC Equity = 100 × 60,000 = 6,000,000 USD Adjusted equity = (20 × 0.98 + 5 × 0.975 + 5 × 0.97 + 20 × 0.965 + 20 × 0.96 + 20 × 0.955 + 10 × 0.95) × 60,000 = 5,785,500 USD |
Liquidation rules
Before the changes | After the changes |
|---|---|
The asset liquidation sequence starts with less liquid crypto. The liability liquidation sequence starts with crypto that’s more likely to increase your margin level to 110%. Liquidation penalties for both crypto and liabilities are based on position tiers. | The asset liquidation sequence starts with more liquid crypto. The liability liquidation sequence starts with more liquid crypto. Liquidation penalties for assets are based on the liquidation penalty rates of the corresponding discount tiers. Liquidation penalties for liabilities are based on the corresponding position tiers. |
Application of the new discount rate rules
We’ll progressively apply the new discount rate rules to all traders from 8:00 am UTC on August 22, 2024 to 8:00 am UTC on September 22, 2024. Changes that apply to main accounts also apply to the corresponding sub-accounts.
Before the discount rate changes go live, you can test them in demo trading from 8:00 am UTC on August 1, 2024.
Risk warning: The changes to the discount rate rules will affect the risk levels of your account. Manage these risks accordingly.
How to check if the new discount rate rules have taken effect
On the website, go to the following page.
On the app, go to Market info and select Discount rates.
If you’re an API user, query /api/v5/account/config.
discountType will return 1 if the new tiers and calculations have taken effect.
For more details on API changes, go to the change log.
OKX team
July 25, 2024