OKX call auction mechanism

Published on Apr 27, 2018Updated on Nov 28, 20243 min read2,037

1. What is OKX call auction?

OKX call auction allows you to freely submit buy and sell orders at your desired prices before a new trading pair officially begins trading. The trading system processes all submissions according to call auction rules and calculates an indicative opening price based on these submissions.

2. Which crypto will have a call auction?

Call auctions will be used for newly listed trading pairs.

3. How long does the call auction last?

The duration of the call auction depends on the specific crypto and market liquidity. Typically, the call auction lasts at least 10 minutes.

4. What order types are supported during the call auction?

Only limit orders are supported during the call auction. You can cancel the orders but you can't modify the orders.

5. How are the fees charged during the call auction?

At the end of the call auction, the system charges a taker fee for orders executed during this period.

6. How is the indicative opening price determined?

The indicative opening price must meet the following three conditions:

  • It generates the highest trading volume.

  • All buy orders above the indicative opening price or all sell orders below the indicative opening price must be fully executed at the indicative opening price.

  • Either taker or maker of the orders at the indicative opening price must be fully executed.

7. What are the rules for the call auction?

The call auction lasts at least 10 minutes:

  • Call auction phase (at least 10 minutes): you can only place limit orders, cancellations are allowed, and no matches occur during this phase.

  • Official trading phase: the opening price calculated based on the price discovery during the call auction is used as the official opening price. Trading begins, and orders from the call auction phase enter the matching system, typically within 1 to 15 seconds.

8. Is the call auction supported through the API?

Yes. Just like other trading products, you can place orders during the call auction via API. You can also access market data and order book depth through the REST API and WebSocket feed. For more information, please refer to our API documentation.

9. What information is provided to users during the call auction?

  • Indicative opening price: the estimated price for the trading pair.

  • Matched orders volume: the quantity of crypto successfully matched during the call auction.

  • Unmatched orders volume: the quantity of crypto not matched during the call auction.

10. Why is the indicative price different from the opening price as shown on the trading graph?

In order to provide more trading information, following the end of the call auction, OKX will display the project team's opening price at the commencement of continuous trading as the initial price of the trading chart. The project team's opening price is provided by the token project team usually based on the valuation of the project. This project team's opening price is displayed for information purpose only, and is not determined by the call auction mechanism, and will not impact the prices where you will execute the orders.

Disclaimer
This content is provided for informational purposes only and may cover products that are not available in your region. It is not intended to provide (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell, or hold digital assets, or (iii) financial, accounting, legal, or tax advice. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. Information (including market data and statistical information, if any) appearing in this post is for general information purposes only. While all reasonable care has been taken in preparing this data and graphs, no responsibility or liability is accepted for any errors of fact or omission expressed herein. Both OKX Web3 Wallet and OKX NFT Marketplace are subject to separate terms of service at www.okx.com.

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