OKX call auction mechanism

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.

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?

• Call auction phase (which will last for at least 10 minutes): you can place, cancel, or modify limit orders up to the final five minutes. During the final five minutes of the call auction, you will only be able to place but not cancel or modify orders.

• Livetrading phase: the final indicative opening price calculated based on the price discovery during the call auction is used as the official opening price. After the live trading begins, the matched orders from the call auction phase will enter the matching engine and be exectued typically within 1 to 15 seconds. The unmatched orders from the call auction will remain on the orderbook and be executed based on orderbook trading rules.

8. Who can partipate in the call auction ?

All OKX users would be able to participate in the call auction.

9. Is there a limit of orders users can place during the call auction

Yes, we apply a limit on the total size of orders that applicable users can place during the call auction. Please refer to the specific listing announcement for more details.

10. 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.

11. 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.

12. 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.