We are excited to announce that OKX will list the USDT-margined PYTH perpetual swap contract. Trading for this new derivative will begin at 3:00 pm UTC on November 20.
Additionally, spot margin trading and Simple Earn products for PYTH will be enabled at 4:00 am UTC on November 21. These updates will be available across all platforms, including the OKX website, mobile application, and API.
Detailed Overview of New PYTH Offerings
PYTH Perpetual Swap Specifications
The PYTHUSDT perpetual swap introduces a new way to gain exposure to the PYTH token's price movements. Key contract details are summarized below.
| Feature | Details |
|---|---|
| Underlying | PYTH/USDT Index |
| Settlement Asset | USDT |
| Contract Face Value | 10 PYTH |
| Price Quotation | USDT per 1 PYTH |
| Minimum Price Movement (Tick Size) | 0.0001 |
| Available Leverage | 0.01x to 50x |
| Funding Rate Mechanism | Clamp(MA([(Best bid + Best offer) / 2 – Spot index price] / Spot index price – Interest), -0.75%, 0.75%), Interest = 0 |
| Trading Schedule | 24 hours, 7 days a week |
A special note on funding rates: For new contracts, initial premiums can be volatile. To protect users from unreasonable charges, the maximum funding rate will be capped at 0.03% until 4:00 pm UTC on November 20. After this time, the upper limit for the predicted funding rate will return to the standard 1.50%. The funding fee for this specific period will be settled at 8:00 am UTC on November 21.
The price limit rules for the PYTH perpetual swap align with those for other cryptocurrencies on the platform. For a comprehensive understanding of these mechanics, reviewing the perpetual swap trading guides is highly recommended.
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Activating PYTH Margin Trading and Simple Earn
The expansion of PYTH support includes two key wealth management features:
- Spot Margin Trading: The PYTH/USDT trading pair will be available for margin trading. This allows users to borrow funds to amplify their trading positions.
- Simple Earn: Users will be able to subscribe to PYTH Simple Earn products, offering a way to generate yield on their idle PYTH holdings.
For specific details on tiered margin levels and borrowing limits, users should consult the official margin borrowing guide after the listing is complete. Similarly, the limits, rates, and rules for PYTH Simple Earn products will be detailed in the dedicated Simple Earn section.
Frequently Asked Questions
What is a perpetual swap contract?
A perpetual swap is a derivative product that allows you to speculate on the future price of an asset like PYTH without an expiration date. It uses a funding rate mechanism to keep its price anchored to the underlying spot market.
When can I start trading the PYTH perpetual contract?
The PYTHUSDT perpetual swap trading will go live at 3:00 pm UTC on November 20. Margin trading and Simple Earn for PYTH will become available a few hours later, at 4:00 am UTC on November 21.
What leverage can I use for the PYTH perpetual swap?
Traders can utilize leverage from a minimum of 0.01x up to a maximum of 50x on the PYTHUSDT perpetual contract, allowing for flexible position sizing based on individual risk appetite.
How does the funding rate work for a new contract?
To ensure stability at launch, the funding rate for the PYTH perpetual is temporarily capped at a lower maximum (0.03%) until 4:00 pm UTC on November 20. After this initial period, the standard cap of 1.50% will apply.
Where can I find more information on margin trading tiers?
The specific tiered levels for margin borrowing, which determine your borrowing limits and interest rates, are available on the OKX website within the margin trading section. These details will be fully accessible once PYTH listing is active.
Is there a way to earn passive income with my PYTH tokens?
Yes, OKX's Simple Earn product allows you to lend your PYTH tokens to earn interest. You can explore flexible or fixed-term options based on your liquidity needs and yield goals.