How to play Bitcoin perpetual contract? One article to clarify the rules of Bitcoin perpetual contract play

Spot transactions include currency-to-crypto transactions and fiat currency transactions. Currency-to-crypto transactions are transactions between two digital currencies. Fiat currency transactions use fiat currency to purchase digital currencies. Contract transactions, the most common ones are delivery contracts and perpetual contracts. , the delivery contract has an agreed delivery time, while the perpetual contract has no agreed delivery time. The editor is mainly talking to you today about the Bitcoin perpetual contract.

How to play Bitcoin perpetual contract?

(1) Account registration

Please visit Ouyi official website (click here to register) and download OKX APP. Find the "Register/Login" button on the APP homepage, select "Register Now", fill in your email address and click the "Register" button. Then enter the six-digit verification code you received. The verification code is valid for 10 minutes.

The next step is to verify the mobile phone number. After entering the mobile phone number, click "Verify", then enter the received mobile phone verification code. The verification code is valid for 10 minutes. Finally Click "Next".

Please ensure that the chosen place of residence is consistent with the information on your document. To ensure the security of your account, please set a password according to the system prompts. Once you have completed setting your password, click "Next" to complete the registration process.

#4. After completing the registration and login, click the button in the upper left corner of the homepage, click on the jump page at the top of the page to enter the personal center, and enter the personal information and settings page. On the personal information page , click Identity Authentication, and follow the prompts to complete the authentication. After passing the Lv.1 certification, you can conduct digital asset transactions. You can also choose to continue with Lv.2 advanced certification to obtain higher trading permissions.

(2) Transaction settings

1) If you want to conduct contract trading, you need to open the account mode and set it to single-currency margin mode or cross-currency Margin mode.

2) You can continue to set up the contract, personalize the trading unit and order mode.

(3) Perpetual Contract Trading

Perpetual contracts are divided into USDT margin contracts and currency-based margin contracts. Here, the USDT margin perpetual contract is example.

1. First transfer our digital assets from the capital account to the trading account. If it has been completed, no additional transfer operation is required.

2. On the trading page, click the drop-down button on the right side of the currency pair, enter the currency in the search box, select Perpetual in the margin transaction, and select the U corresponding to the currency. standard contract. (If your current page is on the corresponding currency page, you can also directly click the button in the upper right corner to switch to the perpetual contract trading mode)

# #3. Set the leverage multiple, select the account mode, order type, enter the price and quantity, and click Buy to open long (bullish) or Sell to open short (short). For unfilled pending orders, you can click Cancel to cancel the order.

#4. After the pending order is completed, you can view the relevant data of the order in the position interface, such as margin, income, rate of return, estimated liquidation price, etc.

5. You can set stop-profit and stop-loss on the position interface. You can also choose to close the position. Enter the closing price and quantity to confirm the closing, or select the full market price. Complete the position closing operation.

Introduction to Perpetual Contract Game Rules

1. Trading Time

Perpetual trading is a 7*24-hour transaction. Currently, settlement is performed every 8 hours, at different times of the day. Settlement will be carried out in three time periods: 4:00, 12:00 and 20:00 (GMT 8). Transactions will be interrupted during settlement, and the length of the interruption depends on the system settlement time.

The interruption and resumption of perpetual trading are differentiated by product. That is to say, if the BTC product is still being settled and settlement of other digital asset products has been completed, then other digital asset products can resume trading first.

2. Transaction Types

Transaction types are divided into two categories, opening and closing positions. Opening and closing positions are divided into two directions: buying and selling:

Buy and open long (bullish) means that when the user is bullish or bullish on the index, he will newly buy a certain amount of a certain kind of stock. contract. Carry out the "buy and open long" operation, and the long position will be increased after successful matching.

Selling to close long (long position closing) refers to the user's selling contract that is no longer bullish on the future index market and covering it up, and hedging with the currently held buying contract to offset the exit from the market. Perform the "sell to close long" operation, and the long position will be reduced after successful matching.

Selling short (bearish) means that when the user is bearish or bearish on the index, he or she will newly sell a certain number of certain contracts. Carry out the "sell and open short" operation, and the short position will be increased after the matching is successful.

Buy short position (short position closing) means that the user is no longer bearish about the future index market and buys the perpetual contract to offset the current holding of the sell contract and exit the market. Carry out the "buy and close" operation. If the matching is successful, the short position will be reduced.

3. Order placing method/order type

1.Limit price order:

Users need to specify the price and quantity of the order. A limit order specifies the highest price a user is willing to buy or the lowest price they are willing to sell. After the user sets the price limit, the market will give priority to the transaction at a price that is favorable to the user. Limit orders can be used for both opening and closing positions. Limit orders can choose three effective mechanisms, "Maker only (Post only)", "Full execution or immediate cancellation (FillOrKill)", "Immediate execution and cancellation of the remaining (ImmediateOrCancel)"; when no effective mechanism is selected, the limit order will be limited to Price orders default to "always valid".

2. Planned order:

Users can pre-set trigger conditions and their order price and quantity. When the latest market transaction price reaches the trigger condition, the system will set the order price and quantity in advance. Place an order according to the quantity (i.e. limit order).

3. Place an order at the counterparty price:

If the user chooses to place an order at the counterparty price, the user only enters the order quantity and cannot enter the order price. The system will read the latest opponent price at the moment it receives this order (if the user buys, the opponent price is the sell 1 price; if the user sells, the opponent price is the buy 1 price), and places an order for this opponent. price limit order.

4. The best N gear:

means that based on the "opponent price", you can choose "the best 5 gears", "the best 10 gears" or the "optimal 20 gears" "File" deal. Users do not need to manually enter the order price. When placing an order, they can select the "optimal 5 levels", "optimal 10 levels" or "optimal 20 levels" and enter the quantity to quickly complete the transaction with the counterparty price within the selected range. You can use the optimal N level to place orders for position opening, closing, limit orders, and planned orders to quickly complete transactions and avoid missing out on the market.

5. Flash position closing:

refers to the implementation of the "optimal 30 levels" transaction on the basis of closing the position at the counterparty price, that is, the closing order issued by the user can quickly close the position within the range of 30 levels. The transaction is executed based on the price of the internal counterparty, and the unfilled portion is automatically converted into a limit order. The closing price of flash liquidation has a predictable effect and avoids user losses caused by unavailable orders when the market rises and falls sharply.

4. Positions

After the user opens a position and completes the transaction, he or she will have the position. The positions of the same type of perpetual contracts in the same direction will be merged. In a perpetual contract account, there can only be a maximum of 2 positions, a long position in the perpetual contract and a short position in the perpetual contract.

1. Position limit/order limit

The platform will limit the number of positions held by a single user in a certain perpetual contract and the number of orders placed in a single opening/closing position to prevent Users manipulate the market.

When the user’s position amount or order amount is too large and the platform believes that it may cause serious risks to the system and other users, the platform has the right to require the user to take measures including but not limited to withdrawal. Risk control measures such as placing orders and closing positions. The platform has the right to adopt measures including but not limited to the total number of positions, limiting the total number of orders, limiting the opening of positions, canceling orders, forced liquidation and other measures for risk control.

Note:

Perpetual contracts of a single variety will be consolidated. If the user opens 1 BTC perpetual contract first, and then 2 BTC perpetual contracts, then the 3 BTC perpetual contracts will be displayed in the position, and they will not be separated.

When closing the position, follow the move Calculate costs using the averaging method. That is to say, when closing a position, it will not distinguish which position was closed at the opening price, but the profit will be calculated based on the average position price as the cost price.

For example: a user opens 1 BTC perpetual contract at a price of 1000USD, and then opens 2 BTC perpetual contracts at 1500USD/BTC (the face value of the contract is 100USD), then the user’s average position price = 100 * ( 1 2 ) / ( 100 / 1000 200 / 1500 ) = 1285.7USD.

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