Dear OKX Users,
To improve your trading experience, OKX will upgrade the position-closing function for futures and perpetual contracts in hedge mode. The update takes effect on June 19, 2023, at 8:30 am UTC.
Key Features of the Upgrade
Reduce-Only Enforcement:
- All closing orders in hedge mode will automatically apply the reduce-only feature.
- Ensures orders only reduce positions, preventing accidental increases.
Flexible Order Placement:
No verification for remaining closable positions when placing:
- Limit orders
- Market orders
- Advanced limit orders
- Users may submit closing orders with any amount.
Order Adjustment Logic:
If total closing orders exceed open positions, the system:
- Sorts orders by price (best price prioritized).
- Cancels/modifies less favorable orders to match pending positions.
Example: BTCUSDT Perpetual Contract
| Scenario | Position | Open Orders | New Order Placement | Order Result |
|---|---|---|---|---|
| Hold positions; place better-priced closing order | 100-contract long position | 1. 17,000 (price), 80 contracts (close long) 2. 18,000 (price), 20 contracts (close long) | 16,000 (price), 50 contracts (close long) | New order accepted. Order 1 modified to 50 contracts. Order 2 canceled. Total closing: 100 contracts. |
Take-Profit/Stop-Loss Orders:
- No verification for remaining closable positions.
- Multiple TP/SL orders allowed per strategy.
- Triggered orders follow the above adjustment rules.
👉 Learn more about advanced order types
FAQs
Q: Will this affect existing open orders?
A: No. Only new closing orders placed after the upgrade will follow the reduce-only rule.
Q: Can I partially close a position without restrictions?
A: Yes. You may submit any amount, but the system will ensure the total doesn’t exceed your open position.
Q: How are conflicting orders resolved?
A: Orders are prioritized by price. Less favorable orders (higher for sells/lower for buys) are adjusted or canceled.
Q: Where can I find detailed documentation?
A: Refer to OKX’s Basic Order Types guide.
For further queries, contact OKX support.
Last updated: June 19, 2023
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- Futures trading
- Perpetual contracts
- Position-closing upgrade
- Reduce-only orders