OKEx revealed real-time settlement for permanent swaps, futures, and options contracts will soon be settled on its exchange.

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Prominent cryptocurrency exchange, OKEx has announced that all permanent swaps, futures, and options contracts will soon be settled on its website. This would allow users to boost the capital efficiency of their funds and allow for greater cross-exchange arbitration opportunities, as stated in the announcement.

It added:

“Real-time settlements will officially begin at 8:00 am UTC on Dec. 29 on the popular ADAUSD perpetual contract. The function will then be rolled out to other major currency pairs and financial instruments on the platform over the coming months.”

This will allow users to withdraw their funds at any time and would not have to wait until 4:00 p.m. UTC settlement time.

The exchange will begin as a trial on the ADAUSD market and will eventually launch other big tokens as of January 2021. Any consumer keeping the ADAUSD perpetual contract on 29 December at that time would see the average open price of the position changed to the base price of the last settlement of the ADAUSD perpetual contract.

The exchange noted that all realised profit and loss would be allocated to the ADAUSD perpetual account balance and the profit would be recalculated on the basis of the new opening average price from 8:00 a.m. UTC on that day. The functionality will be accessible to users on the site, the mobile app and the API edition.

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The head of financial markets at OKEx, Lennix Lai sated:

“By being able to withdraw their realized profit instantly and not having to wait for the settlement period, users can engage in more efficient strategies to maximize their capital. The introduction of real-time settlements is another key upgrade at OKEx, and we believe that it will be extremely popular among users.”

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