USD-margined futures contracts FAQ
We're introducing all-new USD-margined futures, while allowing users to select their preferred settlement currency. All trading liquidity is consolidated into USD unified order book for a seamless trading experience. USD-margined futures are expressed as XXX/USD UM.
What settlement currencies are supported?
Supported settlement currencies: USD, USDC, and USDG.
You don't need to hold USD. If you already hold USDC or USDG, select that as your settlement currency instead of converting to USD first — your trading fees, unrealized PnL, funding fee, initial margin, and maintenance margin are then all calculated, paid, or received in that currency.
Can I use BTC or another crypto asset to settle USD-margined futures?
No. USD-margined futures settle in the settlement currency you select, and the supported settlement currencies are USD, USDC, and USDG. A BTC, ETH, or other crypto balance isn't counted as margin for these contracts, so your available balance on the futures order entry panel shows as 0 even though the asset is in your account.
To trade XXX/USD UM contracts when you're holding a crypto asset, convert it to USD, USDC, or USDG first using Convert, then place your order. Open Convert and select the asset you hold to see the options available on your account.
Settlement currency isn't the same as collateral. Whether an asset can be posted as collateral in another product doesn't change how these contracts settle. USD-margined futures and X-Perps are separate product families and margin assets work differently in each — see the X-Perps guide and X-Perps margin assets.
What does the "USD" in XXX/USD UM mean?
USD is the pricing unit of the contract, not necessarily the asset you hold. USD-margined futures are quoted and displayed in USD, but they're settled in the settlement currency you select — USD, USDC, or USDG. You trade the XXX/USD UM contract and set your settlement currency to USDC or USDG, rather than looking for a separate XXX/USDC or XXX/USDG contract.
USD and USDC aren't the same asset. USD is a cash currency; USDC and USDG are stablecoins issued on a blockchain and pegged 1:1 to the US dollar. Your USD, USDC, and USDG balances are held separately, so holding USDC doesn't give you a USD balance and vice versa.
The USD-M settlement currency setting is a futures trade setting. It's separate from the Trade with and Receive selectors used for spot orders on the unified USD order book — the two aren't interchangeable, and changing one doesn't change the other.
How do I change the settlement currency?
You can select different settlement currencies by going to your sub-account > trade settings > USD-M settlement currency. You can't change the settlement currency if you have open orders or positions in USD-margined futures. If you haven’t made a selection, USD will be used as the settlement currency by default. Once your changes are saved, your trading fees, unrealized PnL, funding fee, initial margin, and maintenance margin will all be calculated, paid, or received in the selected settlement currency.
On the API: Please refer to the API changelog
On the app: Select More on Trading page > Select Settings > Select USD-M settlement currency
Select More and Settings under Features selection
USD-M settlement currency is under Trading mode option on the app's settings menu
On the web: Select Settings on Trading page > Select USD-M settlement currency
USD-M settlement currency is under Settings option on the web's menu
My balance shows as 0 or I get an insufficient balance error. What should I check?
If you've funded your account but the order entry panel shows 0 available, or your order is rejected for insufficient balance, check the following:
Your settlement currency. If you haven't made a selection, USD is used by default, so a USDC or USDG balance isn't recognised as margin and shows as 0. Go to your sub-account > Trade settings > USD-M settlement currency and select the currency you actually hold.
The currency you selected on the order. USD, USDC, and USDG are separate assets. If you select USD while your balance is in USDC, you'll see an insufficient margin message even though your account balance looks sufficient.
Where your funds are held. Funds in your Funding account can't be used for orders. Transfer them to your Trading account first — see Funding vs Trading account transfers.
The asset itself. Only USD, USDC, and USDG count as margin for USD-margined futures. A BTC, ETH, or other crypto balance doesn't, so use Convert first.
Open orders or positions. You can't change your settlement currency while you have open orders or positions in USD-margined futures. Cancel the orders or close the positions first, then change the setting.
What happens if I use a different settlement currency than my counterparty?
We'll handle the conversions between different settlement currencies automatically, so you don’t need to make any manual adjustments.
How do I get funds into my USD-margined futures trades?
Your Funding account is for deposits, withdrawals, and holding assets. Your Trading account is what your orders draw on. Funds don't move between the two on their own — before you can place an order, your funds must be in the Trading account, so transfer them yourself first. For the full steps, see Funding vs Trading account transfers.
Your available balance can also be lower than your total balance because open orders and open positions hold funds. Cancel the order or close the position to release them.
What’s the “interest-free” quota? What happens if I exceed the “interest-free”quota?
Each sub-account has an interest-free quota equivalent to 20,000 USD. Currently, traders in certain jurisdictions are prohibited from actively borrowing USD or USDG, and the liability (negative equity) generated by negative UPL (unrealized PnL) will be handled in the following way —
For example, when the negative equity of USD or USDG exceeds the interest-free quota equivalent to 20,000 USD due to market fluctuation and reaches -25,000 USD, the full amount of -25,000 USD will be converted to USDC. The total amount of negative equity will be subtracted from the USDC balance, and added it to the USD or USDG balance, which could lead to liability (borrowing) in USDC. As a result, USD or USDG equity will be reset to zero.
If the market moves further against the trader’s positions, and the negative UPL again exceeds 20,000 USD, the full amount of the negative equity will again be converted to USDC.
If the market moves in favor of the trader’s positions and generates a positive UPL, the positive equity will not be automatically converted to USDC.
Assets that are currently being used as margin or are tied to an open position can't be converted, transferred, or withdrawn. To free them up, close or reduce the position, or add margin.
Will there be any delays in withdrawals?
Most withdrawals are processed promptly, but delays can occasionally occur due to standard security measures or external factors.
Security holds: Withdrawals may be held for up to 10 calendar days as part of our routine security measures in some markets.
Conversion delays: If your withdrawal involves stablecoin redemption or fiat conversion, processing time is dependent on our stablecoin partners and their processing conditions and timelines.
We’re committed to processing your withdrawal as quickly as possible and we appreciate your patience. For any concerns, please reach out to our OKX Assistant.
How are USD-margined futures treated for tax?
We don't provide tax advice. What we can confirm is factual: your USD-margined futures positions are settled in the settlement currency you select — USD, USDC, or USDG — and your trade and settlement records are available in your account statements. How those trades should be reported, including under DAC8, depends on your own circumstances, so ask a qualified tax adviser. See the Terms of service.