OKEx, one of the world’s largest cryptocurrency exchanges is now offering daily settlement for its futures contracts for Bitcoin SV (BSV). In a recent blog post, the company revealed that the settlement time for BSV futures contract will be changed from once on Friday every week to 10:00 every day (CEST). The settlement time for weekly contracts, which takes place every Friday as well, will not be affected.
Reminder: Daily settlement for $BSV & $ETC futures contracts will be launched at 10am (CEST, UTC+2) today. We'll continue to add more enhancements on #OKEx platform to give you a better trading experience 😊
Full schedule: https://t.co/1H4zyQEFte
— OKX (@okx) August 26, 2019
The move is in a bid to optimize the exchange’s users’ trading experience. OKEx also enabled daily settlement for Ethereum Classic futures contracts yesterday, with Tron having been first a week ago. Ripple’s XRP, Bitcoin Cash ABC (BCH) and Litecoin will be next tomorrow, with EOS, Ethereum and SegWitCoin (BTC) being last on August 30.
In a separate blog post, OKEx stated that the changes to the daily settlement clause would allow their clients to make better use of their funds. The exchange explained:
“In futures trading, profits and losses are realized when a position is closed. However, customers are not able to transfer the realized profits out of their accounts before the settlement. Their funds are locked away in the futures account until the settlement on Friday. After daily settlement is implemented, customers will be able to freely move their funds in and out of their futures account without waiting until Friday.”
The exchange also made adjustments to the perpetual swap settlement and funding time. The settlement frequency of perpetual swap will be changed from 3 times/day to 1 time/day, while the frequency of funding will remain unchanged as 3 times/day. The funding fee will still be deducted from a user’s realized profit and loss. The unrealized and realized profit and loss within the settlement period will be transferred to account balance.
OKEx also stated that it reserved the right to adjust the implementation schedule as it deemed appropriate in the case of unexpected market volatility. The users would however receive notifications in such an event.
OKEx is one of the largest and most renowned crypto exchanges in the world. In the past 24 hours, it was ranked 12th in the world for adjusted volume, having facilitated $689 million in volume traded. The exchange began supporting Bitcoin SV in February 2019, allowing trading on margin with up to three times leverage option.
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