The OKEx cryptocurrency exchange recent revealed a flurry of additions to their platform, announcing the launch of TRON (TRX) perpetual swap trading yesterday along with today’s announcement of adjusted leverage of up to 100x for existing Ethereum (ETH) and EOS perpetual swaps making it the first mainstream exchange to offer such high leverage.
OKEx announced the launch of TRX perpetual swaps yesterday, offering up to 20x leverage on the contract with a face value of $10
TRX perpetual swap trading is now available.https://t.co/wTvPG4u6T5 pic.twitter.com/Xk4SniqEgC
— OKEx (@OKEx) January 16, 2019
Settlement and funding will occur every 12 hours at 3pm, UTC +1. The funding rate of the contract will be based on a weighted average taken from the market price across multiple exchanges including, Huobi, Binance, and OKEx.
In another announcement today, the exchange noted an update to the pre-existing ETH and EOS perpetual swaps, noting an adjustment in leverage, now up to 100x based on a tier system:
“We will adjust the ETH & EOS perpetual swap tier system at 8:40am Jan 17, 2019 (CET, UTC+1) to meet our customers’ needs. After the adjustment, customers can place orders with a leverage up to 100x.”
With the new adjustment on the leverage level, traders can choose up to 100x leverage on ETH and EOS Perpetual Swap now – OKEx is the first mainstream exchange platform that offers such high leverage.
Although high leverage level can greatly increase profits, it as well significantly increase the risk of being force-liquidated. Traders are encouraged to fully understand the risk involved and take into consideration according to experience, objectives before placing orders.
Perpetual swaps effectively work in a similar fashion to futures contracts in which traders bet on the future price of an asset, however, in a perpetual swap, there is no expiry or delivery date with settlement occurring daily and the contract continuing, perpetually.
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