Delivery Contract Trading User Agreement

Engaging in digital asset trading involves significant risks, and understanding the terms of service is crucial for every user. This Delivery Contract Trading User Agreement ("Agreement") outlines the rules, rights, and responsibilities governing your use of the delivery contract trading services provided by OKX ("we", "our", or "platform"). By accessing or using our services, you confirm that you have read, understood, and agreed to be legally bound by this Agreement.

This document serves as a comprehensive guide to help users navigate the core aspects of delivery contract trading, including eligibility, risk management, margin requirements, and dispute resolution. We emphasize transparency and user protection while ensuring compliance with global regulatory standards.

Overview

Purpose and Scope

This Agreement governs the delivery contract trading service ("Service") offered by OKX to users who have successfully completed account registration and KYC verification. It applies to all activities related to opening, maintaining, and closing positions in digital asset derivatives contracts that settle upon expiration.

The Service enables users to trade futures contracts based on digital assets such as Bitcoin (BTC) and Ethereum (ETH), with settlement occurring at predetermined times using a calculated average price. These contracts are designed for experienced traders familiar with leveraged products and market volatility.

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Legal Binding and Acceptance

Your use of the Service constitutes your full acceptance of this Agreement, including any future amendments. If you do not agree with any part of these terms, you must immediately cease using the platform.

We reserve the right to update this Agreement at any time without prior notice. Continued access or use of the Service after changes are published constitutes your acceptance of the revised terms. Please review this page regularly for updates.

All capitalized terms used herein shall have the meanings defined in our main [User Agreement], unless otherwise specified.

User Eligibility and Responsibilities

To use the delivery contract trading service, you must meet the following criteria:

• Be of legal age in your jurisdiction and capable of entering into binding contracts.
• Not be located in or operate from any restricted jurisdiction where such services are prohibited.
• Possess sufficient knowledge and experience in digital asset trading and risk management.
• Have stable internet access and technical capability to operate within the platform interface.
• Comply with all applicable laws and regulations in your country of residence.

You further represent and warrant that:

• The digital assets deposited as margin are lawfully owned and free from third-party claims.
• You will not use the Service for illegal purposes such as money laundering, fraud, terrorism financing, or market manipulation.
• You are not listed on any government or international sanctions list.

Failure to comply with these conditions may result in immediate suspension or termination of your account.

Risk Disclosure and Management

Inherent Market Risks

Digital asset markets are highly volatile. Prices can fluctuate dramatically within minutes due to macroeconomic events, regulatory news, or technological developments. Users must understand that:

• Leverage amplifies both gains and losses.
• Rapid price movements may trigger automatic liquidations.
• Settlement prices are derived from time-weighted averages and may differ from spot market rates.

You acknowledge that all trading decisions are made at your own risk. OKX does not guarantee profits, nor does it assume responsibility for any financial loss incurred through the use of this Service.

Platform Risk Controls

OKX employs multiple risk mitigation mechanisms, including:

• Position limits: To prevent excessive exposure.
• Auto-deleveraging systems: To manage counterparty risk during extreme volatility.
• Insurance funds: To cover potential defaults and protect profitable traders.

If your position size poses systemic risk to other users, OKX reserves the right to cancel orders or forcibly close part or all of your open positions without prior notice.

👉 Learn how advanced risk controls protect traders in volatile markets.

Using the Delivery Contract Service

Trading Mechanics

Delivery contracts allow you to speculate on the future price of digital assets. You can go long ("buy") or short ("sell") with leverage, subject to margin requirements.

To initiate leveraged trades, you must deposit supported digital assets or fiat currency into your margin account. OKX holds these funds as collateral and grants itself a first-priority security interest over them.

Once an order is executed, it cannot be canceled or modified. Real-time data on your positions, unrealized profit/loss (UPL), and margin levels is available through the platform interface.

Interest and Fees

When borrowing assets for leveraged trading, interest accrues hourly and is deducted automatically. Rates are determined according to the current market conditions and borrowing demand.

There are no fees for daily settlements or final delivery executions.

Settlement Process

Weekly Contracts

All open weekly delivery contracts are settled every Friday at 08:00 UTC. The settlement price is calculated as the arithmetic average of the BTC/USDT or relevant index price over the preceding hour.

Upon settlement:

• Realized profit/loss (RPL) is credited to your balance.
• UPL and RPL values reset to zero.
• Funds become available for withdrawal immediately.

Daily Settlement (Selected Pairs)

For specific contracts including BTC-USD, BTC-USDT, ETH-USD, and ETH-USDT under full margin mode, daily settlement occurs at 08:00 UTC. This process updates the entry price to the settlement price without closing the position. The settlement price is based on the mark price average from the previous hour.

Note: No settlement occurs on contract launch day or expiration day.

Margin Requirements and Liquidation

Maintenance Margin

You must maintain sufficient equity in your margin account to cover potential losses. If your equity falls below the required maintenance level, OKX may liquidate your position to prevent further losses.

You authorize us to sell your margin assets—digital or fiat—to cover any shortfall. Any remaining deficit after liquidation remains your responsibility.

Borrowing and Repayment

You may borrow assets up to a maximum leverage level determined by OKX. The platform retains sole discretion to adjust leverage limits based on market conditions or regulatory requirements.

Partial or full repayment of borrowed assets is allowed at any time. Upon full repayment, corresponding margin will be released back to your account.

If you terminate usage of the Service, OKX has the right to deduct outstanding principal, accrued interest, and applicable fees from your margin before returning any remaining balance.

Security Interest and Collateral

By using this Service, you grant OKX a continuous, first-priority security interest in all assets held in your margin account. This includes:

• Digital assets
• Fiat currencies
• Any sub-accounts linked to your profile

This security interest secures all obligations you owe to OKX now or in the future. We may exercise general rights of set-off against your account balances.

You also appoint OKX as your irrevocable agent to act on your behalf in matters related to collateral enforcement, including signing transfer documents or initiating legal proceedings if necessary.

Limitation of Liability

OKX provides the Service "as-is" and "as-available," without warranties of any kind, whether express or implied. We do not guarantee:

• Accuracy, completeness, or timeliness of market data
• Uninterrupted access to trading systems
• Performance outcomes or investment returns

We are not liable for losses arising from:

• Market volatility or flash crashes
• System outages due to hacking, DDoS attacks, or technical failures
• Force majeure events such as natural disasters or government actions
• Third-party errors or delays

You accept full responsibility for monitoring your positions and maintaining adequate margin levels at all times.

Compliance and Prohibited Activities

OKX strictly prohibits:

• Market manipulation (e.g., spoofing, wash trading)
• Exploitation of system vulnerabilities
• Any activity that harms other users or undermines market integrity

We reserve the right to:

• Freeze accounts
• Cancel or reverse trades
• Recover assets in cases of abuse

Such actions will not result in liability to OKX, and violators may be required to compensate us for damages.

Governing Law and Dispute Resolution

This Agreement is governed by the laws of England and Wales.

Any dispute arising from this Agreement shall first undergo mediation through the Hong Kong International Arbitration Centre (HKIAC). If unresolved within 90 days, the matter will proceed to binding arbitration under HKIAC rules.

Arbitration will take place in Hong Kong in English, with three arbitrators appointed as follows:

• One by each party
• A neutral third appointed by the HKIAC Chair

The final award is enforceable in any competent court worldwide.

Frequently Asked Questions (FAQ)

What happens during contract settlement?

At settlement time (typically Friday 08:00 UTC), open positions are closed at the average index price from the prior hour. Profits or losses are realized and added to your account balance immediately.

Can I withdraw my margin anytime?

Yes, but only if doing so doesn't violate minimum margin requirements. Full withdrawal is possible after closing all positions and repaying any borrowed assets.

How is leverage determined?

Leverage is set by OKX based on market conditions, asset type, and user tier. We reserve the right to change leverage limits at any time without notice.

What causes forced liquidation?

Liquidation occurs when your equity drops below the maintenance margin threshold due to adverse price movements. It prevents further losses beyond your deposited collateral.

Are there fees for using delivery contracts?

No opening or settlement fees are charged. However, funding rates may apply depending on contract type and holding period.

How often are daily settlements processed?

Daily settlements occur once per day at 08:00 UTC for eligible pairs like BTC-USDT and ETH-USDT under full margin mode.

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Final Provisions

This Agreement incorporates all system guidelines, policies, and rules published by OKX from time to time. In case of conflict with other agreements (such as general Terms of Service), this document takes precedence.

We may modify these terms unilaterally. Continued use after publication constitutes acceptance.

All communications with OKX should be conducted via official support channels in English, which shall prevail over translations in case of discrepancies.

If any provision is found invalid, the remainder remains enforceable. Our failure to enforce a right does not constitute waiver.

You may not transfer your rights under this Agreement without our written consent. We may assign our rights with notice to you.

Headings are for convenience only and do not affect interpretation. OKX retains sole authority to interpret this Agreement.

Core Keywords: delivery contract trading, leveraged trading, margin account, contract settlement, risk disclosure, liquidation protection, futures trading platform