The cryptocurrency exchange OKX has announced a significant update to its Savings product—formerly known as “Yu Bibao” (or “余币宝”)—streamlining its interest-earning mechanism by retiring the market rate option and retaining only the custom interest rate feature. This change, effective February 17, 2022, at 14:00 HKT, aims to provide users with greater control over their crypto lending strategies while simplifying the user experience.
This update marks a strategic shift toward empowering users with more transparent and customizable yield options in the volatile crypto market. Whether you're a seasoned trader or new to passive income through crypto, understanding how this change affects your earnings is crucial.
👉 Discover how to maximize your crypto earnings with flexible rate settings on OKX.
Key Changes and User Impact
Starting February 17, 2022, OKX removed the market rate subscription option from the Savings product interface. From that point forward, all users must set their own minimum annualized interest rate when lending their digital assets.
What Happens to Existing Market Rate Subscriptions?
Users who previously subscribed under the market rate model were automatically transitioned to the custom rate system. Here's how:
- All affected users were assigned a default interest rate of 1% annualized.
- Users can adjust this rate at any time based on market conditions or personal strategy.
- Users who had already been using the custom rate option were unaffected—their existing settings remained unchanged.
This ensures continuity for existing participants while aligning everyone under a unified, user-controlled framework.
Lending Priority Rules
With only the custom rate option available, OKX applies a clear and fair queuing mechanism:
- When multiple users offer the same interest rate, earlier subscription time takes priority.
- For users subscribing multiple times with the same asset, only the latest subscription time is used for ranking.
- Latecomers with identical rates may experience delays or inability to lend if demand is saturated.
This creates a competitive yet transparent environment where timing and strategic rate-setting directly influence earning potential.
How the Interest Rate Auction Works
OKX Savings now operates on an hourly interest rate auction model, allowing users to set their desired minimum lending rate. The system then matches lenders with borrowers based on real-time leverage trading demand.
Here’s how it works:
- Every hour, OKX assesses total borrowing demand from margin and futures traders.
- Lenders who have set their minimum acceptable rate are ranked from lowest to highest.
- The system accepts offers starting from the lowest rate until all borrowing demand is fulfilled.
- The rate set by the final accepted lender becomes the current hourly lending rate.
Outcome Scenarios Based on Your Rate
| Your Minimum Rate vs. Current Rate | Result |
|---|---|
| Lower than current rate | Fully lent at the current (higher) rate — you earn more than your minimum |
| Equal to current rate | May be partially or fully lent, depending on queue position |
| Higher than current rate | Not lent — no interest earned this hour |
This dynamic ensures lenders are never forced to accept lower returns than desired, while maximizing opportunities for higher yields when market demand surges.
Real-World Example: Hourly Auction in Action
Let’s illustrate this with a practical scenario:
At a given hour, leveraged traders want to borrow 200 BTC. Three users participate:
- User A: Offers 100 BTC at 10% minimum
- User B: Offers 200 BTC at 20% minimum
- User C: Offers 100 BTC at 20% minimum
The system processes bids in order of lowest rate first:
- User A’s 10% bid is accepted in full → 100 BTC lent
- Remaining demand: 100 BTC
- User B and C both bid 20%, but User B subscribed earlier
- User B gets the remaining 100 BTC
- User C misses out due to later subscription time
Final results:
- Current lending rate: 20%
- User A earns: 100 BTC × 20% annualized (hourly prorated)
- User B earns: 100 BTC × 20%
- User C earns: Nothing this hour — re-enters queue next cycle
This example highlights the importance of both rate competitiveness and early subscription timing.
Interest Settlement and Earnings Timeline
Transparency and frequency are key advantages of the OKX Savings model:
- Lending matches occur on the hourly mark (e.g., 14:00, 15:00 HKT).
- Once matched, interest for that hour (T to T+1) is calculated and credited shortly after.
- Borrowers pay interest hourly at the current lending rate.
- Unmatched lenders automatically roll into the next auction cycle—no action required.
This near-real-time settlement allows users to react quickly, adjust rates, and optimize returns across volatile market conditions.
How to Access OKX Savings
You can easily manage your savings directly through the OKX platform:
On Web:
Navigate to Top Menu > Financial Services > Earn, then click on Savings
On Mobile App:
Go to the Home Screen and tap Savings
From there, select your preferred cryptocurrency, set your custom minimum interest rate, and submit your offer.
👉 Start earning hourly interest with your idle crypto assets today.
Frequently Asked Questions (FAQ)
Q1: Why did OKX remove the market rate option?
OKX made this change to give users more control over their lending returns. The custom rate model promotes transparency and allows users to avoid unexpectedly low yields during periods of low demand.
Q2: Do I need to do anything if I was using market rate?
No action is required. All former market rate users were automatically migrated to a 1% default custom rate. However, we recommend reviewing and adjusting your rate based on current market trends for better returns.
Q3: Can I change my custom interest rate anytime?
Yes. You can modify your minimum lending rate at any time before the next hourly auction begins. Changes take effect in the following cycle.
Q4: Why didn’t my crypto get lent even though my rate matched?
Even with a competitive rate, lending depends on subscription timing. If many users set the same rate, earlier subscribers get priority. Consider setting your rate slightly lower (if acceptable) or submitting early to improve chances.
Q5: Is there a fee to use OKX Savings?
No. There are no subscription or management fees for using the Savings product. You keep 100% of the interest earned.
Q6: Which cryptocurrencies are supported?
OKX supports a wide range of major coins and stablecoins including BTC, ETH, USDT, USDC, DOT, ADA, SOL, and more. The list expands regularly based on market demand.
Final Thoughts: Maximizing Your Crypto Idle Time
In today’s fast-moving digital asset landscape, letting your crypto sit idle means missing out on potential gains. The shift to a custom interest rate model on OKX empowers you to take charge of your yield strategy—balancing patience, timing, and pricing intelligence.
By understanding how the hourly auction works and optimizing your submission behavior, you can significantly increase your chances of consistent earnings—even in low-demand periods.
Whether you're holding Bitcoin long-term or managing a diversified portfolio, integrating OKX Savings into your routine turns passive holdings into active income streams.
👉 Take control of your crypto earnings with a platform built for performance and precision.
Note: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry risk; always conduct your own research before participating.