Pre-market Product Rule

Published on 20 Aug 2025Updated on 20 Aug 20256 min read

1. Overview

Pre-market perpetuals are USDT-margined perpetual contracts on OKX that allow users to trade crypto assets before those assets are officially launched or listed on spot markets . Pre-market perpetuals have no expiration date or delivery – they trade continuously. This product enables traders to participate in price discovery for new tokens by going long or short in anticipation of a token’s launch, while providing a secure and reliable platform for early trading opportunities.

2. Product mechanism

Pre-market perpetuals differ from standard perpetual futures in several important ways. Please ensure you fully understand the unique mechanisms and risks before trading.

2.1 Pre-market perpetual pricing

Pre-market perpetuals has a dynamic pricing mechanism. Before the underlying token is listed on any spot exchange, the index price for pre-market perpetuals will be based on the last traded price of the corresponding pre-market perpetuals on OKX. Once the underlying token is listed for spot trading, OKX will convert the pre-market perpetuals into standard perpetual contract, and apply the index rule using the spot price(s) of exchange(s) according to the methodology set out here. To promote orderly price discovery, market orders are unavailable for the first five minutes after a token’s pre-market perpetuals are first listed. During this interval, traders are encouraged to trade limit orders to participate in early price formation.

2.2 Conversion mechanism

The pre-market perpetuals will be converted into a standard perpetual contract once certain conditions are met. Conversion means that the contract will start using the standard index price and funding rate mechanism, and becoming a regular perpetual contract on OKX.

  • If the new token is officially listed: The pre-market perpetuals will continue trading through the token’s launch, and once the underlying token is listed on eligible spot exchanges and the market satisfies our criteria for a standard perpetuals futures, the pre-market perpetuals will be transitioned into standard perpetuals contracts. The timing of conversion is at OKX's sole discretion and occurs only when the market is considered stable. OKX will announce and execute the conversion when appropriate. During the transition period after the token’s listing, the pre-market perpetuals remains tradeable, and its pricing will gradually align with the standard perpetuals pricing.

  • Despite the changing pricing mechanism per 2.1, all open positions and orders remain unchanged through the conversion.

  • If the token project is canceled or significantly delayed (for example, no listing plan announced within six months), the pre-market perpetuals may be delisted (terminated) and may not convert into standard perpetuals contracts. In such cases, OKX will settle all open positions at a final settlement price determined by the exchange. This termination settlement price may be set to a nominal minimal value (for example, the tick size of the contract). OKX will give notice of any delisting via an announcement within a reasonable timeframe prior to the delisting event. OKX reserves the right to adjust the final settlement price based on market conditions.

2.3 Price limit

OKX will apply the same price limit formulas as regular perpetuals. For details, please refer to Price limit rules.
Please note, before the pre-market perpetual is converted into a standard perpetual, the price limit, once available, will be calculated every 5 seconds. After conversion, the price limits will be calculated per 200 milliseconds.
The price limit parameters may be adjusted based on market conditions, without prior notice.

2.4 Mark price

After pre-market contracts are generated:Mark Price= CLAMP(Moving average of (Best ask of contract + Best bid of contract) / 2, Highest price limit, Lowest price limit)After conversion into normal perpetuals: please refer to Mark price and Last price.

2.5 Funding fee

Funding fee for pre-market perpetuals is handled the same way how standard OKX perpetuals handle it, but with a special funding rate used in the calculation.For pre-market perpetuals, the funding rate is calculated using the same formula as standard perpetuals. For pre-market perpetuals to maintain a stable funding rate, the premium index in funding rate calculation is set to 0. The resulting funding rate is a flat rate. The funding fee is then calculated and settled every 4 hours.Once the pre-market perpetual is converted to a standard perpetual, the funding fee calculation including premium index will use the regular formula found here.

2.6 Liquidation mechanism

The liquidation mechanism for pre-market perpetuals is the same as for standard futures contracts. Pre-market trading is subject to applicable auto-deleveraging (ADL) conditions. For more details, refer to:

2.7 Trading fee

Trading fees are the same as standard perpetual futures. For more details, refer to: https://www.okx.com/fees

2.8 Price determination

Prices in the pre-market perpetuals are determined by market behavior and may not accurately reflect the actual listing price of the new token.Risk warning: The token project may not have finalized their insurance plan, and the total token supply may change and lead to market price fluctuations. Users should monitor market information, exercise adequate risk control measures, and trade responsibly.

2.9 Risks

Whilst we provide a better trading experience, trading pre-market perpetuals is highly risky as the pre-market is more prone to lower liquidity, higher price volatility, and users are subject to increased liquidation risk. The price of pre-market perpetuals has enhanced sensitivity to market speculation and information, and you are purchasing this product at your own risk.Not all tokens being traded in pre-market perpetuals will ultimately be listed on OKX for spot trading.Pre-market perpetuals differ from standard perpetual futures through a unique dynamic pricing mechanism. Distinct parameters are used during the pre-market and post-conversion phases to help ensure price stability and a smoother trading experience.Price of the pre-market perpetual futures may differ to price of the underlying token at spot listing and after listing. You should closely monitor the latest status of the underlying tokens on OKX to make appropriate adjustments to your orders. OKX retains sole discretion to adjust the listing of the underlying token, or change the pricing and settlement mechanism, extend or terminate the per-market perpetual contract for the pre-market futures contract.To minimize disruptive trading experiences, we have engaged in various protective mechanisms, including adjusting auto-deleveraging mechanisms. You are solely responsible for monitoring your orders and positions to prevent liquidation.

OKX may suspend pre-market perpetuals trading at any time and at its sole discretion. For more details, please refer to the OKX Terms of Service and Risk & Compliance Disclosure.