Dear OKX Users,
To improve your trading experience, OKX will upgrade the position-closing function for futures and perpetual contracts in hedge mode. The upgrade takes effect at 8:30 am UTC on June 19, 2023, and introduces the reduce-only feature for all closing orders in hedge mode.
Key Feature Upgrades
1. Flexible Order Placement
- When placing limit orders, market orders, or advanced limit orders to close positions, the system will not verify the remaining amount of open positions.
- You may submit closing orders of any amount, regardless of your open position size.
2. Automatic Order Adjustment
If the total closing orders exceed your open position amount, the system will:
- Sort orders by price.
- Cancel or modify less favorable orders (those filled later) to ensure the total closing amount matches your open positions.
Example: BTCUSDT Perpetual Contract
| Scenario | Position | Open Orders | New Order | Result |
|----------|----------|-------------|-----------|--------|
| Better-price closing order | 100 long contracts | 1: 17,000 (80 contracts) | 16,000 (50 contracts) | New order accepted. Order 1 modified to 50 contracts. Order 2 (18,000) canceled. Total closing: 100 contracts. |
3. Take-Profit & Stop-Loss Orders
- No verification for remaining position amounts.
- Set multiple TP/SL orders per your strategy. Triggered orders follow the same adjustment rules above.
👉 Learn more about advanced order types
FAQs
Q1: What happens if my closing orders exceed my open position?
A: The system cancels/modifies orders to match your position size, prioritizing better prices.
Q2: Can I place multiple TP/SL orders for one position?
A: Yes, but triggered orders will be adjusted to avoid over-closing.
Q3: Is this upgrade mandatory?
A: Yes, it applies automatically to all hedge-mode trades after June 19, 2023.
For further details, review OKX’s official documentation.
Last Updated: June 19, 2023