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OKEx to launch real-time settlement with ADAUSD market

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Prominent cryptocurrency exchange, OKEx announced that real-time settlement for all perpetual swaps, futures, and options contracts will be coming soon to its platform. This will allow the users to improve the capital efficiency of their funds and enable greater cross-exchange arbitrage opportunities, as per the announcement.

It added:

“Real-time settlements will officially begin at 8:00 am UTC on Dec. 29 on the popular ADAUSD perpetual contract. The function will then be rolled out to other major currency pairs and financial instruments on the platform over the coming months.”

This would enable users to withdraw their funds at any time and won’t have to wait for 4:00 pm UTC settlement time.

The exchange will start with the ADAUSD market as a trial and gradually launch other major tokens from January 2021. Any user holding the ADAUSD perpetual contract on 29 December at the given time will see the average open price of the position changed to the settlement base price of the last settlement of the ADAUSD perpetual contract.

The exchange noted that all realized profit and loss will be transferred to the ADAUSD perpetual account balance, and the profit will be recalculated according to the new opening average price from 8:00 am UTC on the given day. The feature will be available to users on the web, mobile app and in API version.

The head of financial markets at OKEx, Lennix Lai sated:

“By being able to withdraw their realized profit instantly and not having to wait for the settlement period, users can engage in more efficient strategies to maximize their capital. The introduction of real-time settlements is another key upgrade at OKEx, and we believe that it will be extremely popular among users.”

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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