Key Changes and Implementation Timeline
OKX is enhancing its Portfolio Margin Account mode with updated margin calculation rules to improve trading services. These modifications exclusively affect Portfolio Margin users and will be implemented in phases:
- Staged Rollout: Begins December 30, 2024 (4:00 PM UTC+8)
- Full Implementation: January 21, 2025 (4:00 PM UTC+8)
- Simulated Trading Transition: Completed by December 17, 2024 (4:00 PM UTC+8), allowing users to test strategies before live trading.
👉 Learn how these changes might impact your trading strategy
Major Feature Updates
1. Account Mode Switching with Open Positions
- New Functionality: Users can now switch account modes without closing existing positions.
- Risk Comparison: View real-time margin data differences between modes to make informed decisions.
- Failure Scenarios: System provides clear notifications if mode switching fails due to special circumstances.
2. Risk Unit Consolidation
Before vs. After Adjustment
| Adjustment | ETH-USDT Risk Unit | ETH-USDC Risk Unit | ETH-USD Risk Unit | Consolidated ETH Risk Unit |
|---|---|---|---|---|
| Before | Separate units for perpetual/futures | Separate units | Separate units for perpetual/futures/options | N/A |
| After | Merged into single ETH Risk Unit including spot assets | Includes all ETH derivatives + spot positions |
- Automatic Spot Inclusion: Spot assets now automatically factor into margin calculations when hedging against derivatives.
3. New Stablecoin Peg Risk (MR9)
Introducing MR9 to measure risks when stablecoins depeg from their parity values:
Calculation Methodology
Cash Delta Computation:
- USDT/USDC/USD-based contracts calculated separately
- Incorporates contract specifications, mark prices, and stablecoin valuations
Cross-Base Hedging Detection:
- Identifies对冲规模 (hedging scales) across different stablecoin pairs (USDT-USD > USDT-USDC > USDC-USD)
Tiered MR9 Factors:
Uses gradient tables based on:
- Hedge规模 (USD value)
- Stablecoin index prices (e.g., USDT/USD)
Example MR9 Calculation:
MR9 = (1M × 0.75%) + (4M × 1.75%) + (5M × 2.5%) = 202,500 USDGradient Tables (Partial View)
| Hedge规模 (USD) | USDT/USD ≥0.995 | 0.99 | ... | ≤0.8 |
|---|---|---|---|---|
| 0–1M | 0.5% | 0.5% | ... | 40% |
| 1M–5M | 1% | 1.5% | ... | 40% |
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Risk Advisory
- Account Impact: Revised rules may alter your account's risk ratios.
- Action Recommended: Reassess positions and adjust risk parameters accordingly.
FAQ Section
Q1: Can I opt out of these changes?
A: No—all Portfolio Margin users will transition automatically per the timeline.
Q2: How does MR9 affect my existing hedges?
A: It quantifies additional margin needed when stablecoins deviate from pegs, potentially increasing costs for cross-base hedges.
Q3: Where can I see consolidated risk units?
A: The "Account Risk" page will display merged units post-upgrade.
Q4: Are spot positions now included in margin calculations by default?
A: Yes, unless manually excluded via account settings.
Q5: What happens if USDT/USD drops below 0.95?
A: Higher-tier MR9 factors apply (e.g., 5–30% depending on hedge规模).
Q6: When should I test these changes?
A: Use simulated trading between December 17–30, 2024, for seamless transition.