OKEx (www.okex.com), the world’s leading cryptocurrency exchange, announced to add 19 new cryptocurrencies for spot margin trading and Savings service at 07:00-08:00 on 21 Feb, 2020 (UTC), including its global utility token OKB, which has received a lot of market attention recently due to the sharp rise. In addition, OKEx has newly launched mark price system for margin trading, to replace the last traded price to calculate users’ margin ratio.
“We hear the market and are committed to providing the best user experience for our community. By welcoming new assets, we are expanding the ecosystem, as well as providing more options for people to trade,” said Jay Hao, CEO of OKEx. “Spot margin trading is the most accessible entry into the digital asset trading market, therefore, increased flexibility will encourage mass adoption.”
The new margin trading pairs include ADA, ALGO, ATOM, BTM, BTT, ELF, HC, IOTA, IOST, LINK, OKB, OMG, ONT, VSYS, XLM, XMR, XTZ, ZEC, and ZIL against Bitcoin (BTC) or Tether (USDT).
Among them, OKB supports up to 3x leverage and the minimum daily interest rate on borrowing reaches as low as 0.01%. The interest rate will update hourly according to the dynamic change between supply (saving) and demand (borrowing). Besides, users can deposit a maximum of 10K OKB to Savings service. The deposit and withdraw are made in real time.
All the 19 assets above are supported by these two services with different interest rate and deposit limitation.
New Application To Margin Trading – Mark Price
Mark price is a reference price of a derivative that is calculated from underlying index, often calculated as a weighted index spot price of an asset across multiple exchanges, so as to avoid price manipulation of a single exchange.
The new mark price system of OKEx protects users from abnormal liquidations caused by extreme price changes and maximize market stability, accounting spot index price and reasonable basis. Users’ margin ratio and estimated force-liquidation price will be calculated based on the mark price, instead of the latest traded price. Thus, mark price is a better estimate of the true value of the asset, and it can prevent unnecessary liquidations with discoursing any market manipulation within a short period.