Stock Perpetuals are a class of perpetual products offered by OKX, with the underlying benchmark referring to the prices of TradFi stocks and related tokenised products. Stock Perpetuals track the prices of TradFi stocks via their respective index (see below for details), enabling you to trade stock price fluctuations without directly holding stock assets.

Stock perpetuals are classified as USDT-margined perpetuals and follow the same rules for margin, funding, and liquidation. An introduction to the categories of perpetual futures can be found here. All terms and conditions on USDT-margined perpetuals are also applicable to stock perpetuals, unless otherwise specified in this product document or relevant terms and conditions.

You can trade stock perpetuals directly in your trading account, without the need to open a separate account. Like other USDT-margined perpetuals, OKX trading accounts support stock perpetual trading in futures mode, multi-currency margin mode, and portfolio margin mode. You can use isolated margin mode or cross-margin mode, one-way or hedge position mode, as well as all order types that are currently available for USDT-margined perpetuals.

Details on trading fees can be found here.

OKX supports 24/7 trading for stock perps. Considering that traditional financial markets don’t trade 24/7 (for example, large cap US stocks almost trade 24/5, and US futures trade 23/5, but only on non-holiday business days), OKX adopts specific mechanisms on the calculation of index prices and mark prices to promote orderly pricing and risk management under varying market conditions. Rules on the calculation of index prices and mark prices can be found below.

Index Price

Index calculation rules: The calculation for stock perpetual index follows the standard index calculation methodology. Prices are updated in real time using multiple price providers as index components (certain components may undergo price smoothing through EMA). For detailed rules, refer to the index rules documentation.

Index bands protection mechanism: OKX will enable the index bands for equity perpetual index. The index price will be capped within a 10% range of equity prices in traditional financial markets. During weekend market closures in traditional markets, the last available equity price will be used to limit the index price. For a specific stock perpetual index, please refer to its index page for a detailed breakdown of the index components. For more details, refer to the index price protection mechanism documentation.

Note: OKX reserves the right to adjust index components, parameters, and protection mechanism rules in real time based on market conditions without prior notice.

Mark Price and Price Limits

The rules for mark price and price limits for equity perpetual futures are consistent with those of regular perpetual futures. For further details, refer to the mark price documentation and price limit rules documentation.

Corporate Actions

Corporate actions refer to the actions through which issuer's capital activities can have an impact on the rights and economic interests of stock or debt holders. Depending on issuer's purposes and the impacts on holders, corporate actions may affect stock prices and/or the number of shares, as well as cash flow exchange between the issuer and holders.

In reaction to corporate actions that could potentially have a large impact on stock prices, such as stock split and reverse split, mergers and acquisitions, spin-offs, etc., OKX may implement corresponding contract adjustments in accordance with its applicable rules. Where appropriate, OKX may publish additional notices describing the nature and timing of such adjustments prior to their effective date.

Important Risk Warning

Stock perpetuals are derivative instruments that track the price performance of referenced equities but do not convey any ownership interest in those assets. Market conditions may change rapidly, and trading these products involves substantial risk, including the potential loss of your entire investment. Access to this product may be restricted in certain regions.

You are solely responsible for understanding the risks involved and determining whether this product is appropriate for your financial circumstances before engaging in any transactions.

No Ownership Rights

Trading stock perpetuals does not constitute ownership of any underlying stock, equity, security, tokenised stock, or index component.
Holders of stock perpetuals:

• Do not own the underlying stock or index;
• Do not receive dividends, interest, or distributions;
• Do not have voting rights, shareholder privileges, or governance rights;
• Do not have subscription, pre-emptive, conversion, or redemption rights;
• Do not benefit from corporate actions except as expressly reflected in pricing or contract adjustments determined by OKX.

Not Securities

Stock perpetuals are not securities and do not constitute beneficial ownership of any equity or equity-linked instrument. They are financial derivatives whose value is derived from a reference price.

No Endorsement

Stock perpetuals are not insured, endorsed, or guaranteed by any government, regulator, exchange, or public authority.

Regional Availability

Access to stock perpetuals may be restricted or prohibited in certain jurisdictions. It is your responsibility to ensure that your use of the product complies with all applicable local laws and regulations.