Introduction
To protect users from price volatility when launching new spot trading pairs, OKX employs specialized mechanisms tailored to different cryptocurrency types. For newly listed coins requiring price discovery, OKX utilizes an auction system. Established tokens with reliable index prices utilize the Pre-open mechanism instead. The specific approach depends on current market conditions.
Auction Mechanism
1. What is OKX's Auction?
OKX's auction system allows you to place buy/sell orders at desired prices before official trading begins. The platform processes all orders according to auction rules to calculate an indicative opening price.
2. Which Cryptocurrencies Use Auctions?
Auctions are conducted for recently listed trading pairs.
3. Auction Duration
Typically lasts at least 10 minutes, varying by market liquidity:
- Phase 1 (Order Entry): Minimum 10-minute period for order placement/modification
- Final 5 Minutes: Orders can't be canceled or modified
4. Supported Order Types
- Limit orders only during auctions
5. Fee Structure
- Standard taker fees apply for executed orders post-auction
6. Indicative Price Calculation
The system determines price by:
- Maximizing potential trade volume
- Ensuring full execution of eligible orders
- Requiring complete fulfillment of either buyer/seller orders
7. Key Auction Rules
- Matched orders execute within 1-15 seconds when live trading begins
- Unmatched orders remain in the order book under standard trading rules
8. Participation Requirements
Available to all verified OKX users
9. Order Limits
Volume limits may apply - check specific listing announcements
10. API Support
👉 Full auction API documentation available
Auction Data Visibility
Participants see:
- Current indicative price
- Matched/unmatched order volumes
- Real-time order book depth
Pre-Open Mechanism
1. Understanding Pre-Open Trading
This mechanism provides liquidity for new pairs with established index prices by:
- Allowing limit orders near the index price
- Implementing price buffers (±X% from index)
- Canceling ineligible orders at session end
2. Eligible Cryptocurrencies
Pairs with reliable index pricing (non-auction listings)
3. Session Duration
Typically ≥30 minutes, adjusted for market conditions
4. Order Requirements
- Strict price limits around index value
- Only limit orders permitted
5. Fee Policy
No fees charged during Pre-open sessions
6. Operational Rules
- Order cancellation only occurs at session end
- Valid orders transfer to regular order book
7. Price Protection
Example with 2% buffer:
- Max bid: Index × 1.02
- Min ask: Index × 0.98
8. API Accessibility
👉 Pre-open API integration supported
Pre-Open Data Display
Users monitor:
- Current index price
- Acceptable price ranges
- Final index price (post-session)
Key Differences Between Mechanisms
| Feature | Auction | Pre-Open |
|---|---|---|
| Price Discovery | Yes | No |
| Order Execution | During session | Post-session |
| Primary Use | New listings | Established pairs |
| Price Limits | None | Index-based buffers |
FAQ Section
Q: Why choose auctions over regular listing?
A: Auctions establish fair market prices for new assets while minimizing volatility.
Q: Can I cancel Pre-open orders?
A: Yes, until the session ends. Afterward, ineligible orders auto-cancel.
Q: How are index prices determined?
A: By aggregated prices from major exchanges with volume weighting.
Q: What happens if no orders match?
A: For auctions, trading begins without matched orders. For Pre-open, valid orders enter regular book.
Q: Are there advantages to participating early?
A: Early participants often get better execution prices as markets establish.
Q: How often do prices update during sessions?
A: Index prices refresh in real-time; auction indicative prices update continuously.
OKX continuously improves these mechanisms to enhance market stability. Bookmark this page for future updates on our trading innovations.