Nitro Spreads is an order book feature within OKX's Liquid Marketplace that enables traders to execute spread and basis trading seamlessly. Spread trading capitalizes on price differences (spreads) between related assets—typically with the same underlying instrument—across different markets.
Traditionally, spread trading required manually opening positions across two separate order books. Nitro Spreads simplifies this process with one-click execution. All orders guarantee matched amounts for each instrument or no execution at all, eliminating instrument risk and minimizing price slippage. It supports multiple strategies like funding rate farming, futures-spot carry trades, and calendar rolls.
How Does Spread Trading Work?
Spread trading commonly involves:
- Spot vs. Perpetuals (e.g., BTC/USDT spot vs. BTC/USDT perpetuals)
- Spot vs. Futures (e.g., ETH/USDT spot vs. ETH/USD quarterly futures)
- Futures with Different Expirations (e.g., quarterly vs. semi-annual LTC/USDT futures)
Experienced traders profit by exploiting price differentials. This strategy simultaneously opens equal-sized long and short positions, creating delta neutrality—where price movements in the underlying assets offset each other, minimizing directional risk.
👉 Master delta-neutral strategies
How to Trade on OKX Nitro Spreads
Creating an Order
- Log in to OKX and navigate to Trade > Liquid Marketplace > Nitro Spreads.
- Select a market (currently BTC/USDT or ETH/USDT).
Choose an available spread:
- Ask: Buy the spread
- Bid: Sell the spread
- Enter price and quantity.
- Confirm and execute.
Notes:
- Orders crossing the best bid/ask execute immediately; others enter the order book.
- Open orders expire after 7 days.
Canceling Orders
Option 1: Select the tile with your open order count > Cancel in Open Orders.
Option 2: Go to Open Orders in Nitro Spreads and cancel directly.
Immediate Execution
Use Send as RFQ in Open Orders to request quotes from market makers for instant fulfillment.
Nitro Spreads Fee Structure
- VIP users: 50% cheaper than trading two instruments separately.
- Regular users: Standard fees apply per instrument.
Nitro Spreads FAQ
1. Supported Cryptos and Instruments
Currently: BTC/USDT and ETH/USDT futures/perpetuals. More tokens coming soon.
2. Available Spread Combinations
- Spot vs. perpetual
- Spot vs. futures
- Perpetual vs. futures
- Futures vs. futures (quarterly/semi-annual)
3. Interpreting Bid/Ask Prices
- Bid: Price received (or paid if negative) when selling the spread.
- Ask: Price paid (or received if negative) when buying the spread.
Instrument hierarchy: Semi-annual futures > Quarterly futures > Perpetuals > Spot.
4. What is BBO Compensation?
BBO ("Best Bid Offer") compensation compares Nitro Spreads prices with the central order book’s implied best price. A negative value means Nitro Spreads offers a better rate.
5. Is Liquidity Shared with Central Order Book?
No. Nitro Spreads liquidity is independent.
6. Can I Trade Instruments Separately After Execution?
Yes. Spread components become individual positions post-trade.