Introduction
To protect users from price volatility when launching new spot order books, OKX may apply different mechanisms depending on the listed token type. For new tokens requiring price discovery, OKX implements a periodic auction mechanism. For tokens with established index prices, OKX uses a Pre-open mechanism. The specific mechanism depends on real-time market conditions.
Periodic Auction Mechanism
1. What Is OKX's Periodic Auction?
The periodic auction allows users to freely submit buy/sell orders at desired prices before a new trading pair launches. The system processes all orders under periodic auction rules to calculate an estimated opening price.
2. Which Tokens Use Periodic Auctions?
This applies to newly listed trading pairs.
3. How Long Do Periodic Auctions Last?
Typically minimum 10 minutes, varying by token liquidity.
4. Supported Order Types
Only limit orders are accepted.
5. Fee Structure
Taker fees apply to all matched orders post-auction.
6. Determining the Estimated Opening Price
The price must:
- Maximize trade volume
- Fully execute all eligible orders
- Satisfy both taker and maker conditions
7. Auction Rules
- Order Submission Phase (First 5+ minutes): Modify/cancel limit orders freely.
- Final 5 Minutes: New orders only—no modifications/cancellations.
- Post-Auction: Unmatched orders enter regular order book matching (completed within 1–15 seconds).
8. Participation
All OKX users can join.
9. Order Limits
Volume limits apply; refer to listing announcements.
10. API Support
Yes—submit orders via REST API/WebSocket. Access market data via API documentation.
Pre-open Mechanism
1. What Is Pre-open?
Users submit limit orders around an index price before market launch. Orders must stay within ±X% of the index price. Invalid orders cancel at launch.
👉 See how Pre-open enhances liquidity
2. Applicable Tokens
New spot pairs with index prices.
3. Duration
Minimum 30 minutes.
4. Order Types
Only limit orders.
5. Fees
None—no orders execute during Pre-open.
6. Rules
- Pre-open Phase: Modify/cancel orders freely.
- Post-Launch: Index price cancels invalid orders; valid orders enter regular trading.
7. Price Limits
Buy orders ≤ Index Price × (1 + X%)
Sell orders ≥ Index Price × (1 – X%)
8. API Support
Fully supported via REST/WebSocket.
FAQs
Q: Why does the estimated price differ from the chart’s opening price?
A: Charts may display project-supplied reference prices, not auction-determined prices.
Q: Can buy orders exceed sell orders in Pre-open?
A: Yes—due to index price fluctuations.
Q: Where is the final index price displayed?
A: On OKX’s trading interface post-Pre-open.
OKX continuously refines these mechanisms for optimal trading experiences. Check back for updates!