USD Margined Futures

Introducing USD-Margined Linear Futures on OKX

Building a Unified, Capital-Efficient Futures Market for Institutions

At OKX, we’re always looking for ways to make digital asset markets more efficient, transparent, and unified for institutional traders. Following the launch of our Unified Perpetuals Orderbook for SOL, ETH, and BTC, we’re extending that same market architecture to institutional futures with the introduction of USD-margined linear contracts — the latest addition to our institutional futures ecosystem.

These contracts complement our existing USDT- and USDC-margined offerings and address one of the biggest challenges in digital asset derivatives: liquidity fragmentation.

Why We Built It

Until now, traders had to navigate fragmented liquidity across multiple settlement coins — USD, USDC, and USDG — splitting trading volume between separate order books.

This structure diluted liquidity, widened spreads, and complicated execution for institutions seeking depth and efficiency. USD-margined futures solve this by unifying trading into a single, shared USD order book. Participants can choose their preferred settlement coin — fiat USD, USDC, or USDG — while still accessing one deep pool of liquidity.In short, traders gain the best of both worlds:

• Unified liquidity for better execution

• Flexible settlement for treasury efficiency

• Operational simplicity with all margins, fees, and PnL in one currency

What It Means in Practice

With USD-margined futures, institutional clients can now:

• Trade on one unified USD market, simplifying order routing and execution.

• Settle in the coin that best fits their operations — fiat USD, USDC, or USDG.

• Streamline risk management, since all positions, margins, and unrealized PnL are denominated in a single currency.

SOL/USD UM, BTC/USD UM, and ETH/USD UM Perpetuals are now live, appearing on the interface as “XXX/USD UM,” clearly distinguishing them from our inverse, crypto-margined “XXX/USD CM” products.

A Step Forward for Institutional Infrastructure

This launch reflects our broader goal: to bridge traditional finance and digital assets through consistent, regulated, and capital-efficient infrastructure.By consolidating liquidity across settlement options and enabling fiat settlement under a unified USD market, OKX is delivering the tools institutions need to trade confidently and efficiently.

USD-margined linear futures represent the next evolution of our institutional product suite — one unified USD market, multiple settlement options, and deeper liquidity for all.

Contact us to learn more here.