Pre-market trading has become an essential tool for forward-thinking cryptocurrency traders looking to gain early exposure to upcoming token launches. Platforms like OKX offer structured pre-market contract products that allow users to speculate on the future value of unreleased tokens. This guide breaks down everything you need to know about pre-market trading, from how settlement works to fees, timelines, and market impact—all while helping you stay informed and prepared.
Whether you're a seasoned trader or just getting started, understanding the mechanics behind pre-market contracts can significantly enhance your strategic edge. Let’s dive into the most frequently asked questions with clear, accurate answers.
What Is Pre-Market Trading?
Pre-market trading on OKX enables users to trade delivery futures contracts on tokens that have not yet been officially launched. These are essentially USDT-margined delivery contracts, meaning profits and losses are settled in USDT upon contract expiration.
Unlike regular futures, these contracts are based on anticipated token launches, making them ideal for traders who want to position themselves ahead of official listings. The product operates under specific rules designed to ensure fairness and transparency during the settlement process.
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How Is the Settlement Price Determined?
The settlement price is crucial—it determines the final value at which all open positions are closed. OKX uses a transparent and robust methodology depending on whether the token launch proceeds as planned.
If the Token Launches Successfully
- Index Price Calculation: OKX selects three or more major exchanges and uses their spot trading pairs to calculate a weighted index price.
- Final Settlement Price: This is derived from the arithmetic average of the index price over the last hour before delivery.
- In cases where the index appears manipulated or distorted, OKX reserves the right to adjust the final price to a fair and reasonable level.
If the Token Is Canceled or Delayed
If the project cancels its launch, fails to announce a release plan within six months, or raises risk concerns:
- Actual Settlement Price = Minimum tick size (smallest price increment).
- Estimated Settlement Price = Rolling average of the index price taken every 200 milliseconds during the final hour. During this period, the index is based on the latest traded price every 200ms.
- OKX also retains the right to include additional exchanges in the index calculation if needed.
This dual approach ensures fairness regardless of project outcomes.
When Does Settlement Occur?
Timing is key in pre-market trading. The settlement schedule depends on the status of the underlying project.
Normal Launch Scenario
If the new coin is successfully listed on OKX spot markets:
- Settlement occurs 3 hours after the spot market goes live.
- The exact date and time will be announced via official OKX notifications.
- Once confirmed, the delivery date will be visible directly on the trading interface.
Cancellation or Risk Suspension
If the project cancels its launch or presents potential risks:
- OKX may decide to terminate the contract early.
- The settlement date will still be communicated through public announcements and reflected in the trading UI.
For API Users
Developers and algorithmic traders should note:
- The
expTimefield in instrument-related API endpoints returns the current settlement timestamp. - Since this value can change, API users are strongly advised to monitor updates via push notifications or periodic polling.
Staying updated through real-time data feeds helps prevent unexpected position closures.
What Are the Trading Fees?
Trading fees for pre-market delivery contracts are aligned with standard delivery contract rates on OKX. This means there’s no premium or additional cost for participating in pre-market activity.
While exact fee tiers depend on your trading volume and VIP level, they typically include:
- Maker fees (for adding liquidity)
- Taker fees (for removing liquidity)
These fees apply only to opening and closing trades—not to settlement. For detailed fee structures, refer to OKX’s official fee schedule.
What Is the Delivery Fee Rate?
At the time of settlement:
- A 1% delivery fee is charged on all outstanding positions.
- This fee applies regardless of profit or loss and is deducted automatically upon settlement.
- Any future changes to this rate will be announced in advance through official channels.
This fee helps cover administrative and operational costs associated with closing large volumes of contracts simultaneously.
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Does Pre-Market Trading Affect Official Listing Prices?
A common misconception is that pre-market prices directly influence a token’s official launch price. However, this is not necessarily true.
While pre-market activity reflects market sentiment and expectations, the actual listing price on spot markets is influenced by a broader set of factors, including:
- Project fundamentals
- Market conditions at launch
- Liquidity provider pricing
- Exchange-wide order book dynamics
Therefore, pre-market prices may differ significantly from actual listing prices. Traders should treat pre-market data as one indicator among many—not a definitive predictor.
Are There OpenAPI Updates for Pre-Market Instruments?
Yes. To support developers integrating pre-market products into their systems:
The instrument API now includes a new field:
ruleType- Value
normal: Standard futures contract - Value
pre_market: Indicates a pre-market delivery contract
- Value
This allows automated systems to distinguish between regular and pre-market instruments programmatically.
Additional details, including endpoint specifications and sample responses, are available in the latest API update log.
Developers should ensure their systems can handle dynamic changes in contract types and expiration times for accurate execution.
Frequently Asked Questions (FAQ)
Q1: Can I hold a pre-market contract beyond the settlement date?
No. All positions are automatically settled at the designated delivery time. There is no option to roll over or extend these contracts.
Q2: How do I know if a token has entered pre-market trading?
OKX announces newly available pre-market contracts via official blog posts, app alerts, and social media channels. You can also check the futures section of the platform for labeled "pre-market" symbols.
Q3: Is leverage different for pre-market contracts?
Leverage settings are determined by OKX and may vary per contract. They are typically comparable to standard delivery contracts but subject to change based on volatility and risk assessments.
Q4: What happens if a project delays its launch but doesn’t cancel?
If no cancellation is declared and no listing occurs within six months, OKX may treat it as a non-launch scenario and proceed with early settlement at minimum tick size.
Q5: Are there any withdrawal or deposit options for pre-market tokens?
Since the tokens themselves haven’t launched yet, there are no deposit or withdrawal functions available during pre-market trading. Trading is purely synthetic via futures contracts.
Q6: How transparent is the index price source?
OKX discloses the list of exchanges used in index calculations. These are reputable, high-volume platforms ensuring reliable price feeds. The methodology prioritizes resistance to manipulation.
Final Thoughts
Pre-market trading offers a unique opportunity to engage with emerging projects before they hit mainstream markets. With clearly defined settlement rules, transparent pricing mechanisms, and integration into both manual and algorithmic trading environments, OKX provides a secure framework for participation.
Understanding these core concepts—settlement timing, pricing models, fee structure, and market independence—empowers traders to make informed decisions without overestimating predictive power.
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