The cryptocurrency derivatives market is constantly evolving, and platforms must adapt to meet changing user demands. As part of its ongoing commitment to enhancing trading efficiency and improving user experience, OKX has announced a strategic adjustment to the contract multipliers for its BTCUSD and ETHUSD options contracts. This change, implemented to boost market liquidity and make options trading more accessible, reflects OKX’s focus on innovation and user-centric design.
This article explains the details of the multiplier adjustment, its impact on open orders and positions, and what traders should know to optimize their strategies in this updated environment.
Understanding the Contract Multiplier Adjustment
Effective May 26, 2025, from 16:00 to 17:00 HKT, OKX adjusted the contract multipliers for two of its most actively traded options: BTCUSD and ETHUSD.
Here’s a breakdown of the changes:
BTCUSD options:
- Previous multiplier: 0.1 BTC per contract
- New multiplier: 0.01 BTC per contract
ETHUSD options:
- Previous multiplier: 1 ETH per contract
- New multiplier: 0.1 ETH per contract
👉 Discover how smaller contract sizes can improve your trading flexibility and risk control.
This tenfold reduction in contract size makes options trading more accessible, especially for retail traders who may have found previous contract values too large for their capital allocation.
Why Adjust Contract Multipliers?
Contract multipliers determine the value of each options contract in terms of the underlying asset. A smaller multiplier means each contract represents a smaller amount of BTC or ETH, allowing for finer position sizing.
The primary goals of this update are:
- Enhanced liquidity: Smaller contracts attract more participants, increasing order book depth.
- Improved accessibility: Lower notional value per contract enables more traders to enter the market.
- Better risk management: Traders can open or close positions with greater precision, reducing slippage and overexposure.
These improvements align with broader trends in digital asset markets—democratization, granularity, and user empowerment.
How Existing Positions and Orders Are Affected
One of the most important aspects of this transition is how existing positions and open orders are handled. To ensure continuity and fairness, OKX automatically adjusted all relevant data based on the new multipliers.
Key Principle:
The total value in base currency (BTC or ETH) of any position or order remains unchanged after the adjustment.
This means that while the number of contracts changes, the actual exposure stays the same.
Example 1: BTCUSD Option Position Adjustment
Suppose you held 30 contracts of the BTCUSD-0627-30000C option before the change, with a multiplier of 0.1 BTC.
- Total BTC exposure:
30 contracts × 0.1 BTC = 3 BTC
After the multiplier changes to 0.01 BTC, your position is converted as follows:
- New number of contracts:
3 BTC ÷ 0.01 BTC = 300 contracts
Result: Your 3 BTC exposure remains intact, now represented by 300 contracts instead of 30.
Example 2: ETHUSD Open Order Adjustment
You had an open limit order for 10 contracts of ETHUSD-0627-3000C, with a multiplier of 1 ETH.
- Total ETH exposure:
10 × 1 ETH = 10 ETH
After adjustment to a 0.1 ETH multiplier:
- New number of contracts:
10 ETH ÷ 0.1 ETH = 100 contracts
Again, your exposure remains exactly 10 ETH, just spread across more, smaller contracts.
This proportional conversion applies uniformly to:
- Open limit orders
- Conditional (stop-loss/take-profit) orders
- Active positions
- Historical trade records
No manual action was required from users—the system handled all conversions seamlessly.
Benefits for Traders
The shift to smaller contract sizes brings several practical advantages:
1. Greater Positioning Precision
Traders can now fine-tune their exposure down to 0.01 BTC or 0.1 ETH per contract, enabling more strategic hedging and speculative plays.
2. Lower Entry Barriers
With reduced notional value per contract, new and smaller traders can participate in options markets without needing large capital reserves.
3. Improved Market Depth
Smaller tick sizes and tighter spreads are expected as more participants engage with the market, benefiting all users through better pricing.
4. Smoother Portfolio Management
Managing delta, gamma, and vega exposure becomes easier when you can adjust positions in smaller increments.
👉 Start trading options with optimized contract sizes and advanced tools on a leading platform.
Frequently Asked Questions (FAQ)
Q: When did the multiplier adjustment take place?
A: The change was implemented on May 26, 2025, between 16:00 and 17:00 HKT. All systems were updated during this maintenance window.
Q: Did my profit/loss change due to this adjustment?
A: No. Since your total exposure in BTC or ETH remained unchanged, your potential gains or losses are unaffected by the multiplier change.
Q: Do I need to modify my trading strategy?
A: While not mandatory, it's advisable to review your position sizing and order placement logic. The smaller contract size allows for more granular control—take advantage of it.
Q: Are other options contracts affected?
A: This update applied specifically to BTCUSD and ETHUSD options. Other contracts were not impacted unless separately announced.
Q: Will future options listings use the new multipliers?
A: Yes. All new BTCUSD and ETHUSD options launched after May 26, 2025, use the updated multipliers: 0.01 BTC and 0.1 ETH respectively.
Q: Can I still hedge large positions effectively?
A: Absolutely. The ability to trade larger quantities of smaller contracts gives you even more flexibility in constructing hedges.
Strategic Implications for Options Traders
This adjustment isn't just technical—it opens new strategic possibilities.
For instance:
- Traders can now build complex spreads (like iron condors or butterflies) with finer resolution.
- Institutions can execute large orders with less market impact by using incremental fills.
- Retail traders gain access to sophisticated strategies previously reserved for high-capital players.
Moreover, increased participation tends to improve implied volatility accuracy and reduce pricing inefficiencies—key factors in successful options trading.
Final Thoughts
OKX’s decision to reduce options contract multipliers is a forward-thinking move that enhances market inclusivity and functionality. By lowering barriers to entry and enabling more precise risk management, the platform empowers traders at every level.
While such changes require temporary adaptation, they ultimately contribute to a healthier, more liquid derivatives ecosystem.
As digital asset markets continue maturing, expect more platforms to follow suit—prioritizing accessibility, scalability, and user experience.
Whether you're a seasoned options trader or just getting started, now is an excellent time to revisit your strategy and leverage these improvements for better performance.
All information accurate as of May 26, 2025.