Delivery contracts are a powerful financial instrument in the digital asset space, allowing traders to profit from both rising and falling markets. Designed with fixed expiration dates, these derivative products settle in cryptocurrency and offer leveraged exposure to price movements of major assets like Bitcoin and Ethereum. Whether you're using the mobile app or web platform, mastering delivery contracts can enhance your trading strategy—provided you understand the mechanics, risks, and best practices.
This comprehensive guide walks you through everything you need to know about delivery contracts, from fund transfers and account setup to opening long and short positions across both app and web interfaces.
What Are Delivery Contracts?
A delivery contract is a futures agreement that settles in cryptocurrency upon expiration. Unlike perpetual contracts, which have no expiry, delivery contracts terminate on a predetermined date—clearly indicated in the contract name. For example, BTCUSD-26SEP25 expires on September 26, 2025.
At expiry, positions are automatically settled based on the arithmetic average of the underlying spot index price over the hour preceding delivery. This ensures fair valuation and reduces manipulation risk.
These contracts come in two primary types:
- USDT-margined contracts: Denominated and settled in stablecoins.
- Coin-margined contracts: Backed and settled in the base cryptocurrency (e.g., BTC).
Step 1: Fund Transfer – Prepare Your Trading Account
Before trading delivery contracts, transfer funds from your main wallet to your derivatives trading account.
On Mobile App:
- Open the OKX app.
- Tap 【Assets】 → 【Fund Transfer】.
- Select currency (e.g., USDT).
- Choose transfer direction: From 【Funding Account】 → To 【Trading Account】.
- Enter amount → Confirm.
On Web Platform:
- Log in and click 【Wallet】 → 【Fund Transfer】 at the top right.
- Pick asset (e.g., USDT).
- Transfer from Funding Account to Trading Account.
- Enter amount → Confirm.
Ensure sufficient balance before placing orders. Insufficient margin may prevent execution—even if prices seem favorable.
Step 2: Configure Account Settings
Proper configuration enhances control over leverage, margin mode, and trade units.
Access Settings:
- App: Tap the icon in the top-left corner of the trading page → 【Account Info】 → 【Trading Settings】.
- Web: Click the gear icon in the upper-right → 【Trading Settings】.
Key Options:
Account Mode: Switch between Isolated Margin and Cross Margin.
- Isolated: Only allocated margin is at risk; losses capped at initial deposit.
- Cross: Entire account equity supports the position; higher liquidation resilience but broader risk exposure.
Trading Unit: Choose display format:
- USDT Contracts: Coins, Contracts, or USDT value.
- Coin-Margined Contracts: Contracts or Coins.
Select settings aligned with your risk tolerance and trading style.
Step 3: Going Long – Buy to Open, Sell to Close
When bullish on an asset’s price movement, open a long position.
Example: BTCUSDT Weekly Contract (0325)
1. Buy to Open Long
- Go to 【Trade】 → Tap 【BTC/USDT】.
- Switch mode → 【Delivery】 → 【USDT Contract】.
- Select contract: e.g., BTCUSDT-0325.
Choose:
- Margin Mode: Cross or Isolated
- Leverage: Up to 125x for BTC
- Order Type: Limit
- Input Price, Quantity → Tap 【Buy to Open Long】 → Confirm.
⚠️ Note: Higher leverage amplifies both gains and losses. Always set stop-losses.
You can enable "Double Confirmation" during order placement to add an extra layer of security and pre-set take-profit or stop-loss levels.
2. Sell to Close Long
Close your long position manually when ready to lock profits or cut losses.
Option A: From Trade Page
- Click 【Close Position】 → Select Limit Order → Enter price & quantity → 【Sell to Close Long】.
Option B: From Positions Tab
- Go to 【Positions】 → Select target trade → Tap 【Close】.
- Input price or use Market Price → Set quantity → Confirm.
For rapid exit: Use 【Market Close All】 to instantly liquidate full position.
👉 Maximize your market moves with precision tools for entering and exiting trades efficiently.
Step 4: Going Short – Sell to Open, Buy to Close
Bearish? Profit from price declines by shorting delivery contracts.
Example: BTCUSDT Weekly Contract (0325)
1. Sell to Open Short
- Navigate to 【Trade】 → Select BTC/USDT.
- Switch to 【Delivery】 → 【USDT Contract】.
- Pick contract (e.g., BTCUSDT-0325).
Set:
- Margin Mode
- Leverage (up to 125x)
- Order Type: Limit
- Enter price & quantity → Tap 【Sell to Open Short】 → Confirm.
Same risk principles apply: higher leverage = higher volatility impact.
2. Buy to Close Short
Exit your short trade via:
From Trade Page:
- Click 【Close Position】 → Choose limit order → Enter details → Tap 【Buy to Close Short】.
From Positions Tab:
- Open 【Positions】 → Select short position → Click 【Close】.
- Enter price (or use market) → Quantity → Confirm.
Use 【Take-Profit/Stop-Loss】 function:
- Set trigger prices for automatic execution.
- Helps manage emotional trading and protect capital.
Fast action needed during high volatility—slippage or failed orders may occur in fast-moving markets.
Monitoring Your Trades
After opening a position, track performance in real time under the 【Positions】 tab.
Key Metrics Explained:
- Entry Price: Average open price of your position.
- Mark Price: Used for PnL and margin calculations; prevents unfair liquidations due to flash crashes.
- Estimated Liquidation Price: Approximate price where margin falls too low.
- Margin Ratio: Critical indicator; when ≤100%, liquidation risk becomes imminent.
- PnL & ROI: Realized and unrealized profit/loss in USDT or coin terms.
Regularly monitor these values—especially during high-volatility events like macroeconomic news or exchange outages.
Managing Orders and Pending Trades
Check active orders anytime:
- Tap 【Current Orders】 below the trading panel.
- View all pending limit or stop-limit entries.
- Cancel unwanted orders with one tap via 【Cancel】.
You can also review conditional orders like take-profit/stop-loss under dedicated tabs.
Frequently Asked Questions (FAQ)
Q1: What happens when a delivery contract expires?
At expiry, all open positions are settled using the average spot index price from the last hour before delivery. Contracts are closed automatically, and profits or losses are credited in crypto.
Q2: Can I hold a delivery contract past its expiry date?
No. All positions are forcibly closed at expiration. You must roll over manually by closing the expiring contract and opening a new one with a later date.
Q3: How is the liquidation price calculated?
It depends on entry price, leverage, fees, and funding (if applicable). The system updates it dynamically based on mark price and used margin.
Q4: What’s the maximum leverage available?
BTC-based delivery contracts support up to 125x leverage. Lower caps apply to altcoins. Use high leverage cautiously—it increases liquidation risk significantly.
Q5: Why use mark price instead of last traded price?
Mark price prevents manipulation and ensures fair liquidation triggers by referencing external index prices across major exchanges.
Q6: Are there fees for trading delivery contracts?
Yes. Trading incurs taker and maker fees (typically ranging from 0.02% to 0.05%), plus potential delivery settlement fees. Check fee schedule on the platform.
Final Tips for Success
- Start small with lower leverage while learning.
- Use stop-losses religiously—even experienced traders get caught off guard.
- Watch macro trends and technical indicators before entering trades.
- Avoid holding positions near expiry unless you intend to settle.