Cryptocurrency derivatives trading has become a powerful tool for investors seeking to profit from both rising and falling markets. Among the most popular instruments are perpetual and delivery contracts, which allow traders to go long or short on digital assets like Bitcoin (BTC), Ethereum (ETH), and others. This guide walks you through the complete process of opening and closing positions on OKX, one of the world’s leading crypto exchanges, with a focus on USDT-margined perpetual contracts.
Whether you're using the OKX mobile app or web platform, this step-by-step tutorial covers everything from selecting contract types and setting leverage to executing trades and managing risk with stop-loss and take-profit orders.
Understanding Contract Basics
Before diving into the mechanics, it's essential to understand key terms:
- Buy to Open Long (Buy to Open Long Position): You profit when the asset price rises.
- Sell to Open Short (Sell to Open Short Position): You profit when the asset price falls.
- Sell to Close Long (Sell to Close Long Position): Exit a long position.
- Buy to Close Short (Buy to Close Short Position): Exit a short position.
Perpetual contracts, unlike delivery contracts, have no expiration date and are kept in line with spot prices through funding rate mechanisms.
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Opening a Position on OKX
1. Going Long: Buy to Open a Long Position
When you expect the price of an asset like BTC/USDT to rise, you can open a long position.
Mobile App Steps:
- Go to the Trade page.
- Tap the trading pair box (e.g., BTC/USDT) in the top-left corner.
- Switch mode → Select Perpetual → Choose USDT Contracts → Pick BTCUSDT Perpetual.
- Set your margin mode (Cross Margin or Isolated Margin), select leverage (up to 125x for BTC), choose Limit Order.
- Enter desired price and quantity.
- Tap Buy to Open Long, then confirm.
Web Platform Steps:
- Click Trade → Futures Trading on the homepage.
- Switch to Perpetual → USDT Contracts → Select BTCUSDT Perpetual.
- Choose margin mode, leverage, and order type.
- Input price and quantity.
- Click Buy to Open Long, then Confirm.
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2. Going Short: Sell to Open a Short Position
If you anticipate a price drop, opening a short position allows you to profit from declining markets.
The steps mirror those for going long, with one key difference:
- Instead of clicking Buy to Open Long, tap or click Sell to Open Short.
This applies to both mobile and web platforms. All settings—margin mode, leverage (up to 125x), order type, price, and size—are configured identically.
Margin Mode Explained:
- Cross Margin: All available account balance can be used as collateral; higher risk but better capital efficiency.
- Isolated Margin: Only the allocated margin is at risk; losses are capped at that amount.
Leverage Warning: While high leverage (e.g., 100x or 125x) amplifies gains, it also increases liquidation risk during volatile moves. Always assess market conditions before applying maximum leverage.
Closing a Position on OKX
Once your trade reaches its target or needs adjustment due to market shifts, it's time to close your position.
1. Closing a Long Position: Sell to Close
You can exit a long position in two ways:
Option A: From the Trading Page
- Tap or click Close Position.
- Select Limit Order.
- Enter exit price and amount.
- Click Sell to Close Long.
Option B: From the Positions Tab
- Go to Positions.
- Select the relevant long position.
- Tap or click Close Position.
- Input price or use Market Price, specify quantity.
- Confirm by tapping Close Position.
For faster execution during fast-moving markets, use Market Full Close to instantly liquidate the entire position.
2. Closing a Short Position: Buy to Close
To exit a short trade:
On Mobile or Web:
- Navigate to Positions.
- Select your short position.
- Tap or click Close Position.
- Enter price or use market order, set amount.
- Click Buy to Close Short, then confirm.
Alternatively, from the trading interface:
- Click Close Position → Set limit order → Enter details → Tap Buy to Close Short.
Risk Management: Using Stop-Loss & Take-Profit
Smart traders protect their capital with automated exit strategies.
How to Set Stop-Loss and Take-Profit
- In the Positions tab, select the active trade.
- Click Take Profit / Stop Loss.
Set:
- Take Profit Trigger Price
- Stop Loss Trigger Price
- Optional: Execution price and quantity
- Confirm settings.
These tools help lock in profits when targets are hit and minimize losses if the market turns against you.
⚠️ Note: During extreme volatility, slippage may occur, and orders might not fill at exact trigger prices.
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Frequently Asked Questions (FAQ)
Q1: What’s the difference between perpetual and delivery contracts?
A: Perpetual contracts don’t expire and use funding rates to track spot prices. Delivery contracts have fixed settlement dates and are settled in cash or underlying assets upon expiration.
Q2: Can I change leverage after opening a position?
A: Yes, on OKX you can adjust leverage anytime before closing the position—simply edit it under the Positions tab.
Q3: Why was my order not filled?
A: Orders may fail during high volatility or if price levels are too far from current market value. Consider using market orders for immediate execution.
Q4: What happens if my position gets liquidated?
A: Liquidation occurs when losses deplete your margin. The system automatically closes the position to prevent further debt. Use stop-losses and conservative leverage to avoid this.
Q5: Is there a minimum amount required to open a contract?
A: Yes, minimums vary by asset. For BTCUSDT, it’s typically around $1–$5 worth of BTC depending on leverage and contract size.
Q6: Can I trade other coins besides BTC on OKX futures?
A: Absolutely. OKX supports futures for ETH, XRP, SOL, BZZ, XCH, and dozens more with competitive fees and deep liquidity.
Final Tips for Safe and Effective Trading
- Always start with lower leverage while learning.
- Monitor funding rates—high positive/negative values signal overbought/oversold conditions.
- Use technical analysis tools available on OKX charts for better decision-making.
- Enable two-factor authentication (2FA) for account security.
- Keep an eye on global macroeconomic events that impact crypto markets.
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By mastering the basics of opening and closing positions on OKX perpetual contracts, you gain flexibility in any market condition—bullish, bearish, or sideways. With proper risk controls and strategic planning, futures trading can become a valuable part of your investment toolkit.