Introduction
To protect users from price volatility associated with opening a new spot orderbook, OKX employs different mechanisms depending on the type of listed tokens. For newly listed crypto tokens requiring price discovery, OKX may use the call auction mechanism. For tokens with an established index price (eliminating the need for price discovery), OKX implements the pre-open mechanism. The exact approach depends on real-time market conditions.
Call Auction Mechanism
1. What Is OKX’s Call Auction?
The OKX call auction allows users to place free buy/sell limit orders at desired prices before a new trading pair officially launches. The system processes all submissions under call auction rules to calculate an indicative opening price.
2. Which Cryptocurrencies Use Call Auctions?
Call auctions are applied to newly listed trading pairs.
3. How Long Does a Call Auction Last?
Duration varies by cryptocurrency and market liquidity, typically minimum 10 minutes.
4. Supported Order Types During Call Auction
Only limit orders are accepted.
5. Fee Calculation During Call Auction
A taker fee applies to orders executed by the auction’s end.
6. Determining the Indicative Opening Price
The price must meet three criteria:
- Generates the highest trading volume.
- Ensures full execution of buy orders above or sell orders below the indicative price.
- Guarantees complete taker/maker order fulfillment at the indicative price.
7. Call Auction Rules
- Auction Phase (≥10 minutes): Users can place, modify, or cancel limit orders until the last 5 minutes (when cancellations/modifications are disabled).
- Live Trading Phase: The final indicative price becomes the official opening price. Matched orders execute within 1–15 seconds; unmatched orders remain in the orderbook.
8. Who Can Participate?
All OKX users.
9. Order Limits During Call Auction
Yes, a cap exists on total order size per user. Check specific listing announcements for details.
👉 Explore OKX’s latest token listings
10. API Support for Call Auctions
Yes. Use REST API or WebSocket for order placement, market data, and orderbook depth. Refer to the API documentation.
11. User Information During Call Auction
- Indicative opening price (estimated pair price).
- Matched/unmatched order volumes.
12. Why Does the Indicative Price Differ from the Chart’s Opening Price?
Post-auction, OKX displays the project team’s suggested opening price (for reference only) on trading charts. This does not affect actual execution prices.
Pre-Open Mechanism
1. What Is OKX Pre-Open?
Pre-open lets users place limit orders around the index price within a set range (±X%) before live trading begins. Orders execute once the market opens, improving liquidity and stability.
2. Eligible Cryptocurrencies
Newly listed spot pairs with an established index price.
3. Pre-Open Session Duration
Typically ≥30 minutes, varying by asset and liquidity.
4. Supported Order Types
Only limit orders.
5. Fee Structure
No fees during pre-open (orders aren’t executed until live trading).
6. Pre-Open Rules
- Session (≥30 minutes): Place, modify, or cancel limit orders.
- Index Price Validation: Post-session, orders outside the index price range are canceled (e.g., sells below or buys above index price). Valid orders proceed to live trading.
7. Participation
Open to all OKX users.
8. Price Limits During Pre-Open
Bids must be ≤ index price + X%; asks must be ≥ index price – X%.
Example: If index price = $1 and X% = 2%, max bid = $1.02, min ask = $0.98.
👉 Learn more about OKX’s index pricing
9. Can Bid Prices Exceed Ask Prices During Pre-Open?
Yes, due to dynamic index price adjustments.
10. API Support
Available via REST API and WebSocket.
11. User Information During Pre-Open
- Current index price.
- Max bid/min ask limits.
12. Viewing Final Index Price
OKX displays the final index price used for order cancellations and as the K-line chart’s starting point.
FAQs
1. Which mechanism does OKX use for new listings?
It depends: call auctions for price discovery tokens; pre-open for index-priced tokens.
2. Are call auction orders binding?
Yes, matched orders execute when live trading begins; unmatched orders remain active.
3. How does OKX ensure fair opening prices?
Call auctions aggregate orders to maximize liquidity, while pre-open relies on index-price validation.
4. Can I cancel orders during pre-open?
Yes, until the session ends.
5. Why might my pre-open orders get canceled?
Orders outside the index price range (±X%) are invalidated post-session.
6. Where can I track updates to these mechanisms?
Monitor OKX’s official announcements and help center.
OKX continuously refines these mechanisms to enhance trading stability. Revisit this page for updates.