OKX Trading Fees | We Outlined All Their Trading Fees
Mike Harry
Feb 2024
5 min read
Fact checked
In this comprehensive feesguide, we delve into the OKX Trading Fees structure with the goal of providing a detailed outline of all the fees charged by the exchange. This includes general exchange fees, trading fees, spot and futures fees, and finally deposit and withdrawal fees! Keep reading to find out how competitive OKX's fees really are!
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These services include spot, margin, perpetual, futures and options trading in addition to a variety of additional features such as trading bots, demo and copy trading, earning products, a launchpad and a web 3 wallet.
The platform has gained significant popularity with over 20 million users and trading support for over 350 cryptocurrencies.
With so many different products and services, it's important to also know the different fees that you will be paying when using them. So let's begin and review each type of fee one by one.
OKX Trading Fees
OKX fee structure includes a variety of fees for spot, futures, options, and margin trading. Central to understanding this structure are the concepts of maker and taker fees.
A maker is simply someone who adds liquidity to the market. They do this by placing an order that is not immediately matched with an existing one, thus "making" a new market entry. Because makers add to the market's liquidity, their fees are often a bit lower.
On the other hand is a taker which is a trader who removes liquidity from the market by placing an order that matches immediately with an existing one, thus "taking" from the current market liquidity. This could be a market order or a limit order that is set at the market price.
With the basics covered we can now continue into the specifics of the fees that OKX charges across these various categories.
OKX Spot Fees
When it comes to spot trading fees, OKX charges a very low 0.08% for makers and 0.10% for takers. These are very competitive trading fees and even lower than the likes of Binance, Bybit and Kucoin.
OKX spot fees
In addition to this low baseline, these fees can be further reduced by high volume traders (Lv1, Lv2 etc) that either trade for more than $10 million during a 30-day period or who hold more than 500 OKB tokens.
OKX Futures Fees
When it comes to futures and perp fees, once more, OKX has two tier structures for regular users and VIP users. For regular users who wish to trade futures or perps on OKX, the futures fees begin at 0.02% for makers and 0.05% for takers.
OKX Futures Fees
And similar to spot trading, the futures fee can be further reduced for users who trade for more than $50 million during a 30-day window, hold more than 500 OKB tokens or who hold assets above $100,000 USD on OKX.
OKX Perp Fees VIP
For OKX VIP users, the first tier (VIP 1) begins at a maker fee of 0.01% for makers and 0,03% for takers. For those who manage to trade more than $50 million during a 30-day period, the futures fees drop to 0.008% for makers while remaining intact for takers.
OKX Options Fees
For those that wish to trade options on OKX, as a regular user you will be paying an options fee of 0.02% as a maker and 0.03% as a taker.
The tier schedule presented in the image below shows how both regular users and VIP users have a path to even lower fees with higher trading volumes.
OKX Options Fees
OKX Funding Rate
OKX uses a funding fee mechanism for its perpetual swap contracts to ensure the market price stays close to the spot index price.
This funding rate is updated every minute and the rates at 08:00, 16:00, and 24:00 (HKT) are used for the funding exchange.
The funding rate is calculated using a formula that takes into account the average of the best bid and best offer prices, the spot index price, and the interest.
It's then clamped between a minimum and maximum value, which varies for each currency. For instance, for Bitcoin (BTC), this range is -0.375% to 0.375%, while for Dogecoin (DOGE), it's -3.0% to 3.0%.
When the funding rate is positive, long position holders (those betting the price will go up) pay the funding fee to short position holders (those betting the price will go down).
Conversely, when the funding rate is negative, short position holders pay the funding fee to long position holders.
The funding fee itself is calculated by multiplying the position value by the current funding rate.
However, if a contract is delisted before settlement, the current funding fee does not need to be paid. OKX provides a history of the funding rate for the last 7 and 14 days for reference.
OKX Deposit Fees
For users who wish to deposit funds on OKX, they can only do so by depositing cryptocurrencies onto the platform which is free of charge.
Fiat deposits are currently not supported on the OKX exchange but the option to buy cryptocurrencies with for example credit and debit card is however available.
OKX Withdrawal Fees
The only withdrawal fees that exist on the OKX exchange are fees to withdraw cryptocurrencies as no fiat currencies are supported on the platform.
For those that want to withdraw cryptocurrencies from OKX, they will have to pay overall quite low and competitive withdrawal fees.
To give you an idea of the crypto withdrawal fees that OKX charges, we have outlined the fees of some well known cryptocurrencies below:
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
