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#CFTC Historic Approval of BTC Perpetual Contracts #NewbieGrowthCamp 📖 After the launch of regulated perpetual contracts, how will BTC's price discovery mechanism change? 💰 Price discovery is essentially a question of "who sets the price." 📅 In recent years, the pricing power of BTC perpetual contracts has mainly been concentrated on offshore platforms— 🔸 Fluctuations in funding rates 🔸 Changes in large positions 🔸 Whale entries and exits These have been key drivers of short-term price movements. The entry of compliant perpetual contracts into the U.S. market is changing the fundamental conditions of this landscape. ⚠️ There are two structural limitations in offshore market pricing ❶ Lack of transparency Offshore platforms have disparate position data, liquidation rules, and funding rate calculation methods, lacking unified disclosure standards, making it difficult for market participants to fully assess risks. ❶ Single counterparty structure On-chain whales and retail investors form the main participant groups, lacking professional market makers with sufficient hedging capabilities to continuously provide liquidity, so large orders have a relatively greater impact on price. 🔄 After the compliant market matures, three changes may occur ❶ Market maker structure tends to professionalize Traditional financial institutions’ professional market makers have stronger compliance willingness and capital strength; their entry will provide more stable bilateral quotes, theoretically helping to narrow spreads and smooth short-term volatility. ❷ The reference benchmark for funding rates may shift When the compliant market liquidity is sufficiently deep, its funding rates—backed by clear regulatory endorsement and standardized calculation rules—will gradually carry more weight in institutional investors’ decisions—but this depends on actual liquidity accumulation, which still requires time to verify. ❸ The pricing influence of single large holders tends to decline Continuous liquidity provision by market makers means thicker bid-ask books, increasing the market impact cost of large trades, thereby narrowing whales’ room to influence prices through large operations. ⏳ A transition period that requires sober awareness The above changes all depend on the maturity of compliant market liquidity, which requires years of accumulation. Until then, the offshore market remains the main venue for price discovery. The price difference between the two markets will instead generate substantial arbitrage trading, which itself is an important price transmission mechanism during this period. The shift in pricing power is not something that happens the day regulatory approval is granted. It is a curve jointly determined by liquidity, institutional trust, and product depth. 🤔 Do you think that after institutional market makers enter, BTC’s volatility will systematically narrow, or will only the triggers of volatility change?

#新手成长营 📢 OKX TradFi Stock Contracts｜Beginner's Guide & Frequently Asked Questions 🚀 Get Started in One Minute: App / Web Access ▸📱App: Log in to OKX App → Click 【TradFi】 on the homepage to enter the stock contracts section; to see more trading pairs, click 【View more / 查看更多】. ▸💻Web: Click 【Trade】→【Contracts】→ Select any contract trading pair → Choose 【TradFi】 in the contract type. 🔸Order Process: Select trading pair → Choose order type (Limit / Market) → Enter opening price, quantity, confirm leverage → Optionally set take profit/stop loss → Submit order → Wait for execution ❓✦ 🔹 ✦ TradFi Frequently Asked Questions 🟦 Q1. Is the stock contract price equal to the US stock price? No. TradFi operates an independent trading market with its own index pricing mechanism. Specific index components can be viewed under "Asset → Overview → Index Samples." 🟦 Q2. How does the platform price fluctuate during stock market weekends when markets are closed? OKX has set specific mechanisms for index and mark prices to ensure fair and continuous pricing during traditional market trading hours: ▸ Index Calculation: Consistent with regular indices, multiple price providers supply real-time quotes, with some components smoothed by EMA. ▸ Price Protection: Index prices are restricted within ±10% of the traditional market stock price; during weekend closures, the last stock price update is used to limit the index price. 🟦 Q3. Will holding a position through the dividend date receive dividends? ▸ Currently, TradFi does not support dividend processing. 🟦 Q4. How are fees calculated? TradFi contracts use an independent fee schedule; For full fee details, visit the OKX fee page →【Contracts】→【TradFi】. 🧮 Formula: Fee = Transaction Amount × Applicable Rate 📌 Example: Regular user trading AAPL perpetual contract (each contract represents 1 AAPL) Current price 300 USDT, buying 50 contracts → Transaction amount = 300 × 50 = 10,000 USDT ▸ Taker fee 0.05% → Fee 5 USDT ▸ Maker fee 0.02% → Fee 2 USDT For VIP 3 users, same trade: ▸ Taker fee 0.028% → 2.8 USDT ▸ Maker fee 0.010% → 1 USDT 📌 VIP level is determined by asset or trading volume over the past 30 days and applies to the highest level achieved across all trading types. Market maker (DMM/MM/TMM) exclusive discounted rates require separate application. 🟦 Q5. Is TradFi a security? Does it have authorization from the corresponding stock companies? ▸ TradFi is not a security and does not constitute beneficial ownership of any equity or equity-linked instruments; it is essentially a financial derivative based on reference prices. ▸ The contract underlying is not directly linked to a single company but is an index generated from a weighted average of the stock market prices. Index components and price sources are transparent and can be viewed in real-time under 【Index Components】 on the contract trading page. ▸ Stock contracts track stock asset prices, allowing users to trade based on price fluctuations without directly holding the stock assets. The trading market is independent; prices are generated by real trades among platform users, with dealers also being platform users. ✦ 🔹 ✦ ⚠️ Risk Warning Contracts are high-risk derivatives with potentially large price swings that can amplify gains and losses. Please participate prudently according to your financial situation and risk tolerance, and pay attention to official OKX announcements and index sample descriptions for each contract. This content does not constitute any investment advice.

#新手成长营 📢 OKX launches Exchange OS protocol, enabling everyone to create trading markets —— Star Xu, Founder and CEO of OKX 🧩 On May 25, we officially released Exchange OS, a major protocol upgrade of X Layer. It allows developers, institutions, and ecosystem participants to deploy spot, perpetual contracts, or prediction markets using the same institutional-grade infrastructure as OKX. 📅 The first market based on Exchange OS will launch in June: the 2026 World Cup prediction market, a simulated prediction market directly deployed on Exchange OS. ＊ The platform is currently opening in phases, with broader ecosystem access gradually advancing through XIP-Exchange OS (X Layer Exchange OS Improvement Proposal). 🎯 Exchange OS aims to solve one of the biggest structural bottlenecks in on-chain finance today: infrastructure fragmentation. 🏃 Although blockchain has enabled open asset issuance, the infrastructure around trading, settlement, margin, and liquidity remains scattered across isolated platforms and applications. Developers always face a choice: either rely on centralized infrastructure or build a complex trading system from scratch. ⛽️ We believe the next evolution of on-chain finance is to build shared market infrastructure: enabling developers and institutions to create new trading markets more efficiently while retaining full flexibility in frontend design, market structure, risk control, and compliance frameworks. ✦ 🔹 ✦ 🔑 Market creation rights open to everyone Exchange OS sinks core exchange functions such as matching, margin, clearing, settlement, and risk management to the protocol layer, leaving the upper layer free for operators to innovate—your user experience and operating model are up to you. Different trading venues no longer operate independently but share the same execution environment, allowing multiple market types to coexist on the same track. With Exchange OS, developers and institutions can deploy trading venues through a set of configurable infrastructure components, including asset selection, oracle systems, revenue models, and market structures. The entire framework supports diverse operating models, including regulated and compliance-friendly deployments tailored to different jurisdictions and user needs. On Exchange OS, developers can deploy trading venues permissionlessly via the X Layer Improvement Proposal for Exchange OS (XIP-Exchange OS), independently choosing assets, oracle systems, revenue models, and compliance frameworks without approval from any centralized operator. 👉 Regulated entities can launch fully KYC-compliant trading venues here; 👉 Web3 native teams can also run a permissionless market on the same infrastructure; 👉 Both operate on the same infrastructure but within isolated risk control groups, without interference, with operating models controlled by developers. 🙋 Deployers must first stake OKB in the X Layer staking contract before creating a trading venue. For traders, Exchange OS brings a unified account and margin system across spot, perpetual contracts, and prediction markets. Funds can flow freely between different market types without being fragmented across isolated balances and platforms. Whether market judgments are around AI, macro events, sports, or tokenized assets, the same funds can participate freely across different market themes. All markets deployed on Exchange OS run on the same high-performance infrastructure as OKX: ⚡ Millisecond-level matching latency 🔗 Unified settlement 🚀 Up to 300,000 TPS throughput Our goal is simple: to enable developers to launch scalable, high-performance on-chain markets easily without building core infrastructure from scratch. 🏗 OKX leads by building the first use case 🏃 We choose action over promises to prove this infrastructure’s capability—the first market deployed on Exchange OS will be created by OKX itself. We will launch the “2026 World Cup Prediction Market” in June, a simulated market directly deployed on Exchange OS. We believe the best way to demonstrate infrastructure capability is to build and validate on it ourselves. So today’s release is just the beginning. Exchange OS will roll out in phases, gradually opening infrastructure components, deployment capabilities, and ecosystem participation channels. The currently released whitepaper details the underlying architecture, governance model, and roadmap. 🌐 The next chapter of on-chain finance We believe the next financial era will be defined by markets that are more open, interoperable, and global. ▸ Tokenization and asset fragmentation are expected to open global markets to more people; ▸ Real-time settlement will improve capital efficiency and reduce frictions caused by traditional market infrastructure. Users should be able to express a complete market view with the same funds across spot, derivatives, and prediction markets, rather than fragmenting funds across different platforms. Liquidity, order flow, and strategies should flow efficiently between markets instead of being trapped in isolated systems. 🤝 Exchange OS partners Exchange OS is officially launched today with support from partners across the ecosystem [see image] ✍️ The next chapter of on-chain finance should not be written by any single platform—it should be co-written by everyone who wants to build markets. ⚠️ Disclaimer This article is from the official website for reading only and does not constitute any investment, tax, or legal advice, nor an offer to buy, sell, hold digital assets, or provide related services. Please make prudent judgments based on your financial situation and risk tolerance before trading or holding digital assets.

#新手成长营 📘【What is a Stock Perpetual Contract? A Guide to Understanding】 Now, besides BTC and ETH contracts👇 Stocks like Apple, Tesla, and Nvidia can also be directly traded as contracts on-chain. This is: 👉 Stock Perpetual Contracts 🧠 1. What is a Stock Perpetual Contract? Stock perpetual contracts are a type of perpetual contract product launched by OKX 👉 Linked to stock prices of Apple (AAPL), Tesla (TSLA), Nvidia (NVDA), etc. 📌 Features: • No need to hold actual stocks • No traditional brokerage account required • Uses USDT as margin • Can directly trade stock price fluctuations ⚙️ 2. Product Rules Stock perpetual contracts are 👉 USDT-margined perpetual contracts Therefore: • Margin rules • Funding rates • Liquidation mechanisms 👉 Are consistent with regular USDT perpetual contracts 📊 3. Supported Stocks for Trading Currently mainly supports👇 • Apple (AAPL) • Tesla (TSLA) • Nvidia (NVDA) and other US stocks Trading pair format: • AAPLUSDT • TSLAUSDT • NVDAUSDT 📌 More stock symbols may be added later 💼 4. Supported Account Modes No separate account opening required Trade directly with your trading account Supports👇 • Cross margin / Isolated margin • One-way / Hedge positions • Cross-currency margin • Portfolio margin mode ⏰ 5. Trading Hours Supports 👉 7 × 24 hours continuous trading 📌 Even when US stock markets are closed: • Weekends • Holidays • After-hours US stock trading 👉 Trading is still available 📈 6. How is the Index Price Calculated? The stock perpetual contract index price aggregates multiple price sources: • Real-time stock prices • Stock perpetual prices from other exchanges • OKX’s own prices • Index prices from other exchanges 📌 Some data undergo EMA smoothing 💱 7. USD → USDT Automatic Conversion Since US stock prices are originally in USD The system automatically 👉 converts using the USD/USDT exchange rate So users don’t need to manually exchange USD 🛡 8. Index Price Protection Mechanism The platform has a price protection mechanism👇 👉 Index price is restricted within ±10% of the stock price 📌 On weekends or US stock market holidays: The last stock price is used for restriction 📉 9. Mark Price & Limit Price Rules Rules are consistent with regular perpetual contracts Used to👇 • Prevent abnormal price fluctuations • Control liquidation risk 💰 10. Funding Rate Uses a standard funding rate mechanism 📌 Funding fees are only charged on positions held at settlement ❓ 11. Frequently Asked Questions ▪ What’s the difference between stock perpetual contracts and buying stocks? Stock perpetual contracts: • Do not hold actual stocks • Can go long or short • Can use leverage • Do not have shareholder rights ▪ Can I trade on weekends? 👉 Yes But: • Liquidity may be lower • Bid-ask spreads may widen ▪ Why are prices different from the stock market? Because the index price is calculated from multiple sources Also involves: 👉 USD → USDT exchange rate conversion ▪ Are all margin modes supported? 👉 Yes Including: • Isolated margin • Cross margin • Cross-currency • Portfolio margin ⚠️ 12. Risk Warning (Important) Stock perpetual contracts are high-risk derivatives Risks include👇 • Significant losses • Liquidation risk • Loss of entire principal 📌 Users must assess risks independently 📌 Summary in one sentence 👉 Stock perpetual contracts = trading stock prices via contracts 👉 No stock ownership, but can participate in price movements