OKX Options Trading User Agreement

Published on Dec 11, 2019

Last updated: 21 October 2026

1. Overview

1.1 The options trading service governed by this User Agreement (the “Service”) is, depending on the specific user, offered by the OKX entity on which you are onboarded as a customer under the OKX Terms of Service “OKX”, “we”, “our”, “us” or “Platform”).

1.2 This Options Trading User Agreement (this “Agreement” or these “Terms”) governs your use of this Service and related services entered into by and between you (the “User” or “you”) and OKX. It is legally binding upon you and OKX. By accessing the Service and other relevant services provided by OKX, you agree and confirm that you have carefully read and fully understand the terms and conditions under these Terms (including any amendments made by OKX at any time), especially the terms which exclude or limit liabilities of the Platform under these Terms, and the terms that exclude or limit rights of the Users. If you do not accept these Terms or the contents of these Terms, or refuse to acknowledge and agree with the Platform’s right to unilaterally modify these Terms at any time, you have no right to use the Service provided by the Platform under these Terms and shall immediately stop using and accessing the Platform. Unless otherwise provided in these Terms, the terms used in these Terms shall have the meaning provided in OKX’s Terms of Service.

1.3 The contents of these Terms also include OKX’s various system specifications, other agreements or rules in connection with or related to these Terms or this Service, and other relevant agreements and rules regarding the services that OKX may provide from time to time. Once the aforementioned contents are released or published, they are an integral part of these Terms, and you shall be legally bound by them. By using this Service, you confirm you have read, understood, and accepted these Terms, the OKX Terms of Service, Risk & Compliance Disclosure, any relevant terms and conditions, service terms, user agreements, transaction and operation rules, policies, announcements and other rules (as amended and restated from time to time) published by OKX from time to time in connection with this Service (“User Agreements”), and that you agree to be legally bound by any and all terms and conditions thereof. Unless you have read and accepted all the terms and conditions of these Terms and applicable User Agreements, you are not authorized to and shall not use this Service or any of its corresponding services.

1.4 The Terms and any applicable User Agreements constitute the entire agreement and understanding regarding the use of any or all of the Service, and any manner of accessing them, between: You and OKX, depending on your location, nationality, services used, and your level of KYC and/or KYB completed.

1.5 These Terms shall supplement our Terms of Service. In the event of any conflict or inconsistency of any term or provision set forth in these Terms and our Terms of Service, such conflict or inconsistency shall be resolved by giving precedence first to these Terms. All other provisions of our Terms of Service not modified by these Terms shall remain in full force and effect. All capitalized not defined herein shall have meaning ascribed to it in the Terms of Service.

1.6 Product-specific terms. Schedule 1 (Simple Options) sets out additional terms that apply to Simple Options. In the event of any conflict or inconsistency between Schedule 1 and the main body of these Terms in relation to Simple Options, Schedule 1 shall prevail.

1.7 Definitions. In these Terms:

  • “Crypto-margined Options” means Options where margin, fees and all settlement are denominated in the underlying cryptocurrency (e.g., BTC or ETH).

  • “Expiry Date” means the date and time at which an Option may be exercised by its buyer, as displayed on the Platform. Unless otherwise specified on the Platform (or, for Simple Options, in Schedule 1), Options may have: (i) “Daily Expiries”, which have an initial lifetime of three days when introduced and expire every day at 08:00 UTC (a daily expiry will not be added if it already exists as a weekly, monthly or quarterly expiry); (ii) “Weekly Expiries”, which expire every Friday at 08:00 UTC (a weekly expiry will not be added if it already exists as a monthly or quarterly expiry); (iii) “Monthly Expiries”, which expire on the last Friday of each month at 08:00 UTC, with a new monthly expiry launched on the third-to-last Friday of each month at 08:30 UTC; and (iv) “Quarterly Expiries”, at 3, 6 and 9 months on the March, June, September and December cycle, which expire on the last Friday of each calendar quarter at 08:00 UTC.

  • “Index” means the index, calculated and published by OKX, measuring the performance of the Underlying.

  • “Option” means a contract under which the buyer has the right, but not the obligation, to buy (in the case of a Long Call Option) or sell (in the case of a Long Put Option) a specified quantity of the Underlying at the Strike Price on the Expiry Date, and the seller assumes the corresponding obligation to sell (in the case of a Short Call Option) or to buy (in the case of a Short Put Option) if the Option is exercised. Where an Option is cash-settled (including USDⓈ-margined Options and, for buyers, Simple Options), exercise entitles the buyer to receive the Settlement Amount in the Settlement Currency instead of delivery of the Underlying.

  • “Long Call Option” means an Option under which the buyer has the right (but not the obligation) to buy the Underlying; “Short Call Option” means an Option under which the seller has the obligation to sell the Underlying if the buyer exercises the Option; “Long Put Option” means an Option under which the buyer has the right (but not the obligation) to sell the Underlying; and “Short Put Option” means an Option under which the seller has the obligation to buy the Underlying if the buyer exercises the Option.

  • “Premium” means the price of an Option. The buyer of a Long Call Option or a Long Put Option pays the Premium, and the seller of a Short Call Option or a Short Put Option receives the Premium.

  • “Settlement Amount” means the amount, in the Settlement Currency, at which an In the Money Option is settled, being the difference between the Settlement Price and the Strike Price multiplied by the contract size and number of contracts.

  • “Settlement Currency” means the currency in which an Option is settled, as displayed on the Platform: the underlying cryptocurrency (for Crypto-margined Options); USD, USDC or USDG (for USDⓈ-margined Options); or USDT (for Simple Options), as applicable.

  • “Settlement Price” means, unless otherwise specified on the Platform or in Schedule 1, the time-weighted average price of the Index during the last 30 minutes before the Expiry Date, with snapshots of the Index price taken at 200-millisecond intervals.

  • “Simple Options” means Options offered under Schedule 1.

  • “Strike Price” means the price at which the buyer of a Long Call Option or a Long Put Option can, respectively, buy or sell the Underlying when exercising the Option.

  • “Underlying” means the reference asset of an Option, whose value is determined by reference to the Index, and which may be a tokenised stock (including UTS, as defined in Schedule 1) or any other asset, as available on the Platform.

  • “USDⓈ-margined Options” or “Linear Options” means Options where margin, fees and all settlement are denominated in USD-pegged currencies (USD, USDC or USDG, as indicated on the Platform).

2. Eligibility to Use the Service

2.1 You understand and acknowledge that:

  • You have agreed to abide by the Terms of Service and you are eligible and not prohibited from using the services defined therein, including the Service;

  • You have the experience and risk tolerance to use the Service, and have the experience and knowledge to invest in non-guaranteed cryptocurrencies products and, where applicable, derivatives referencing tokenised stocks or other Underlyings

  • You should carefully consider and use clear judgment to evaluate your financial condition and the abovementioned risks before making any decision to use this Service, and bear all the losses arising there from;

  • In order to use the Service, you have the ability to perform operations on the internet;

  • These Terms do not conflict with the laws of your country or region, and you agree to comply with the laws and regulations of your country or region;

  • You are the legal owner of the Digital Assets in your OKX account and guarantee that the sources of these Digital Assets are legal.

2.2 You agree and undertake that:

  • You shall not use the Service for any illegal purposes, including but not limited to illegal gambling, money laundering, fraud, extortion, data breaches, terrorist financing, and any other violent activities or any businesses prohibited by the law;

  • You shall not conduct, initiate or promote any forms of market manipulation or other forms of illegal conduct, including but not limited to illegal gambling, money laundering, fraud, extortion, extortion, data breach, terrorist financing, and any other violent activities or businesses prohibited by the law.

3. Risk Management

3.1 The Service relies on various measures to control risks, including but not limited to:

You should refer to the links above which describe each of these measures in detail. The content of the links above forms an integral part of this Agreement. OKX reserves the right to introduce additional measures to control risks from time to time. It may update the content of the links above or these Terms at any time, in accordance with the provisions of these Terms. Where material updates are made you will be required to confirm your acceptance of the updated Terms before continuing to access the Service.

3.2 If the size of your positions or open orders accumulates to a level which poses risk to other Users, OKX, reserves the right to cancel your orders or close your positions or orders in part or in full.

3.3 Simple Options are fully funded and are not subject to the tiered maintenance margin, auto-deleveraging or forced repayment mechanisms referred to in Clause 3.1. The risk controls set out in Schedule 1 apply to Simple Options instead.

4. Using the Service

4.1 The Service allows you to buy and sell Options (as defined in the OKX Options Introduction. OKX offers the following types Options under the Service: (i) Crypto-margined Options, where margin, fees, and all settlement are denominated in the underlying cryptocurrency (e.g., BTC or ETH); and (ii) USDⓈ-margined Options (also referred to as “Linear Options”), where margin, fees, and all settlement are denominated in USD-pegged currencies (USD, USDC, or USDG, as applicable based on the OKX entity through which you access the Service and your selected preference) and (iii) Simple Options, which are fully funded options over a tokenised stock or other Underlying displayed on the Platform, entered into with OKX as principal by request for quote and governed by Schedule 1. The specific type of option available to you will depend on your jurisdiction and the OKX entity through which you access the Service. Such Option contracts entitle you, upon exercise, to buy and/or sell a specified quantity of the Underlying at a specific strike price on a specified date in the future, or in the case of cash-settled Options(including USDⓈ-margined Options), to receive the Settlement Amount in the Settlement Currency). Except in repsect of simple Options, the Service also allows you to borrow Digital Assets from OKX to carry out Options trading on the Platform (“Margin Trading”). By carrying out Margin Trading, you will be deemed to have read and agree to be bound by our Margin Trading User Agreement. In order to undertake Margin Trading on the Platform, you must deposit Digital Assets or any Fiat Currencies (or a combination of both, as the case may be) approved by us to qualify as collateral in your account with OKX (“Margin Account”) to be held as Margin (as defined in the Margin Trading User Agreement). You hereby agree to grant a security interest over the Margin in favor of OKX.

4.1A An Option bought by you is entered into only once you have paid the required Premium. An Option sold by you is entered into only once you have provided the required margin or collateral, and on conclusion of the contract you will receive the corresponding Premium. You must pay the Premium, or post and maintain the required margin or collateral, as specified on the Platform at the time of trading, depending on the Option and direction you have selected.

4.2 You may place orders, in the form required by OKX, via the website, client software, API or any other channels. Once an order is filled you will not be able to cancel or amend it. Simple Options are traded by request for quote as set out in Schedule 1.

4.3 The settlement method and amount at expiry of an Option will be determined by the Platform. Unless otherwise specified on the Platform or in Schedule 1, in-the-money options (ITM) will be automatically exercised at 08:00 UTC at expiration date. When the contract is exercised, the Settlement Amount (or,,for Crypto-margined Options, Digital Assets of equivalent payoff) will be added to the buyer’s account balance and deducted from the seller’s. Both buyer and seller need to pay an applicable trading fee for exercising. At-the-money options (ATM) and out-of-the-money options (OTM) will expire without being exercised at 08:00 (UTC) at expiration date. (This Clause 4.3 does not apply to Simple Options, which are exercised and settled in accordance with Schedule 1; no trading, exercise or other fee is charged on Simple Options. (For definitions. For definitions of ITM, ATM and OTM and specific settlement methods, please refer to the OKX Options Introduction);

4.4 For USDⓈ-margined Options, settlement is effected in USD, USDC, or USDG depending on entity-level configuration and your selected preference at the time of trading. You acknowledge and agree that: (a) where you and your counterparty to a USDⓈ-margined Option have selected different settlement currencies, OKX will automatically convert between the relevant USD-pegged currencies at the platform level using OKX’s existing auto-conversion mechanism to effect settlement; (b) OKX determines the applicable conversion rate; (c) the economic value of your settlement proceeds is intended to remain USD-equivalent, but may be subject to deviation in the event of a stablecoin price event (see Clause 8.1 for applicable risk disclosures); and (d) asset consumption records will be generated for reconciliation purposes where settlement currencies differ between counterparties.

4.5 When an order under this Service is filled, a User must also pay interest on the amount of Digital Assets that are borrowed by the User. Interest will be accrued and deducted on an hourly basis and Margin will be subject to liquidation rules as well as forced repayment. Interest rate calculations are defined and calculated by the Service at Interest Calculation.

4.6 You may incur potential borrowing under both auto-borrow and non-auto-borrow modes, based on your equity level, UPL, or RPL, which may generate liabilities subject to interest repayment exceeding specified limits. Forced repayment may be triggered if liabilities surpass the interest-free limit. Please read this relevant article for more information. It is your responsibility to monitor your positions and maintain sufficient equity to avoid liquidation.

4.7 If you do not meet the maintenance margin requirements, you authorize us to sell the Margin assets (including Digital Assets and Fiat Currencies, or a combination of both, as the case may be) in your account to cover the margin deficiency. You will be responsible for any shortfall in the account after such a sale.

4.8 If market anomalies occur before settlement and delivery, including but not limited to acute fluctuation of underlying index, OKX may, under its sole discretion, decide to settle and/or deliver at a proper time and price with a commercially reasonable method without prior announcement.

4.9 Standard fees, including trading fees, spread and exercise fee, apply to each order you place via the Service. OKX may amend its fee schedule from time to time, and the latest fee schedule is available on the Platform. Pricing and fees for Simple Options are as set out in Schedule 1.

4.10 OKX reserves its right, to be exercised at its sole and absolute discretion, to suspend or terminate any use of the Service, any services provided by OKX, or any OKX account in the event of a breach of any terms under this Agreement or breach of any condition outlined in the OKX Margin, Futures, Perpetual Swap Delisting Process Standards. The relevant scenarios and consequences after such suspension or termination are set out in the OKX Margin, Futures, Perpetual Swap Delisting Process Standards.

4.11 OKX shall use the deposit from you referred to in Clause 4.1 as security against any potential losses that may incur as a result of your use of the Service.

4.12 OKX may offer you leverage, in the form of Digital Assets lent to you in order to increase the potential return of Margin Trading (“Leverage”), for the purpose of trading on the Platform. The Leverage extended to you shall be expressed as a multiple of the amount of Digital Assets that you provide as collateral to trade. OKX retains sole and absolute discretion as to the amount of Leverage that it may offer you. OKX retains the right to withdraw or vary the amount of Leverage offered to you at its sole discretion.

4.13 The maximum amount of Leverage shall be subject to Applicable Law.

4.14 In the event that OKX withdraws or varies the Leverage, it shall notify the User within a reasonable period by updating the Leverage displayed on the User’s trading account.

4.15 Clauses 4.5 to 4.7 and 4.11 to 4.14 (borrowing, interest, liquidation and Leverage) do not apply to Simple Options. You may not use borrowed or auto-borrowed assets to pay the Premium or post collateral for Simple Options.

5. Repayment and Return of the Margin

5.1 Unless otherwise provided in these Terms, you may repay all or any part of the borrowed assets and accrued interest thereon at any time.

5.2 If you repay all the outstanding principal and interest on the assets you borrowed, OKX will release the corresponding Margin to your OKX account after receiving your full repayment amount. Margin that was locked up or frozen due to the borrowings will be freed up once the liability has been repaid or positions have been closed. If you repay only part of the principal and interest on the assets you borrowed, you could continue to use the Services as long as you maintain the required Margin for the trades.

5.3 If you intend to cease to use this Service or this Service is terminated for any reason, you hereby agree and authorize OKX to deduct the corresponding Digital Assets or Fiat Currencies (or a combination of both, as the case may be) from your Margin for the purpose of fully repaying all the relevant outstanding principal and Interest accrued and standard trading fees or any other fees due and payable charged by OKX, if any.

6. Creation of Security Interests

6.1 You acknowledge that Margin is held and may be used by OKX to secure the performance of your obligations under these Terms. You represent and warrant that the assets you post as Margin are free and clear of all liens and encumbrances other than those arising hereunder, and that you have the right to grant a first priority security interest hereunder. All Margin shall be held by OKX, notwithstanding any provision to the contrary, shall act as continuing security and shall be subject to a general right of set-off in favor of OKX for any and all of your obligations, liabilities, monies or other amounts whatsoever at any time now or hereafter owing, due, incurred or payable by you to OKX under these Terms, or otherwise, whether present or future, actual or contingent, solely or jointly or whether as principal or surety (the “Secured Obligations”), and OKX may appropriate or realize any Margin as provided for in these Terms.

6.2 Accordingly, you hereby pledge, assign and grant to us a continuing first priority security interest in, and a lien upon, all assets in the Margin Account (including any sub-accounts) and any and all Digital Assets, Fiat Currencies or other assets standing to the credit thereof as continuing security for the payment and discharge of the Secured Obligations.

6.3 The security constituted by these Terms shall be a continuing security and shall not be satisfied by any intermediate payment or satisfaction of the whole or any part of the Secured Obligations but shall secure the ultimate balance of the Secured Obligations. The security constituted by these Terms shall be in addition to and shall not be affected by any other security now or subsequently held by OKX for all or any of the Secured Obligations.

6.4 You shall, at your own cost and upon our request, execute and do all such deeds, acts and things (including without limitation, the performance of such further acts or the execution and delivery of any additional instruments or documents) as we may require for the purposes of maintaining the validity, perfection, enforceability and priority of our security interest in and lien on the Margin or to enable us to protect, exercise or enforce our rights hereunder and in the Margin. You hereby, by way of security and solely for the purpose of more fully securing the performance of the Secured Obligations, irrevocably appoint OKX as your attorney on your behalf and in your name or the name of OKX (as the attorney may decide) to do all acts, and execute all documents which you could yourself execute, in relation to any of the Margin or in connection with any of the matters provided for in these Terms, including (but without limitation): (i) to execute any transfer, bill of sale, or other assurance in respect of your Digital Assets, moneys, Fiat Currencies and properties; (ii) to exercise all your rights and powers in respect of the Margin; (iii) to ask, require, demand, receive, compound and give a good discharge for any and all moneys and claims for moneys, Digital Assets or specific performance due and to become due under or arising out of any of the Margin; (iv) to endorse any cheques or other instruments or orders in connection with any of the Margin; and (v) to make any claims or to take any action or to institute any proceedings which OKX considers to be necessary or advisable to protect or enforce the security interest created by these Terms.

6.5 For the purposes of this Clause 6, “Margin” includes any USDT, UTS or other assets transferred to and locked in the Option Trading Account as collateral for a Simple Option, and the Secured Obligations include your obligations under Schedule 1.

7. Representations and Warranties

7.1 You hereby represent, warrant and undertake that:

(1) The source of the Margin and of any Premium is legal, and the ownership is not disputed;

(2) The assets you have deposited or will deposit with OKX as Margin are unencumbered and free from all mortgages, charges, liens, security interests, or other claims.

(3) The Margin is not subject to any litigation, preservation, mortgage, judicial freeze, and enforcement and thus becomes unenforceable, otherwise you shall be deemed to have breached these Terms and shall bear all responsibilities;

(4) You will not infringe the legitimate rights and interests of OKX;

(5) You are not on the sanctions list issued by any government and international organizations;

(6) If the above representations, warranties and covenants are no longer correct, complete and valid due to changes in the applicable laws, you will immediately notify OKX in writing.

7.2 You hereby acknowledge that if you breach the foregoing representations, warranties and covenants, OKX shall have the right to stop providing you with any and all services (including but not limited to this Service). If OKX suffers losses due to your breach of the foregoing representations, warranties, and covenants, OKX has the right to hold you liable and you agree to indemnify and hold OKX harmless for the breach of these Terms.

8. Limitation of Liability

8.1 Risk Disclosure

(1) YOU EXPRESSLY AGREE THAT YOUR USE OR NON-USE OF THIS SERVICE AND RELATED SERVICES ARE AT YOUR OWN RISK. EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY UNDER THESE TERMS, THE SERVICES, ALL PRODUCTS AND SERVICES PROVIDED TO YOU THROUGH THIS SERVICE AND RELATED SERVICES PROVIDED TO YOU ARE STRICTLY OFFERED ON AN “AS IS” AND “AS AVAILABLE” BASIS, AND OKX AND ITS AFFILIATES OR ITS SERVICE PROVIDERS OR SUPPLIERS MAKE NO REPRESENTATIONS, WARRANTIES, OR GUARANTEES TO YOU OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, MERCHANTABILITY, QUALITY OR FITNESS FOR A PARTICULAR PURPOSE, TITLE, OR NON-INFRINGEMENT, NO ERRORS OR OMISSIONS, CONTINUITY, ACCURACY, RELIABILITY OF THIS SERVICE. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF IMPLIED WARRANTIES IN CONTRACTS, SO THE ABOVE EXCLUSION MAY NOT APPLY TO YOU. OKX DOES NOT MAKE ANY UNDERTAKINGS AND WARRANTIES FOR THE VALIDITY, ACCURACY, CORRECTNESS, RELIABILITY, QUALITY, STABILITY, COMPLETENESS OR TIMELINESS OF THE TECHNOLOGY AND INFORMATION IN CONNECTION WITH THIS SERVICES OR OTHER SERVICES PROVIDED BY THE OKX.

(2) NOTHING IN THESE TERMS SHALL EXCLUDE OR LIMIT LIABILITY OF EITHER PARTY FOR FRAUD, DEATH OR BODILY INJURY CAUSED BY NEGLIGENCE, VIOLATION OF LAWS, OR ANY OTHER ACTIVITY THAT CANNOT BE LIMITED OR EXCLUDED BY LAW OR REGULATIONS.

(3) Like any asset, the value of Digital Assets may fluctuate significantly, and there is a huge risk that Users may incur economic losses when buying, selling, holding or investing in Digital Assets and other related transactions. The choice of using and how to use the Services of the Platform is the User’s personal decision, and the User shall bear any and all of the risks and potential Losses. OKX does not make any express or implied warranties regarding the market, value or price of Digital Assets. Users acknowledge and understand the instability of the Digital Asset market. The price and value of Digital Assets may fluctuate or collapse at any time. Trading Digital Assets is the free choice and decision of Users, and Users shall solely bear their own risks and possible losses. Your use of this Service means that you confirm and agree: (1) You fully understand all of the risks associated with Digital Assets and related transactions; (2) You agree to solely bear any and all risks and Losses associated with the use of these Services and engaging in any transactions involving Digital Assets; and (3) OKX shall not be responsible for any of these risks or Losses or any other adverse consequences.

(4) The Platform cannot guarantee the authenticity, sufficiency, reliability, accuracy, completeness or validity of the content on the Platform, and shall not bear any legal liability arising therefrom. The User shall rely on the User’s independent judgment to conduct transactions, and the User shall bear all responsibilities for User’s judgment and/or decisions.

(5) Digital Assets involve a high degree of risk. Using the Service involves market risk, smart contract risk, liquidity risk, oracle risk, volatility risk, and legal and compliance risks, among other risks. Digital Assets are not the legal tender of any government, and their value is not guaranteed by a specific government. Significant movements or anomalies in the underlying index price will therefore have a direct and amplified impact on your margin requirements, fee amounts, and liquidation thresholds. In addition, if you use USDⓈ-margined Options, you are exposed to stablecoin de-peg risk: where USDC, USDG, or other USD-pegged stablecoins used as settlement or margin currencies lose their USD peg, the USD-equivalent value of your collateral and settlement proceeds may be adversely affected. The value of Digital Assets may fluctuate greatly. Users shall be fully aware of the above risks and should exercise caution when conducting any transactions regarding Digital Assets. Users of the Service must have sufficient financial capability, maturity, experience and willingness to bear all investment risks and potential investment losses. Thus, Digital Asset investment is not suitable for all investors. Where the Underlying is a tokenised stock or other assets, its price may also be affected by the trading hours, liquidity, corporate actions and disruption events of the relevant reference market (see also Schedule 1 for Simple Options).

(5A) Options trading involves significant risks of loss, including the risk of losing the entire Premium (for buyers of Options) and the risk of unlimited losses (for sellers of Call Options, other than fully funded Simple Options).

(6) You understand and accept the risks that you may incur by using this Service, and the related losses that you may suffer as a result, including but not limited to:

  • The key risks of using the Service are related to market price fluctuations. In a highly volatile market, it may be difficult for users to predict the market price at maturity date; high price volatility of Digital Assets and their derivatives may cause significant or total losses in a short period of time; and you are willing and able to bear all risks caused by market price fluctuations and any economic losses you may suffer;

  • Once the Digital Assets you hold are frozen due to use of this Service, you will not be able to trade the frozen Digital Assets and accept the risks associated with the inability to trade these Digital Assets, you are willing to bear the risks arising from locking your Digital Assets and any economic losses you may suffer;

  • If OKX terminates this Service for any reason whatsoever, which it may do at its complete discretion, you may not be able to obtain the expected profits within the expected holding period (if any) which may result in the loss of your Digital Assets;

  • If there is a force majeure event, or a force majeure event that causes the price of Digital Assets to collapse, it may cause loss of your Digital Assets;

  • Technical abnormalities may occur, which may delay or prevent you from using this Service or conducting related transactions, which may cause loss of your Digital Assets;

  • Market abnormalities may occur, which may cause loss of your Digital Assets;

  • In order to maintain the overall health of the market, OKX may add, delete, or modify the relevant provisions of these Terms, the policies, the terms and conditions or other related User Agreements, service agreements or terms from time to time. Such modifications may benefit or harm you.

You confirm that you fully understand the nature, risks and potential losses related to the Service. Before making a decision to use the Service, you should exercise independent judgment and carefully consider using the Service based on your own investment experience and capability, financial situation, investment objectives, investment period, willingness and ability to bear investment risks, the extent of your understanding of the nature and risks of this product, and other relevant circumstances. The aforementioned risks do not include all the risks and all the market conditions of the User’s transactions related to this Service. If you have any questions or concerns, please seek advice from an independent financial advisor and/or legal counsel.

8.2 The trading market is volatile and may change rapidly in terms of liquidity, market and trading dynamics. You are fully responsible and liable for any and all trading and non-trading activities and your account used on or through the OKX Platform. You acknowledge and agree to be fully responsible for all your transactions and non-trading behaviours and omissions on OKX or through OKX, as well as all gains and losses arising from your use of the OKX website and this Service and any other services provided on the OKX Platform. You are responsible for any of your assets and liabilities in your OKX account, and you are responsible for all your obligations for all your financial activities on OKX. OKX is not responsible for any and all losses arising from this Service and any other services provided on the OKX Platform and shall not assume any compensation or any other responsibility.

8.3 You agree and accept that when you redeem your assets, the time it takes for you to receive the Digital Assets in your account may vary and the assets received and displayed on the Platform shall be final. OKX shall not be liable for any losses caused by or related to time differences or discrepancies for receipt of Digital Assets.

8.4 You agree and accept that OKX reserves the right to amend the content of this Agreement any time in its sole discretion, including when you are using the Service. OKX shall not be liable for any losses arising from your misunderstanding of this Agreement, or your delay of reading the amendments to this Agreement.

8.5 You agree and accept that if the OKX Platform cannot function properly or the Service is interrupted arising from the following conditions, such that you are unable to use the Service or cannot make commands or perform related trading operations, including but not limited to failure, delay, interruption, lack of system response, delayed system response or any other abnormal circumstances, OKX and its affiliates shall not be liable for any losses. These circumstances include but are not limited to:

  • Service suspension for maintenance as announced by OKX;

  • Hacker attack(s) on the OKX Platform;

  • Failure to transmit data as a result of telecom equipment failures;

  • Force majeure events or accidents, such as but not limited to typhoons, earthquakes, tsunamis, flooding, plagues, power outage, war, turmoil, government actions, terrorist attacks and any other events that may lead to the suspension of the OKX Platform;

  • Service interruption or delay arising from hacking, computer virus, technical adjustment or failure, website upgrades, banking issues, temporary closure arising from government regulations and any other reasons;

  • Service interruption or delay caused by OKX’s systems being damaged, defective or unable to perform normally for any reason;

  • Losses arising from technical problems that cannot be predicted or solved by existing technical forces in the industry;

  • Losses suffered by you or other third parties arising from the fault or delay of the third party;

  • Losses suffered by you or other third parties arising from changes in laws and regulations or government orders;

  • Losses suffered by you or other third parties arising from force majeure events or accidents caused by other objectively unforeseeable, unavoidable and/or unsolvable circumstances.

You agree and accept that the aforementioned reasons may lead to abnormal transactions, market interruptions and other possible abnormal circumstances, and OKX reserves the right to refuse to or for any reason in its sole discretion to not execute your commands based on the actual circumstances. You understand and agree that OKX shall not be liable for any of your losses (including but not limited to direct or indirect losses, actual losses, or loss of possible yield and other similar or related losses).

8.6 Software Protocols and Operational Challenges

  • Software protocols that underlie Digital Assets are typically open source projects, which means that: (i) the development and control of such Digital Assets are outside of OKX’s control, and (ii) such software protocols are subject to sudden and dramatic changes that may have a significant impact on the availability, ease of use, or value of a given Digital Asset. You also are aware of and accept the risks associated with operational challenges. OKX may experience sophisticated cyber attacks, unexpected surges in activity or other operational or technical difficulties that may cause interruptions to the Service. You understand that the Service may experience operational issues that lead to delays. You agree to accept the risk of transaction failure resulting from unanticipated or heightened technical difficulties, including those resulting from sophisticated attacks. You agree that OKX shall not be responsible or liable for any related losses.

  • You understand that the technology underlying Digital Assets is subject to change at any time, and such changes may affect your Digital Assets stored on the Platform. You agree to be fully responsible for monitoring such technological changes and understanding their consequences for and regarding your Digital Assets. Users conduct all trading and make all related decisions based on their own volition, and OKX shall not be liable for any loss or damage incurred as a result of your use of any Services or your failure to understand the risks involved or associated with Digital Asset use in general or your use of our Services.

8.7 OKX strictly prohibits unfair trading behaviours. OKX reserves the right to enact, under its sole discretion, and take control over your account, if you:

  • are involved in price manipulation, insider dealing, market manipulation, market distortion or any other malicious wrongdoings to the market;

  • might be harming other users or OKX by exploiting the Service’s vulnerabilities or by other unreasonable means;

  • are involved in any other activities that OKX deems harmful to the overall well-being of the market.

OKX also reserves the right to take actions including but not limited to closing your accounts, limiting trading, halting trading, cancelling transactions, rolling back transactions and returning the relevant Digital Assets to any complainant so as to eliminate any adverse effects to the overall wellbeing of the market. In no event shall OKX be liable to you for any loss incurred when such action against you happens, and OKX has the right to hold you liable and you agree to indemnify and hold OKX harmless for the breach of these Terms.

8.8 You agree and accept that OKX shall not be liable for any losses caused by the risks described in this Clause 8 of the Agreement (including but not limited to any direct or indirect losses, actual losses or possible loss of profits).

8.9 The aforementioned provisions do not indicate all the risks arising from or related to your transactions through the Platform or all the conditions of the market. Before making any trading decisions, you shall fully understand the relevant Digital Assets; make cautious and prudent decisions based on your own trading objectives, risk tolerance, and financial conditions; and solely bear all risks and losses.

9. Indemnification

9.1 You shall take all possible measures to ensure that OKX is held harmless from any damages caused by your use of the Service or other activities related to your OKX account, otherwise you shall be liable for losses suffered by OKX.

9.2 You hereby acknowledge and agree to defend and indemnify OKX from any claims or requests (including reasonable legal fees) resulting from your breach of these Terms, your improper use of OKX services, your violation of any laws or infringement of any third party rights, any third party’s actions or omissions with respect to the authorized use of your OKX account, OKX website, app, and systems (including networks and servers used to provide any OKX services, regardless of whether such websites, apps, and systems are operated by OKX, or operated for OKX, or operated to provide OKX services to you), and make every effort to hold OKX harmless.

The User acknowledges and agrees that no information provided by OKX, notwithstanding whether included in these Terms or any other document or statement, shall be deemed as business, legal, financial or tax advice. The User may and should consult his own business, legal, financial or tax advisers regarding especially, inter alia, the individual chances, opportunities, risks, obligations or further costs arising from the reception of and in connection with Digital Assets under this This Service. OKX is not your broker, dealer, agent or consultant. Where OKX enters into a Simple Option with you, it does so as principal for its own account and may hedge its exposure with its affiliates; this does not make OKX your agent, adviser or fiduciary. The User acknowledges and agrees that in any transactions or other decisions or activities through which you use any OKX Services, OKX does not have a fiduciary relationship or fiduciary duty with you. No communication or information provided by OKX to you, notwithstanding whether included in these Terms or any other document or statement, shall be deemed, considered or interpreted as investment advice, business advice, legal advice, financial advice, tax advice, trading advice or any other type of advice. You shall determine whether any investment, investment strategy or related transaction is appropriate for you based on your personal investment objectives, financial condition and risk tolerance, and you shall be solely responsible for any and all Losses or liabilities. You should consult your own business, legal, financial or tax advisers regarding especially, inter alia, the individual chances, opportunities, risks, obligations or further costs arising from using this Service. OKX does not recommend you to buy, sell, transfer or hold any Digital Assets. Before making a decision to buy, sell, transfer or hold any Digital Assets, you shall conduct due diligence and consult your financial advisor before making any investment decision. OKX shall not be responsible for your decision to buy, sell, transfer or hold Digital Assets based on the information provided by OKX.

11. Third Party Website Disclaimer

Any links to third-party websites in OKX services do not mean that OKX endorses any products, services, information and disclaimers provided therein, and OKX does not guarantee the accuracy of the information contained therein. OKX shall not be liable for any losses caused by your use of such third party products and services. In addition, OKX has no control over the terms of use or privacy policies of third party websites. Once you use this Service, it usually means that you know, understand and agree to all the terms of service, Privacy Notice and relevant transaction and operation rules (as amended from time to time) on third party websites. OKX and each third party website operator are independent legal entities, and these Terms shall not constitute any form of agency, partnership or cooperative relationship between the parties. Each third party website operator shall be responsible for their respective claims, debts, and disputes arising from the performance of their respective contracts and agreements.

12. Governing Law

These Terms, your use of the Service, and any claim, counterclaim or dispute arising out of or in connection with them shall be governed by and construed in accordance with the governing-law provisions in the OKX Terms of Service applicable to the OKX entity with which you are onboarded as a customer.

13. Jurisdiction and Dispute Resolution

Any dispute, controversy, difference or claim arising out of or in connection with these Terms, including their existence, validity, interpretation, performance, breach or termination, shall be resolved in accordance with the dispute-resolution provisions in the OKX Terms of Service applicable to the OKX entity with which you are onboarded as a customer.

14. Miscellaneous

14.1 The contents of these Terms also include OKX’s various system specifications, other agreements or rules in connection with these Terms, and other relevant agreements and rules regarding the Service that OKX may issue from time to time. Once the aforementioned content is published, it shall become an integral part of these Terms, and you shall also abide by it. In the event of any conflict between the aforementioned content and these Terms, these Terms shall prevail.

14.2 OKX reserves the right to unilaterally modify these Terms (including the aforementioned contents) if necessary. Such modification may happen at any time without prior notice. If any changes are made, the revised contents may be posted on OKX’s website. Please regularly check the latest information posted therein to inform yourself of any changes. Your continued use of or access to the Service following the posting of any changes constitutes acceptance of those changes. If you do not accept the revised content, please stop using the Services.

14.3 You shall carefully read this Agreement, and any document referred to in Clauses 14.1 and 14.2 of these Terms that constitute the contents of these Terms. Unless otherwise instructed by OKX, any formal communication and document transfer between you and OKX shall be undertaken through email. You may also be able to contact OKX telephonically as a form of informal communication. Any formal communication between you and OKX should, unless otherwise agreed, be made in the English language. In the event of any discrepancy between the communication in English and that in a foreign language, the English version shall prevail. In the event of any discrepancy between any formal and/or informal communications and the Agreement, the Agreement shall prevail.

Please address emails to “OKX” at the following email: support@OKX.com

14.4 If any provisions of these Terms shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired in any way. However, if any provisions of these Terms shall be invalid, illegal or unenforceable under any such applicable law in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such law, or if for any reason it is not deemed so modified, it shall be invalid, illegal or unenforceable only to the extent of such invalidity, illegality or limitation on enforceability without affecting the remaining provisions of these Terms, or the validity, legality or enforceability of such provision in any other jurisdiction.

14.5 No failure or delay by OKX in exercising any right, power or remedy it is entitled to under these Terms or by stipulation of law or regulation shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise of such rights, power or remedies.

14.6 You shall not transfer, novate or assign these Terms, and the rights and obligations hereunder, in whole or in part, without the prior written consent of OKX. OKX has the right to transfer, novate or assign any rights or obligations under these Terms by serving written notice on you, which takes effect upon the delivery of such notice.

14.7 The headings of all these Terms are for reading convenience only and have no actual meaning and shall not be used as a basis for interpretation of the meaning of these Terms.

14.8 If there is a discrepancy between the English version of these Terms and the translation of other languages version, the English version of these Terms shall prevail.

14.9 OKX has the sole and final discretion to interpret these Terms.

Schedule 1 – Simple Options

S1. Scope

S1.1 This Schedule applies to Simple Options. Simple Options are fully funded, European-style options that you trade with OKX by request for quote. They are over an asset shown on the Platform as eligible (the “Reference Asset”), which may include Unified Tokenized Stocks (“UTS”).

S1.2 The rest of these Terms also applies to Simple Options, except Clauses 3.1, 4.3, 4.5–4.7 and 4.11–4.14. Where the Reference Asset is UTS, the Unified Tokenized Stock Trading Terms and Conditions (the “UTS Terms”) are part of this Schedule. If there is a conflict concerning a Simple Option, this Schedule prevails.

S2. Key terms

  • Collateral: for a Short Put, USDT equal to strike × contracts × multiplier; for a Short Call, Reference Asset units equal to contracts × multiplier.

  • Contract Multiplier: units of the Reference Asset per contract, as shown on the Platform.

  • Expiry Time: 16:00 Hong Kong time on the Expiry Date, unless the Platform shows otherwise.

  • Cut-off Time: 30 seconds before the Expiry Time.

  • Settlement Index Price: the average of the Reference Asset’s Index over the 30 minutes before the Expiry Time, converted from USD into USDT. The same Index and settlement methodology apply on all calendar days, including weekends and days when the relevant underlying market is closed, unless otherwise displayed on the Platform.

  • Option Trading Account: the sub-account where your Simple Options positions and Collateral are recorded.

  • Trading Account: your main trading account.

S3. OKX’s role and availability

S3.1 OKX is your only counterparty. OKX may hedge with liquidity providers, including affiliates. They are not party to your Simple Option, and you have no rights against them.

S3.2 Which Simple Options, Reference Assets, expiries, strikes and directions (including selling) are available may vary by jurisdiction, OKX entity and customer type. OKX may restrict or disable any of them at any time.

S4. Quotes and trading

S4.1 Prices on the option chain are indicative only. To trade, you request a quote. A trade is made when you accept the quote before it expires and OKX confirms it.

S4.2 If you change the quantity, direction, open/close action or closing payment method, or the quote expires, you need a new quote. OKX may decline to quote or to trade.

S4.3 OKX may cancel or correct a trade made at a clearly wrong price caused by a technical, pricing or data error. It will notify you if it does.

S5. Pricing and fees

S5.1 The quoted Premium includes a spread kept by OKX and/or its affiliates. No trading, exercise or assignment fee is charged. “0 Fee” means there is no separate fee, not that the trade has no cost.

S5.2 Greeks, breakeven, PnL charts and similar figures are estimates only. They are not quotes or advice.

S6. Premium and Collateral

S6.1 Buyers pay the full Premium when they open. Sellers lock the full Collateral in the Option Trading Account when they open, and receive the Premium in their Trading Account. Borrowed assets, margin and Leverage cannot be used.

S6.2 Collateral stays locked while it supports an open position. After a close, expiry or assignment, any Collateral no longer needed is returned to your Trading Account, once settlement completes and subject to any restriction on your account.

S6.3 The Option Trading Account is for ledger tracking only. Collateral is held at system level and is not held on trust or in a segregated account. OKX will not lend or reuse locked Collateral. Collateral is Margin for the purposes of Clause 6.

S6.4 For UTS, extra units credited on locked Collateral for ordinary dividends belong to you and are credited to your Trading Account.

S7. Closing before expiry

S7.1 Before the Cut-off Time, you may close all or part of your position at a quote from OKX. You cannot close more than you hold or open a position in the opposite direction. OKX does not guarantee that a closing quote will always be available.

S7.2 Closing quotes are in USDT. When you close:

  • as a buyer, you receive the closing Premium;

  • as a Short Put seller, you pay the closing Premium, which by default is taken from your locked USDT;

  • as a Short Call seller, you pay the closing Premium in USDT or, by default, from your locked Reference Asset. The Reference Asset is converted at the price shown in the quote, which includes a spread and may differ from the market price.

S8. Expiry and settlement

S8.1 Trading stops at the Cut-off Time, and positions and Collateral are locked.

S8.2 At the Expiry Time, OKX compares the Settlement Index Price with the Strike Price:

Buyer

Seller

Call: price above strike

Receives (price − strike) × contracts × multiplier in USDT

Delivers locked Reference Asset; receives strike amount in USDT

Put: price below strike

Receives (strike − price) × contracts × multiplier in USDT

Pays strike amount from locked USDT; receives Reference Asset

Price equals strike

Receives nothing

Still assigned, as above

Otherwise

Expires; receives nothing

Expires; Collateral returned in full

S8.3 Buyers are always paid in cash and never receive the Reference Asset. Proceeds are credited to your Trading Account. OKX may delay settlement for reconciliation, a Disruption Event, or a restriction on your account (including sanctions or legal holds).

S9. Adjustments and disruption

S9.1 OKX calculates all amounts and makes all determinations in good faith and in a commercially reasonable manner. Its determinations are final unless clearly wrong.

S9.2 Ordinary dividends cause no adjustment, because they are priced into the Premium. If an Adjustment Event occurs, OKX may:

  • adjust the strike, multiplier or deliverable;

  • settle in cash instead of delivering the asset;

  • make the option close-only; or

  • end it early at a fair value.

An Adjustment Event is any event that may dilute or concentrate the value of the Reference Asset or the underlying security, for example:

  • special dividends, or changes to announced dividends;

  • splits, rights issues, mergers, takeovers, spin-offs, delisting or insolvency;

  • the issuer ending, redeeming or migrating the Reference Asset or its backing token; and

  • changes in law or sanctions.

S9.3 A Disruption Event includes:

  • a trading halt in the Reference Asset, the underlying security or related derivatives, including an exchange failing to open, or closing early, on a scheduled trading day (normal out-of-hours closure does not count);

  • the Index being unavailable or clearly wrong;

  • a stablecoin losing its peg; or

  • a major technical failure.

If one occurs, OKX may pause quotes, delay or use fallback sources for the Settlement Index Price, or settle under Clause 4.8.

S9.4 Where practicable, OKX will post a notice on the Platform. The notice may come after the event.

S10. UTS and restrictions

S10.1 UTS are a contractual right against the relevant OKX entity under the UTS Terms, backed by xStocks issued by Backed Assets (JE) Limited. They do not give you ownership of, or shareholder or voting rights in, any listed company. Backed Assets (JE) Limited and the issuer of the underlying security are not party to Simple Options.

S10.2 Simple Options are not available to U.S. Persons (as defined in Regulation S) or to persons in the United States. Each time you trade, you confirm that you are not a U.S. Person, are not acting for one, and are outside the United States.

S11. Key risks

In addition to Clause 8:

  • buyers can lose the whole Premium;

  • Short Put sellers may have to buy at the strike even if the price is much lower, and can lose up to the strike amount less the Premium;

  • Short Call sellers may have to sell at the strike, giving up gains above it, and the locked asset can still fall in value;

  • Collateral is locked until close or expiry, and early closing is only possible at OKX’s quote, which may be unfavourable or unavailable;

  • the Settlement Price may be set outside the relevant stock exchange’s trading hours and may differ from the exchange's last listed price, and OKX affiliates may effect transactions in the relevant stocks or tokenised versions of such stocks or derivatives or other products linked to such stocks or tokens during that window which may have an impact on the Settlement Price; and

  • the Reference Asset carries issuer, tokenisation, custody, smart-contract and stablecoin risks.