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The cryptocurrency exchange OKX has launched pre-market futures, which allow users to trade futures contracts with two-times leverage for upcoming tokens before they are sold to the public.
According to the company’s announcement, the new feature allows traders to engage with upcoming tokens even before their official market debut. By offering futures contracts with leverage, OKX has promised to create a platform that opens up new avenues in the crypto trading world.
The futures incorporate mechanisms from its expiry futures product, aiming to provide a better experience than traditional peer-to-peer (P2P) pre-market offerings. This offering reportedly enables customers to trade without needing to hold the underlying asset.
Speaking about the new offering, OKX’s Global Chief Commercial Officer Lennix Lai, said: “Our unique approach to assisting in the price discovery process for early-stage tokens is backed by our robust risk engine and extensive experience. By opening up new avenues to participate in crypto, we aim to make trading more accessible, efficient, and appealing.”
OKX’s Pre-Market Futures grants traders early entry into the market, allowing them to engage in price discovery and capitalize on the initial buzz around new tokens. This feature aims to provide superior liquidity compared to existing P2P-based pre-market products.
Enhancing P2P Pre-market Products
Additionally, OKX’s new product promises lower fees compared to other major P2P-based pre-market products, making it a cost-effective option for traders looking to launch new token offerings. The first token available for Pre-Market Futures trading is the HMSTR token from the Telegram mini-app game Hamster Kombat. This addition exemplifies OKX’s commitment to providing exciting new opportunities for its users.
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