The cryptocurrency derivatives market continues to expand with innovative assets, and OKX is at the forefront of this evolution. On February 21, 2025, OKX officially launched the HYPEUSDT perpetual contract across its web, mobile app, and API platforms. This marks a significant milestone for traders interested in Hyperliquid, a high-performance Layer 1 blockchain designed for decentralized finance (DeFi). Alongside the launch, OKX also delivered its pre-market HYPE/USDT futures contracts, providing a seamless transition from early trading to standardized perpetuals.
This article details everything you need to know about the HYPEUSDT perpetual contract, including trading parameters, delivery mechanics, risk considerations, and key timelines—all optimized for clarity and search relevance.
📅 Launch Timeline and Trading Availability
The official rollout of the HYPEUSDT perpetual contract began on February 21, 2025, at 3:00 PM (UTC+8). From that moment, users could begin trading with up to 20x leverage, using USDT as the settlement currency.
👉 Discover how to start trading HYPEUSDT with advanced tools and real-time data.
At 6:00 PM (UTC+8) on the same day, OKX completed the delivery of the pre-market HYPE/USDT futures contracts. This synchronized process ensures market continuity and allows traders to shift positions smoothly into the new perpetual market.
All trading activities operate on a 24/7 basis, reflecting the global nature of digital asset markets.
🔍 Understanding the HYPEUSDT Perpetual Contract
What Is Hyperliquid?
Hyperliquid—commonly referred to by its ticker symbol HYPE—is a Layer 1 blockchain engineered for speed, scalability, and full on-chain financial applications. Its core mission is to build a fully decentralized open financial system. The flagship application is an on-chain order book perpetual swap exchange, known as the Hyperliquid DEX.
This infrastructure supports fast execution, transparent pricing, and robust security—key attributes that make HYPE an attractive addition to derivative portfolios.
Core Contract Specifications
- Underlying Asset: HYPE/USDT Index
- Settlement Currency: USDT
- Contract Value: 0.1 HYPE per contract
- Price Quotation: Based on the USDT price of 1 HYPE
- Minimum Price Movement (Tick Size): 0.001
- Leverage Range: 0.01x to 20x
Funding Fee Mechanism:
$$ \text{Funding Rate} = \text{Clamp}\left(MA\left[\frac{(\text{Bid} + \text{Ask}) / 2 - \text{Spot Index}}{\text{Spot Index}}\right], -1.5\%, 1.5\%\right) $$
Where interest rate = 0. Funding fees are paid/received every 4 hours.
⚠️ Note: To prevent excessive funding costs during initial volatility, the funding rate cap was temporarily set at 0.5% until February 22, 2025, at 12:00 AM (UTC+8). After this time, it reverted to the standard ±1.5% cap. The first normal funding fee was charged at 4:00 AM (UTC+8) on February 22.
Trading rules such as order types, margin requirements, and liquidation procedures align with other USDT-margined perpetual contracts on OKX, ensuring consistency for experienced traders.
🔄 Pre-Market Futures Delivery Process
Before a token’s official spot listing, exchanges often offer pre-market futures contracts, allowing speculative trading based on anticipated value. These contracts must be settled before the spot market opens.
Key Delivery Rules
1. Delivery Timing
Delivery occurs within 24 hours prior to the official spot listing of HYPE. In this case, it took place on February 21, 2025, at 6:00 PM (UTC+8). Should the spot launch schedule change in future cases, delivery timing will adjust accordingly.
2. How the Delivery Price Is Calculated
The final settlement price is determined fairly and transparently:
- Actual Delivery Price: Average of the index price sampled every 200 milliseconds over the last hour before delivery.
- Index Price Source: Based on the latest traded price of HYPE/USDT during pre-market trading on OKX.
- Estimated Delivery Price: A rolling average updated in real-time during the final hour.
OKX reserves the right to include additional spot prices from other exchanges in the index calculation if needed to enhance fairness.
3. Price Limits Before Delivery
To reduce manipulation risks and extreme volatility:
After Contract Launch (Normal Phase):
- Buy orders capped at: 1-hour mid-price average × 115%
- Sell orders floored at: 1-hour mid-price average × 85%
Final 60 Minutes (Tightened Phase):
- Buy limit: × 105%
- Sell floor: × 95%
Mid-price = (Best Bid + Best Ask) / 2 — recalculated every minute.
All open orders are canceled upon delivery, and positions are settled using the calculated average price.
⚠️ Risk Management and User Protections
Why Pre-Market Trading Is Risky
Pre-market prices are driven purely by supply and demand dynamics among early traders—there is no underlying spot price yet. As such, prices can swing dramatically due to low liquidity or speculative behavior.
👉 Learn how professional traders manage volatility in new-market entries.
Additionally:
- A 1% delivery fee applies to all settled positions.
- Users holding positions valued over $10,000 USD at delivery will have asset transfers restricted for 30 minutes post-delivery.
- Historical orders and transaction records remain accessible via the desktop platform’s order center for auditing or tax reporting.
Loss Coverage Mechanism
In cases where liquidations result in losses beyond a user’s margin:
- The insurance fund covers initial shortfalls.
- If the fund is insufficient, the system initiates auto-deleveraging, starting with highly profitable long or short positions.
Traders are strongly advised to:
- Reduce effective leverage ahead of delivery
- Avoid holding large positions through volatile events
- Monitor estimated funding rates and mark prices closely
✅ Frequently Asked Questions (FAQ)
Q1: What is the difference between a pre-market futures contract and a perpetual contract?
A pre-market futures contract has a fixed expiration tied to the anticipated spot listing date and settles automatically. A perpetual contract has no expiry and allows continuous trading with periodic funding payments to align price with the underlying index.
Q2: Why was the funding rate initially capped at 0.5%?
To protect traders during launch volatility when price discrepancies between perpetuals and spot expectations can be extreme. The temporary cap prevents outsized funding charges until market equilibrium stabilizes.
Q3: How is the delivery price protected from manipulation?
By averaging thousands of index samples (every 200 ms) over one hour and potentially incorporating multi-exchange data, OKX minimizes single-point manipulation risks.
Q4: Can I still view my pre-market trade history after delivery?
Yes. All historical orders and account statements remain available for download through the desktop version of OKX under “Order Center.”
Q5: What happens if I don’t close my pre-market position before delivery?
Your position will be automatically settled at the calculated delivery price. There's no action required—but ensure you understand potential fees and tax implications.
Q6: Is HYPE a real cryptocurrency or just a synthetic derivative?
HYPE represents Hyperliquid’s actual native token. While pre-market trading occurs before spot availability, the asset itself is real and will be listed for spot trading shortly after delivery.
Final Thoughts
The launch of the HYPEUSDT perpetual contract underscores OKX’s commitment to delivering timely access to emerging blockchain projects like Hyperliquid. With clear rules, transparent pricing mechanisms, and strong risk controls, traders can engage confidently—even during high-volatility phases like pre-market transitions.
Whether you're exploring new DeFi ecosystems or expanding your derivatives portfolio, understanding these mechanics gives you a strategic edge.
👉 Start trading HYPEUSDT perpetuals with precision tools and deep liquidity today.
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