If any of these cryptocurrencies has a net short delta, it will be calculated normally. delta Delta-to-equity = Delta / Account Equity deltaLever Delta risk status NA deltaNeutralStatus Examples of adjusted delta Example A: 1. Your account equity is 500 USD. BTC delta is 100 USD, ETH delta is -150 USD, and SOL delta is 200 USD. 2. Before adjustment, account's delta (USD) is = sum of BTC, ETH & SOL delta = 100 + Abs (-150) + 200 = 450 USD 3.

The range of PA delta value BS delta of a call option has a range between 0 and 1, while the BS delta of a put option has a range between -1 and 0. PA delta has a different range instead. We can get the PA deltas of a put option and call option with the formula below: PA Delta = BS Delta - Options Mark Price (in BTC) Based on the formula, we can get the range of a PA delta with BS delta and the option mark price.

Correspondingly, you will be subject to delta risk control restrictions unique to delta neutral strategy, and certain functions are restricted. You can set delta neutral strategy for your main account or each of your sub-account accordingly. For details of product features and restrictions, refer to the delta neutral strategy introduction. Note: Delta neutral strategy is only available to VIP users.

In order to prevent socialized clawbacks from occurring, we have been working really hard to optimize our risk management system, such as launching price limit rules, early forced liquidation system, forced liquidation order price adjustment and more. There have been malicious rumors accusing us of manipulating the forced liquidation system. We hereby would like to point out the fact that, most of the similar price movements in the market are caused by forced liquidation orders.

In using OKX’s services, you agree that you may be subject to the Forced Repayment Mechanism in the aforesaid or analogous situations. It is described in further detail below.How does the Forced Repayment Mechanism ("FRP") and Auto-Crypto Conversion work?Platform Based FRP OKX imposes a dynamic Platform borrowing limit for each cryptocurrency.

When the liability of the currency exceeds the interest-free limit, a forced repayment (FRP) will be triggered. The system will automatically use available equity of other currencies in the account to cover the potential borrowing and make it stay within the interest-free limit. FRP will be executed by selling the positive assets for USDT and repaying the potential borrowing with USDT. For details on the FRP rules, refer to forced repayment mechanism.

For example, to determine the USDT-USD hedging volume: If USDT cash delta and USD cash delta are both positive or negative (or at least one equals to zero), then the USDT-USD hedging volume = 0. Otherwise, USDT-USD hedging volume = Min {Abs(USDT cash delta), abs(USD cash delta)}. Step 3: Calculate MR9 based on tiers.

Only VIP users can use delta neutral strategy.

Additionally, the delta position from spot assets can be included in the corresponding risk units For example, BTC spot assets in an account can be included in a BTC-USD or BTC-USDT risk unit for delta risk offsetting.Example of multi-currency margin mode vs. portfolio margin mode Note: Values are simulated using the position builder on 6th Feb 2025 Large delta neutral positions (favorable when in portfolio margin mode) Assets 10 BTC Positions BTCUSD-14Feb25 Futures: -35,000 contracts BTCUSDT Perps

10,000 - 70,000] 2 3 (70,000 - 170,000] 4 4 (170,000 - 300,000] 6 5 (300,000 - 470,000] 8 6 (470,000 - 700,000] 10 7 (700,000 - +∞) 12 Latest adjustments BTC and ETH Tier Range of the raw minimum charge in USD Multiplier 1 [0 - 250,000] 1 2 (250,000 - 500,000] 2 3 (500,000 - 1,000,000] 4 4 (1,000,000 - 2,000,000] 6 5 (2,000,000 - 3,000,000] 8 6 (3,000,000 - 4,000,000] 10 7 (4,000,000+] 12 MR9: stablecoin depegging risk Before adjustments： USDT-USD index = USDT dollar price Cross-currency hedging delta

Discount based on BS Delta: a separate discount coefficient between 0 and 1 is applied to value of each OTM option. The smaller the absolute value of an option's BS Delta, the smaller the coefficient value is. The coefficient is set to 0 for deep OTM options, i.e. deep OTM options can not be used as collateral for borrowing at all. Upper limit: in each PM account, the sum of values of all long options after adjustments a & b above is further capped at a pre-defined upper limit level.

In addition, any calculations that rely on such averaged prices (for example, Delta decay and other related parameters) will be updated accordingly. OKX reserves the right to make further adjustments to the price calculation methodology with prior notice.

Discount based on option Delta: a discount coefficient between 0 and 1 depending on Delta value is applied to the value of each OTM option. Upper limit: in each PM account, the total net long option value used to support transferring is capped at a pre-defined limit level.

PM liquidation starts with delta hedging, which means using perpetual or future to hedge delta risk instead of liquidating options directly to avoid slippage on options. Please be mindful of the account risk as liquidation could be very costly too. 5.1 Isolated vs Cross In any single-currency/multi-currency/PM account, you can choose to place orders as an isolated or cross position. Isolated means this position is separated from other positions.

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