What Are Event Contracts

Publicado el 8 de abr de 2026Actualizado el 8 de abr de 2026lectura de 3 min

Introduction

Event contracts are a derivative product launched by OKX, designed for a broad user base with a low barrier to entry. Each contract is defined using natural language to describe a specific event, and user payouts are determined by the final outcome of that event.

Each event contract pair represents a contract with a potential payout of 1 USDT. Users simply assess the likely outcome of an event and purchase contract shares in the corresponding direction. The current price reflects the market's collective judgment of the probability of the event occurring.

At expiry, if the judgment is correct, each contract share can be redeemed for up to $1 USDT; if incorrect, the share becomes worthless.

Example: A user purchases 1 Up contract for 0.01 USDT. At settlement, if the Up direction is confirmed, the contract is worth 1 USDT. If the down direction is confirmed, the contract is worth 0 USDT.

Core Features

  1. Clear profit and loss. Results are determined based on final facts, with transparent rules.

  2. Full margin, no liquidation risk, controlled maximum loss. No leverage, no margin calls. Maximum loss equals the amount paid at purchase; forced liquidation does not occur.

  3. Close positions at any time before expiry. During the contract's life, users can sell their shares on the order book at any time to lock in gains or cut losses — no need to hold until expiry.

  4. Peer-to-peer trading of opinions; price equals probability. Buyers and sellers are matched through a unified order book. Prices are determined by market supply and demand with no platform price intervention, ensuring fair pricing. An Up quote of 0.5 USDT indicates the market assigns approximately 50% probability to the event occurring. Up and Down orders are automatically mapped to the opposite side of the order book using the formula (1 − price), sharing liquidity.

Understanding Event Contracts

Event — A defined question representing a specific subject, which may contain one or more markets.Market — The smallest tradeable unit. Each market corresponds to a specific question within an event and generates two types of shares: buy (Up) and buy (Down).

Single-market event example:

  • Event: Will BTC be above its 16:00 price by 16:15?

    • Market: Up (above) / Down (not above)

Multi-market event example:

  • Event: What will BTC's price be at the end of December?

    • Market1: $80,000 USDT (Up / Down)

    • Market2: $90,000 USDT (Up / Down)

    • Market3: $100,000 USDT (Up / Down)

Elements

  • Underlying: Index specified by the contract (e.g., BTC/USDT Index Price)

  • Trading Currency: USDT

  • Contract Direction: Up (predicting the event will occur) / Down (predicting the event will not occur)

  • Share Face Value: 1 USDT / share

  • Quote Unit: USDT price per share

  • Tick Size: 0.01 USDT

  • Price Range: 0.01 USDT – 0.99 USDT

  • Trading Hours: 24/7

  • Margin Mode: Full Margin

  • Settlement Data Source: Index specified by the contract (e.g., BTC/USDT Index Price)

  • VIP Fee Differentiation: Currently a unified fee rate for all users