OKEx Unified Account Research Report

TI Research

On December 23, 2020, OKEx announced the launch of a unified account system (Unified Account) and launched a global public test. Compared with the existing account transaction system in the cryptocurrency asset market, the innovation of the unified account is that it allows users to simultaneously buy and sell multiple digital asset derivatives settled in different currencies through a single transaction account. More importantly, under the single-currency margin mechanism and the multi-currency margin system of a unified account, the profit and loss of different product lines can be offset each other to achieve margin sharing. The unified account breaks through the financial barriers between product lines and helps to improve the efficiency of users' capital utilization.

In Summary

1. In 2020, the volume of cryptocurrency margin trading (futures, options) will grow at a much faster rate than the spot. As the cryptocurrency asset market matures, margin trading has growth potential;

2. On the evening of December 23, 2020, OKEx announced the launch of a unified account system and started a global public test;

3. Compared with the existing account system in the market, the unified trading account multi-currency margin model simultaneously buys and sells derivative products settled by different digital assets through one trading account, and realizes the margin sharing of different product lines at the same time;

4. The core of OKEx’s multi-currency margin system lies in the US dollar pricing and automatic currency exchange rules;

5. Under the multi-currency margin mechanism, the total value of the position in the account is calculated by U.S. dollars, and then the required margin scale is obtained, which is conducive to enhancing the user's safety margin;

6. The unified account cannot solve the problem of capital occupation of account holdings. OKEx stated that it will launch a Portfolio margin mechanism this year to solve this problem;

7. OKEx has set up a two-tier risk verification mechanism: a risk control cancellation verification mechanism, and a pre-lightening verification mechanism to prevent market fluctuations from causing unnecessary impact on user investment;

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TI Research

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