Commodity Perpetuals

Commodity Perpetuals are perpetual swap contracts offered by OKX that track the price of traditional commodities — such as crude oil, gold, silver, and copper. They let you trade commodity price movements without holding physical commodities or traditional futures contracts.

Please note: OKX has established an official data partnership with ICE (Intercontinental Exchange) for CLUSDT and BZUSDT. The index prices for these two products are now sourced directly from ICE's official data feed, ensuring institutional-grade pricing accuracy for crude oil perpetual swaps.

Like all perpetual swaps, they have no expiry date — you can hold a position for as long as you like, subject to margin requirements and funding payments.

Commodity Perpetuals follow the same rules for margin, funding, and liquidation as other perpetual swaps of the same margin type, unless otherwise specified in this document.

Available Products

For full contract specifications (contract size, tick size, leverage limits, etc.), please refer to the Contract Specifications page.

Why Do Some Commodity Perpetuals Reference Futures?

Precious metals (gold, silver) have liquid global spot markets. OKX uses these spot prices directly as the external price source.

Industrial metals and energy commodities (copper, crude oil) do not have a single "spot" price the way crypto or precious metals do — their pricing depends on delivery location, grade, and timing. The industry standard is to reference a specific set of designated futures contracts as the price benchmark.

This means: when you trade CLUSDT on OKX, the underlying price tracks the active WTI crude oil futures contract — not a spot price.

Futures Month Codes

Each futures contract month is represented by a single letter. This is a universal standard across major exchanges:

How to read a futures contract symbol: CLK6 = WTI Crude Oil (CL) + May (K) + 2026 (6)

Designated Contract Schedule

The following table shows which futures contract month is the active (front-month) contract at the start of each calendar month. This determines which contract the index tracks for futures-based Commodity Perpetuals.

How to read this table:

• CLUSDT shows "G" under January. G = February, meaning the active WTI contract during January is the February delivery contract.
• XCUUSDT shows "H" under both January and February. H = March, meaning the active copper contract during Jan–Feb is the March delivery contract. Copper trades on a roughly bi-monthly cycle, so a single contract stays active for longer.

Account and Trading Modes

You can trade Commodity Perpetuals directly in your trading account — no separate account is required. All margin modes (isolated, cross), position modes (one-way, hedge), and order types available for perpetual swaps are supported. Trading mode, multi-currency margin mode, and portfolio margin mode are all available.

Trading Hours

OKX supports 24/7 trading for Commodity Perpetuals. Since traditional commodity markets do not trade around the clock, OKX employs specific mechanisms for index price and mark price calculation to maintain orderly pricing during off-hours and weekends.

Index Calculation

The Commodity Perpetual index follows the standard OKX index calculation methodology, using multiple price sources as index components in real time (certain components may undergo EMA smoothing).

Price Sources

During traditional market trading hours, the index draws from:

• Traditional commodity futures prices from exchange data feeds. For CLUSDT and BZUSDT, OKX sources prices directly from ICE (Intercontinental Exchange) under an official data agreement. For other futures-based commodities, traditional market data is sourced via data vendors (e.g. Pyth).
• Crypto perpetual market prices (e.g. Binance index price / trade price, Hyperliquid index price / trade price)
• OKX's own perpetual contract price

During traditional market off-hours (evenings, weekends, holidays), the index relies more on:

• Crypto perpetual market prices (e.g. Binance index price / trade price, Hyperliquid index price / trade price)
• OKX's own perpetual contract price

Currency Conversion (USD → USDT)

External commodity price data (e.g. futures prices from ICE or Pyth) is natively denominated in USD. Since OKX Commodity Perpetuals are margined and settled exclusively in USDT, the system automatically converts USD-denominated prices into USDT pricing using real-time USD/USDT exchange rates. This ensures a seamless trading experience and eliminates currency friction — you do not need to hold or convert USD manually.

Index Bands Protection

OKX enables index price bands for Commodity Perpetual indices. The index price is capped within a defined range of commodity prices in traditional markets. During weekend or holiday closures, the last available commodity price is used as the reference, and the index price is not allowed to deviate more than 10% from that closing price. This prevents abnormal price deviations when external reference markets are closed.

Index Behavior During Non-Trading Hours

The Commodity Perpetual index draws from the following component sources:

• ICE / Pyth — traditional market data feed for futures prices (follows traditional market hours). CLUSDT and BZUSDT use ICE direct data; other futures-based commodities use Pyth.
• Binance / Hyperliquid — crypto perpetual market price (24/7)
• OKX_LINEAR_PERPETUAL — OKX's own perpetual contract price (24/7)

When traditional markets are closed (weekends, holidays, after-hours), the traditional-market source (ICE or Pyth) stops publishing updates. Two mechanisms keep the index orderly during these periods:

Stale source exclusion. If a component has not updated its latest price within the specified time window, it is excluded from the latest-price calculation. The excluded component's weight is linearly reduced to zero over 5 minutes, and the weights of the remaining active components are linearly increased by the corresponding amount so the total stays at 100%. In practice, the traditional-market source (ICE for CLUSDT/BZUSDT; Pyth for other futures-based products) is automatically excluded over the weekend, and the index runs on the remaining crypto-native sources only. Once the traditional-market source resumes publishing, it is re-included and weights re-normalize symmetrically.

Price band protection. The index price is capped within ±10% of the traditional-market source's last available closing price (ICE for CLUSDT/BZUSDT; Pyth for others), preventing abnormal deviation while the external reference market is closed.

Contract Rollover

Certain index constituents reference futures contracts that expire on a fixed schedule. During the roll period, the weights of the expiring futures constituents are gradually transferred to the next contract month, while non-expiring constituents (such as perpetual contracts) keep their weights unchanged.

The roll is executed in 5 equal steps of 20%, during the maintenance windows of the 5th through 9th traditional-market contract trading days of each month. The weights shown for "Start of Day N" apply throughout that trading day and switch to the next day's weights after that day's maintenance window.

The maintenance window time depends on the data source:

• ICE-sourced products (CLUSDT, BZUSDT): rollover occurs at 19:00 ET
• Pyth-sourced products (XCUUSDT, NGUSDT, ZWUSDT): rollover occurs at 17:30 ET

Note: The percentages above apply only to the tradfi related portion of the index. Perpetual source weights (e.g. OKX, Binance, Hyperliquid) are unaffected by the rollover.

Example 1 — CLUSDT (ICE-sourced, WTI Crude Oil): The CLUSDT index includes components from multiple sources. A simplified breakdown:

During the July 2026 rollover (5th to 10th business day), the weight allocated to ICE August 2026 futures is gradually transferred to ICE September 2026 futures. The rollover occurs at 19:00 ET:

Example 2 — NGUSDT (Pyth-sourced, Natural Gas): The NGUSDT index includes components from multiple sources. A simplified breakdown:

During the July 2026 rollover (5th to 10th business day), the weight allocated to Pyth August 2026 futures is gradually transferred to Pyth September 2026 futures. The rollover occurs at 17:30 ET:

OKX reserves the right to adjust index components and rollover parameters based on market conditions without prior notice.

Mark Price and Price Limits

The rules for mark price and price limits are consistent with those of regular perpetual swaps. Refer to the Mark Price and Price Limit documentation for details.

Funding Rate

OKX applies the standard funding rate mechanism for Commodity Perpetuals. You are only charged funding if you hold a position at settlement time. Funding settlement intervals may vary by product. Please refer to each contract's specification page for the current settlement schedule.

FAQ

What happens during a rollover? Do I need to do anything?

No. Unlike traditional futures, you do not need to manually roll your position. OKX automatically transitions the index to the next contract month. Your position remains open and unaffected — the rollover only changes which underlying futures contract the index references.

Will the rollover affect my P&L?

The rollover itself does not directly affect your P&L. However, when the market structure is in contango (next-month price > front-month price) or backwardation (next-month price < front-month price), the index price may shift as the reference transitions. This price shift can impact your unrealized P&L and potentially trigger funding rate changes.

Why is the index price different from the futures price I see on futures exchange?

The OKX Commodity Perpetual index is a composite of multiple sources, including traditional futures data (from ICE or Pyth) and crypto perpetual market prices (from Binance, Hyperliquid, and OKX). It is not a 1:1 mirror of any single futures contract. Additionally, during off-hours, the index relies more heavily on crypto-native sources, which may diverge from the last settlement price in traditional markets.

Can I trade Commodity Perpetuals during weekends?

Yes. OKX supports 24/7 trading. However, during weekends and traditional market holidays, liquidity may be lower and spreads may be wider, as traditional commodity markets are closed. The index bands protection mechanism helps prevent abnormal price deviations during these periods.

How is the funding rate determined?

The funding rate is calculated using the same methodology as other OKX perpetual swaps. It reflects the premium or discount of the perpetual price relative to the index price. When the perp trades above the index, longs pay shorts; when below, shorts pay longs.