Index Perpetuals

Index Perpetuals are USDT-margined perpetual contracts that provide exposure to the price movements of selected equity-market indices without requiring users to own the underlying shares. They have no expiry date and may be traded long or short, subject to margin requirements, funding payments, trading rules and local availability.

Available Index Perpetuals

Contract names are descriptive only. Index Perpetuals are derivatives and do not represent ownership of any shares, ETFs or index interests.

How is the index reference price calculated?

The reference index is mainly calculated by Pyth (Douro Labs) using relevant market data and published fund data. For applicable US references, the methodology may derive implied index levels from multiple liquid index-tracking ETFs, aggregate them using liquidity- and quality-aware weights, and account for published NAV, accrued distributions, fund expenses, stock splits, reverse splits and special dividends. The index price shown to users is a further weighted combination of: (i) the Pyth-calculated reference described above; (ii) a price sourced from a separately operated, third-party-deployed market accessible via the Hyperliquid network; and (iii) OKX's own traded price for the same contract.

Using more than one source is intended to reduce the impact of stale, irregular or isolated market prints. The resulting Pyth reference index is an independently calculated indicator and may not match a third-party index administrator's published level at every moment, and is not intended to replicate or track any specific third-party index's published level.

Which ETFs are used for the US index references?

Pyth may update data inputs or calculation parameters in accordance with its methodology. The current applicable methodology and contract specifications prevail.

How are dividends and corporate actions handled?

For applicable ETF-based references, Pyth's calculation may account for accrued fund distributions and reset those adjustments on the relevant ex-dividend date. It may also account for stock splits, reverse splits and special dividends. These adjustments are intended to maintain continuity and accuracy of the reference calculation when an ETF price changes for reasons other than an underlying-market move.

These calculation adjustments do not give Index Perpetual holders any entitlement to dividends or other shareholder benefits.

Why may the reference price differ from the price shown elsewhere?

Small differences may occur because the reference index is independently calculated. Inputs, calculation timing, market-data latency, FX conversion, smoothing and methodology can differ from those used by another market or index provider. Differences may be more apparent during low liquidity, market disruptions, trading halts, corporate actions or traditional-market closures.

Do I own the underlying shares? Do I receive dividends?

No. You trade a derivative contract, not the underlying securities. You do not receive ownership rights, voting rights, dividends or other shareholder benefits. Where relevant, the reference methodology may account for distributions and corporate actions to maintain continuity of the reference calculation; this is not a dividend payment to contract holders.

Can I trade when the traditional equity market is closed?

Index Perpetuals may be available for continuous trading, subject to product rules and local availability. When the underlying traditional market is closed, liquidity may be lower, spreads and volatility may increase, and the contract price may differ more materially from the last available cash-market level.

What is the difference between the index price, mark price and last price?

These prices can differ, especially during volatile or less-liquid conditions.

Is funding charged?

Index Perpetuals use a funding mechanism similar to other perpetual swaps. Depending on the funding rate at settlement, funding may be paid by long-position holders to short-position holders, or vice versa. Refer to the applicable contract specifications for the current funding interval, caps and other parameters.

Important risks and disclosures

Index Perpetuals involve substantial risk and may not be suitable for all users. Leverage can amplify both gains and losses, and users may lose all of their margin. Product availability may be restricted or prohibited in certain jurisdictions.

The Pyth reference indices are independently calculated indicators, not official index levels. They are not sponsored, endorsed, sold, promoted, reviewed or approved by any third-party index administrator, ETF issuer, exchange or trademark owner. Third-party names and marks, where used, are for identification and descriptive purposes only. OKX does not provide investment, legal or tax advice. Nothing in this FAQ is a recommendation to trade, and users should independently assess whether Index Perpetuals are suitable for them, including by consulting their own professional advisors. “US100”, “US500” and “JP225” are OKX's own contract names and do not denote tracking, replication or licensed use of any named index.