OKX to List XPL (Plasma) for Spot Trading
OKX is set to launch trading for XPL (Plasma) on its spot markets. This article will cover all relevant details that investors need to know about the listing, including timelines, trading rules, and features of the Plasma project.
Listing Timeline
- XPL Deposits: Open at 1:00 PM UTC on September 24, 2025.
- Call Auction: Runs from 12:00 PM to 1:00 PM UTC on September 25, 2025.
- Spot Trading Start: XPL/USDT trading begins at 1:00 PM UTC on September 25, 2025.
- Conversion of Futures: XPL pre-market futures will be converted to standard perpetual futures within 3 hours starting from the spot trading commencement time.
- Withdrawals: XPL withdrawals will be available starting at 4:00 PM UTC on September 25, 2025.
Project Introduction: Plasma
Plasma is a Layer 1 blockchain technology focusing on stablecoins. The project aims to deliver high performance, scalability, and security. Here are key attributes:
- Asset Name: Plasma
- Ticker: XPL
- Official Website: Plasma Price
Spot Market Opening Risk Control Rules
To manage market volatility when trading starts, OKX will implement the following measures for the first 5 minutes:
- Market Orders: Not allowed.
- Limit Order Cap: Maximum amount per limit order set to $10,000.
- Net Position Cap: Limited to $10,000 for each user.
After the initial 5 minutes, these restrictions will be lifted.
Price Management Rules
When newly listed crypto lacks a stable price index, closing price-based limits will be used:
| Phase | Maximum Bid Price | Minimum Ask Price |
|—|—|—|
| Within the first 1 minute | Call auction execution price × (1 + H) | No limit |
| From the 1st to Nth minutes | Previous minute’s closing price × (1 + H) | No limit |
| After Nth minute | No limit | No limit |
Once a stable index becomes available, index-based limit rules will apply, with calculations based on the following:
| Phase | Maximum Bid Price | Minimum Ask Price |
|—|—|—|
| Within 10 minutes of listing | Index × (1 + X) | Index × (1 – X) |
| After 10 minutes | Variable based on market conditions | Variable based on market conditions |
About Call Auctions
A call auction mechanism will be employed for the spot listing of XPL. This period lasts one hour during which buy and sell orders can be submitted, calculating an indicative opening price based on total submissions.
- User Limit: Each user’s total buy orders during this phase must not exceed $50,000.
- Order Modifications: Users can place orders but cannot cancel or alter them in the last 5 minutes before the auction ends.
Learn More About Call Auctions
Deposit USDT for Trading
To prepare for the upcoming XPL/USDT trading, users can deposit USDT to their OKX accounts: Deposit USDT.
XPL Standard Perpetual Futures Details
Premarket futures for XPL will transition to standard perpetual futures within 3 hours starting at 1:00 PM UTC on September 25, 2025. Key features include:
| Feature | Details |
|—|—|
| Underlying | XPL/USDT index |
| Settlement Crypto | USDT |
| Face Value | 10 |
| Price Quotation | 1 XPL value calculated in USDT; Tick size: 0.0001 |
| Leverage | 0.01-50x |
| Funding Rate | Variable based on market conditions |
| Trading Hours | 24/7 |
Tiered Position Limits
To facilitate liquidity, the following tiered position limits will be applied:
| Tier | Max Open Positions (Contracts) | MMR | IMR | Max Leverage |
|—|—|—|—|—|
| 1 | 1,500 | 1.00% | 2.00% | 50.00 |
| 2 | 2,800 | 1.50% | 2.50% | 40.00 |
| 3 | 6,000 | 3.00% | 5.00% | 20.00 |
| 4 | Increment by 6,000 from previous tier | Increment by 0.5% from previous tier | Increment by 0.5% from previous tier | Max. leverage of the tier |
Be aware that position limits may change after the futures conversion based on liquidity and market conditions.
Risk Warning
This content is for informational purposes only and does not constitute financial advice. OKX does not guarantee the accuracy of the information. Additionally, trading in digital assets carries significant risks; investors should perform their own research. For more, refer to OKX’s Terms of Service and Risk & Compliance Disclosure.
For inquiries, please contact OKX support via the Support Center or connect with us on various platforms.