The OKEX BTC/LTC futures platform has implemented a weekly settlement system for long-term contracts. Every Friday at 16:00 (UTC +8), in addition to weekly contract delivery, the bi-weekly and quarterly contracts will undergo settlement.
In cross margin mode, UPL and RPL will be settled to account equity.
In fixed margin mode, UPL and RPL will be settled to the contract account balance. If according to the settlement price the UPL is calculated to be negative, the contract margin will be reduced by the equivalent amount.
After settlement is completed, the UPL and RPL of each contract will be reset to zero, and the cost price of each open position adjusted to the latest market price. Subsequent UPL will be calculated according to the new cost price.
During the settlement period, trading will be temporarily closed. Settlement will normally take around ten minutes.
Settlement for the BTC and LTC futures markets is conducted separately.