Created by OKEx, the OK PiggyBank is a digital asset value-added service that allows you to deposit and withdraw your digital assets anytime. You may transfer your balance into OK PiggyBank to enjoy profit every day. This service is characterized by depositing and withdrawal freedom, daily interest earning, and no minimum deposit requirement. The OK PiggyBank guarantees high security of your assets with OKEx's sophisticated risk management system.
Rules for Product
The assets of OK PiggyBank are used for OKEx's margin loan services. OK PiggyBank only supports the digital assets available for OKEx margin trading.
Rules for Depositing and Withdrawal
- Users may deposit and withdraw their digital assets anytime with real-time transfer.
- No interest will be paid for the day an asset is deposited into OK PiggyBank. The interest will be counted from the 2nd day and paid on the 3rd The interest paid will be automatically transferred to the user's OK PiggyBank account.
- No interest will be paid for the day the asset is withdrawn.
- Users may activate the "Auto Balance Transfer to OK PiggyBank at 00:00" function. After activation, the available balance (of the assets supported in margin trading) in your wallet will be automatically transferred to OK PiggyBank. Due to system processing, the actual transfer time may have a short delay.
Rules for Limits
There are currently no limits on depositing and daily single withdrawal. OKEx will determine the limits on depositing and withdrawal as well as the total amount of OK PiggyBank based on market conditions and risk level.
Rules for Interest Distribution
The interest income from margin loans will be used for the interest distribution for OK PiggyBank. OKEx will take 15% of daily distributable interest as the platform's income. Currently, this income is totally injected to the insurance fund for margin trading, which is used for compensating for any margin call loss. OKEx reserves the right to determine the use of such income in the future. The remaining 85% of daily distributable interest will be distributed to users based on their proportion of OK PiggyBank balance.
7-day annualized rate of return
- Daily rate of return = distributable interest of the day / total interest-bearing asset amount of all users on the day
- The 7-day annualized rate of return = sum of the past 7 days' rates of return / 7 * 365
Rules for Clawback for Margin Call Loss
In case the margin trading insurance fund cannot cover a margin call loss, the daily distributable interest will be clawed back to cover the outstanding loss. (Only maximum 50% of the daily interest income will be clawed back so as to ensure users receive interest income every day.) The outstanding loss not covered by the clawback amount will be covered in advance by OKEx and the amount will be set off against the insurance fund and daily distributable interest gradually in the future.