Follow these steps to bind a stop-loss order directly when you open a position. This avoids needing to place a stop order after opening and prevents you from being caught by sudden price moves.
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Step 1: Transfer Available Margin to Your Perpetual Account
Go to the OKX Assets page. Transfer the USDT you plan to use for opening a position from your spot account to the perpetual contract account of the corresponding pair. The criterion for completion is that the available balance in the contract account is greater than the margin needed for your planned position. If this is your first trade, it's a good idea to start with a small amount to test.
Step 2: Choose a Trading Pair and Configure Basic Position Parameters
Enter the perpetual contract trading section. Select the perpetual contract pair you want to trade. Enter the position size and choose isolated margin mode. Do not select cross margin mode, so that your losses won't exceed the planned range.
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Step 3: Simultaneously Bind a Stop-Loss Order
On the order placement screen, find the stop-loss option, expand it, and enter the trigger price you have set. Choose the action to automatically close the position when triggered. After confirming all parameters are correct, click to open the position.
Common reason for failure: Many beginners forget to check the box to bind a stop-loss order at the same time when they trade for the first time. They then add a stop order after opening, but if a sudden wick occurs, slippage can exceed 1%, and the stop order may not execute at the expected price.
Risk reminder: Under current OKX rules, accounts that have not completed KYC Level 2 verification have a daily perpetual contract opening limit of up to 20,000 USDT equivalent. Orders exceeding this limit will be rejected directly (source: OKX Help Center, June 2024).
After the operation, go to the Positions page and verify that a pending stop-loss order is displayed under the corresponding position. The whole process usually takes no more than 2 minutes.
