Core answer: The assets you can use as collateral are not only USDT. BTC and ETH can also be used as margin, but they are discounted. This discount is called the haircut rate, or collateral discount rate.
The real buying power of your account is not calculated at 1:1. The system adjusts it based on the risk level of each asset. For example, if you transfer BTC worth 1,000 USDT, the system may only count 950 USDT of buying power.
First: what is the haircut rate and how it works
The haircut rate is the percentage of an asset value that the platform is willing to count. The higher the rate, the more funds you can control.
The official OKX feature: In OKX, this is called multi-asset margin or cross-currency margin. It lets you keep BTC, ETH, USDT, USDC and other coins in the same derivatives account. The system calculates your total available margin based on real-time prices and preset haircut factors.
Note: This haircut rate is not fixed. The platform adjusts it based on market volatility. If a coin moves more than ±15% in 24 hours, the system may temporarily lower its haircut rate.
Estimated haircut rate tiers for major assets
Based on current information, asset haircut rates generally fall into these tiers:
| Asset tier | Haircut rate reference | Notes |
|---|---|---|
| USDT / USDC | Highest, around 100% | Stable, least discounted |
| BTC / ETH | Around 90% - 95% | Very high liquidity, small discount |
| Major altcoins such as SOL | Around 80% - 90% | Good liquidity, slight discount |
| Long-tail altcoins such as NOT, 1INCH | 50% or even lower | About 50% for amounts up to 50,000 USD; the part above 50,000 is counted as 0% |
For example: you have BTC worth 1,000 USDT and the haircut rate is 95%. The system only counts 950 USDT as margin. The missing 5% is a safety buffer in case BTC suddenly drops and the account gets liquidated.
Step 1: Enable cross-currency collateral in the app
To make non-stablecoin assets eligible, you need to turn on cross-currency margin mode.
How to do it: Open the OKX App → go to the contract trading page → tap the settings icon in the upper right → find [Margin mode]. Turn on the Cross-currency margin switch and confirm that Cross margin mode is enabled is shown.
Done when: After successful setup, you can see Asset haircut details on the contract overview page. It lists the current haircut rate for each coin in your account.
Step 2: Transfer assets in and check actual value
After enabling, transfer assets from your spot account to your derivatives account.
How to do it: [Assets] → [Transfer], choose BTC, ETH, USDT or other coins and transfer them from your spot account to the [Unified account] or [Derivatives account].
Done when: After the transfer, check Total available margin in the derivatives account. This number will be slightly lower than your total asset value. The difference is the amount deducted due to the haircut rate.
Common failure reason: newly transferred coins may not be used as margin immediately
Not every coin can be used as collateral right after transfer. Some coins, especially recently transferred cross-chain assets, must be held for at least 72 hours before they become eligible. If you transfer them in and try to use them immediately, the system will not count them.
Risk warning: a lower haircut rate can cause passive liquidation
Your BTC margin price may not drop. But if OKX temporarily lowers the BTC haircut rate because of market volatility, for example from 95% to 85%, your total available margin shrinks instantly, and the liquidation price moves closer.
More importantly: after liquidation, the remaining funds go to the platform insurance fund to cover losses from account deficits. They will not be returned.
How to verify the operation is complete
Go to [Derivatives account] → [Asset details], tap the i icon next to any coin, and check Can be used as collateral status and Current collateral ratio. If Can be used as collateral shows Yes, the coin has been successfully counted into your margin pool.
