The core difference between OKX perpetual and delivery contracts: Perpetual contracts have funding fees as the main holding cost; delivery contracts don't charge funding but settle on a fixed expiry date.
Key Difference: One Charges 'Rent', the Other Sets a 'Lease'
Perpetual contract (Perpetual)
Funding rate: Yes. This is the core mechanism. Settled every 8 hours (8:00/16:00/24:00 UTC+8), the rate is determined by market long/short forces. When positive, longs pay shorts; when negative, shorts pay longs. The fee is transferred between users, and OKX doesn't take it.
Expiry date: None. You can hold indefinitely as long as you avoid liquidation.
Delivery contract (Delivery)
Funding rate: None. This is one of the most fundamental differences from perpetuals.
Expiry date: Fixed. OKX offers weekly, bi-weekly, quarterly, and bi-quarterly delivery contracts. At expiry (usually Friday 4 PM UTC+8), all positions are forcibly closed at the settlement price for cash settlement.
Scenario A: Short to Medium-Term Swing Trading – Perpetual is More Convenient
If you trade intraday or follow a trend lasting days to weeks, perpetual is easier. No expiry means you don't have to count days to roll over. But if your position spans the three daily settlement times (8:00/16:00/24:00), funding fees will accumulate. If the funding rate stays high and positive for long, long holding costs will eat into profits.
Scenario B: Medium to Long-Term Hedging or Holding – Delivery is More Cost-Effective
If you plan to hold over a month or use contracts to hedge spot risk for the long term, delivery contracts are simpler. No funding fees to worry about—no "rent" taken every 8 hours. The downside is forced settlement at expiry. If you're offline, your position gets closed at the settlement price. To keep holding, you must manually close before expiry and open the next quarter contract (roll over).
Fee Comparison: Little Difference
For regular users (LV1), the maker fee is about 0.02% and the taker fee about 0.05% on OKX, the same for both perpetual and delivery. Holding OKB or reaching higher VIP tiers reduces fees further. The real cost difference comes from the funding rate, not trading fees.
Risk reminder: Perpetual funding rates can spike during strong one-sided moves, sharply raising long holding costs. Check the current funding rate before opening a position and calculate if holding overnight is worth it. Delivery contracts may show abnormal price swings close to expiry (such as deep discounts). If held to expiry, settlement is based on the average index price over the last hour, which may differ notably from the latest market price.
After Making Your Choice
Verification: On the OKX contract page, check the "Funding Rate" and "Next Settlement" for perpetuals; for delivery contracts, look at "Days to Expiry". Choose the instrument that fits your expected holding period.
Next step: If you're not sure how long you'll hold, start small with perpetual trades to learn the funding rate pattern. If you spot a trend that could last a quarter, go straight for the current-quarter delivery contract—no funding fees or rollover hassle for three months.
