New cryptocurrency listings on exchanges can bring volatility and uncertainty. To ensure a fair, transparent, and stable market launch, OKX employs structured mechanisms such as auction matching and pre-launch order placement. These systems help facilitate orderly price discovery and enhance liquidity for new trading pairs. Whether you're a beginner or an experienced trader, understanding how these mechanisms work is essential for making informed trading decisions.
This guide breaks down everything you need to know about OKX auction matching and pre-launch order placement, including their rules, benefits, supported order types, and key differences.
What Is Auction Matching on OKX?
Auction matching is a mechanism used by OKX to determine the initial opening price of a newly listed cryptocurrency pair. During this phase, users can submit buy and sell orders at their desired price points. The exchange’s system then aggregates all orders and calculates a single equilibrium price—the expected opening price—that maximizes trade volume while ensuring market fairness.
👉 Discover how auction matching can give you early market advantage
Which Tokens Use Auction Matching?
Auction matching is typically applied to newly listed spot trading pairs that lack a reliable benchmark price. This is especially common for tokens without an established market history or index data, where price discovery is necessary before continuous trading begins.
How Long Does Auction Matching Last?
The duration varies based on the token and market conditions but generally lasts at least 10 minutes. More volatile or high-demand listings may have extended auction periods to allow sufficient participation and order book depth.
Supported Order Types
During auction matching, only limit orders are accepted. Market orders, stop orders, and other advanced types are not supported to maintain price stability and prevent manipulation.
How Are Fees Calculated?
Any trades executed at the end of the auction phase are charged at the taker fee rate, consistent with standard trading fees on OKX. No fees are applied to unmatched or canceled orders.
How Is the Opening Price Determined?
The expected opening price is calculated using three core principles:
- Maximizes Trade Volume: The price at which the highest number of buy and sell orders can be matched.
- Clears Higher Bids and Lower Asks: All buy orders above the opening price and sell orders below it must be fully executable.
- Fully Matches One Side at the Opening Price: All buy or sell orders at the opening price must be completely filled, ensuring full execution on at least one side.
This algorithm ensures fairness, transparency, and optimal liquidity at launch.
Auction Matching Rules: Step by Step
Phase 1: Auction Period (Minimum 10 Minutes)
- Users can place, modify, or cancel limit orders freely during the initial phase.
- In the final 5 minutes, order modifications and cancellations are disabled. You can only submit new orders.
- This “lock-in” period prevents last-second manipulation and stabilizes the order book.
Phase 2: Live Trading Begins
- The final calculated price becomes the official opening price.
- Matched orders from the auction are executed within 1 to 15 seconds after trading starts.
- Unmatched orders remain in the order book and are processed under standard continuous trading rules.
Who Can Participate?
All OKX users are eligible to participate in auction matching for new listings. However, there may be total order quantity limits per user during the auction phase to prevent dominance by large traders. These limits are specified in each listing announcement.
Does Auction Matching Support API Trading?
Yes. Traders can use OKX’s API to place orders during auction matching, just like regular trading. Real-time market data, including depth and expected opening price, is accessible via REST API and WebSocket for algorithmic traders.
What Information Is Available During Auction Matching?
Users can monitor:
- Expected Opening Price: The projected launch price based on current bids and asks.
- Matched Volume: Total amount of tokens successfully paired for execution.
- Unmatched Volume: Orders that won’t execute unless price conditions change.
Why Is the Chart’s Opening Price Different from the Estimated Price?
After auction matching ends, OKX may display the projected opening price provided by the token project team on trading charts. This value is often based on private valuations or fundraising rounds and is for reference only. It does not affect the actual auction-determined price or your executed trades.
What Is Pre-Launch Order Placement?
Pre-launch order placement is an alternative mechanism used when a new token has a reliable index price—meaning its market value can be accurately estimated from existing data. Instead of a formal auction, users can submit limit orders before trading begins, helping build initial liquidity.
This method ensures smoother market entry by leveraging real-time index data to filter unreasonable orders.
Which Tokens Use Pre-Launch Order Placement?
This method is applied to new spot pairs with available index pricing, such as tokens already traded on major exchanges or those backed by established valuation metrics.
How Long Does Pre-Launch Order Placement Last?
Typically, this phase lasts at least 30 minutes, allowing ample time for users to place orders. Duration may vary depending on market demand and liquidity needs.
Supported Order Types
Like auction matching, only limit orders are accepted during pre-launch order placement.
Are Fees Charged?
No trades occur during this phase, so no fees are incurred. Fees apply only after live trading begins and orders are executed.
Pre-Launch Order Placement Rules
Phase 1: Order Submission
- Users can freely place, cancel, or modify limit orders.
Orders must comply with index-based price bands:
- Buy orders must be ≤
Index Price × (1 + J%) - Sell orders must be ≥
Index Price × (1 - J%)
- Buy orders must be ≤
For example, if the index price is $1.00 and J% = 2%:
- Maximum buy price: $1.02
- Minimum sell price: $0.98
👉 See how index-based pricing protects your trades
Phase 2: Transition to Live Trading
At launch, the system uses the final index price to cancel out-of-bound orders:
- Buy orders ≤ index price are canceled.
- Sell orders ≥ index price are canceled.
- Remaining valid orders enter the order book and trade under normal market conditions.
Can the Best Bid Be Higher Than the Best Ask?
Yes. Due to dynamic index updates, it’s possible for buy orders to temporarily exceed sell orders in price. However, no trades occur during pre-launch, so no cross-book execution happens. All orders remain visible in the order book for transparency.
Who Can Participate?
All OKX users can join pre-launch order placement, subject to any per-user quantity limits outlined in official announcements.
Does Pre-Launch Support API Access?
Yes. You can use OKX’s API tools (REST and WebSocket) to place orders and monitor market depth during pre-launch. This is ideal for automated trading strategies and institutional participation.
What Information Is Available?
During pre-launch, users can view:
- Index Price: Real-time benchmark value of the token.
- Maximum Buy Price: Highest allowable bid.
- Minimum Sell Price: Lowest allowable ask.
Where Can I See the Final Index Price?
The index price at the end of the pre-launch phase is displayed at the starting point of the K-line chart once trading begins.
Frequently Asked Questions (FAQ)
Q: What’s the main difference between auction matching and pre-launch order placement?
A: Auction matching determines an opening price through competitive bidding when no reliable index exists. Pre-launch order placement uses an existing index price to filter orders and build liquidity without executing trades upfront.
Q: Can I use market orders during either process?
A: No. Only limit orders are supported in both auction matching and pre-launch phases to ensure price control and fairness.
Q: Why do some listings use auction matching while others use pre-launch?
A: It depends on whether a reliable index price is available. New or niche tokens without market data use auction matching; more established ones use pre-launch.
Q: Are my funds locked during these phases?
A: Yes. When you place an order, funds are reserved in your account but not deducted until execution during live trading.
Q: Can I lose money during auction or pre-launch?
A: Not directly—no trades happen until live trading begins. However, if you place a high bid or low ask, you may execute at unfavorable prices once the market opens.
Q: How do I know which method will be used for a new listing?
A: OKX announces the launch method (auction or pre-launch) in each new token listing notice. Always check official announcements before participating.
OKX continuously improves its listing mechanisms to deliver a safer, more efficient trading experience. By understanding how auction matching and pre-launch order placement work, you gain a strategic edge in early-stage trading while contributing to market stability.