As part of an ongoing effort to enhance market liquidity and strengthen risk management, OKX has announced upcoming adjustments to leverage gradient tiers and discount rate tiers for ETH/USDT, STETH/USDT, and selected assets including ETH, BETH, and STETH. These changes are scheduled to take effect on April 15, 2025, between 2:00 PM and 6:00 PM (UTC+8).
Importantly, these updates are designed to improve trading efficiency without increasing the risk exposure of existing positions. Whether you're a seasoned trader or just getting started with leveraged trading, understanding these modifications can help you better manage your portfolio and optimize capital usage.
Why Are Leverage and Discount Rate Tiers Being Adjusted?
Cryptocurrency markets are dynamic, with volatility and liquidity shifting rapidly. To maintain platform stability and ensure fair trading conditions, exchanges periodically refine their margin and collateral frameworks.
The primary goals of this update include:
- Improving capital efficiency by increasing maximum borrowable amounts across higher tiers.
- Aligning risk parameters with current market depth and trading volume.
- Enhancing user flexibility in managing large positions under more favorable margin terms.
These adjustments reflect OKX’s commitment to balancing innovation with risk control—ensuring traders have access to powerful tools while safeguarding the integrity of the trading environment.
👉 Discover how advanced margin features can boost your trading strategy
Updated Leverage Gradient Tiers for ETH/USDT and STETH/USDT
Leverage gradient tiers determine how much you can borrow based on your position size, along with required initial and maintenance margin rates. The updated tiers expand borrowing capacity significantly, especially at higher levels.
ETH/USDT Leverage Tier Adjustments
| Tier | Previous Max Borrow (ETH) | New Max Borrow (ETH) | Previous Max Borrow (USDT) | New Max Borrow (USDT) | Maintenance Margin Rate | Initial Margin Rate | Max Leverage |
|---|---|---|---|---|---|---|---|
| 1 | 200 | 400 | 480,000 | 600,000 | 2.00% | 10.00% | 10x |
| 2 | 220 | 800 | 580,000 | 1,200,000 | 2.50% | 11.00% | ~9.09x |
| 3 | 300 | 1,200 | 720,000 | 1,800,000 | 3.00% | 12.00% | ~8.33x |
| 4+ | +200 per tier | +400 per tier | +480,000 per tier | +600,000 per tier | +1.00% per tier | +1.00% per tier | Scales accordingly |
🔍 Key Insight: The borrowing limits have doubled or more in many cases, allowing institutional and high-volume traders to scale positions with fewer tier jumps.
STETH/USDT Leverage Tier Adjustments
| Tier | Previous Max Borrow (STETH) | New Max Borrow (STETH) | Previous Max Borrow (USDT) | New Max Borrow (USDT) | Maintenance Margin Rate | Initial Margin Rate | Max Leverage |
|---|---|---|---|---|---|---|---|
| 1 | 180 | 250 | 480,000 | 300,000 | 2.00% | 10.00% | 10x |
| 2 | 300 | 500 | 750,000 | 600,000 | 2.50% | 11.00% | ~9.09x |
| 3 | 380 | 750 | 1,000,000 | 900,000 | 3.00% | 12.00% | ~8.33x |
| 4+ | +180 per tier | +250 per tier | +480,000 per tier | +300,000 per tier | +1.00% per tier | +1.00% per tier | Scales accordingly |
📈 Observation: While STETH borrowing increases are slightly more conservative than ETH’s, they still represent a meaningful uplift in available leverage—especially important given STETH’s role in liquid staking ecosystems.
These changes apply to:
- Isolated margin accounts
- Cross-margin under single-currency mode
Cross-margin and portfolio margin modes will follow USDT-margined rules for consistency.
Discount Rate Tier Updates for ETH, BETH, and STETH
In cross-currency and portfolio margin systems, different assets are valued in USD but adjusted by a discount rate to account for liquidity and volatility differences.
A higher discount rate means more of that asset's value counts toward your margin pool—making it more efficient as collateral.
ETH Discount Rate Adjustment
| Tier | Previous Holding Range (ETH) | New Holding Range (ETH) | Previous Discount Rate | New Discount Rate |
|---|---|---|---|---|
| 1 | 0–200 | 0–400 | 98.0% | 98.0% |
| 2 | 201–221 | 41–841 | 97.75% | 97.75% |
| 3 | 221–321 | 841–1,281 | 97.5% | 97.5% |
| 4+ | +221 per tier | +441 per tier | – | – |
💡 Benefit: Users holding up to 4 ETH now enjoy full-tier benefits previously capped at just 2 ETH, doubling the threshold before reduced collateral efficiency kicks in.
BETH Discount Rate Adjustment
BETH is a staked derivative of ETH with unique risk characteristics due to its conversion mechanism.
| Tier | Holding Range (BETH) – Before & After | Discount Rate |
|---|---|---|
| 1 | Old: ≤ 222 New: ≤ 444 | Remains at 97.75% |
| Each subsequent tier increases by double the prior increment (from +222 → +444), maintaining proportional risk scaling. |
This adjustment recognizes BETH's growing adoption while preserving prudent risk buffers.
STETH Discount Rate Adjustment
This is one of the most significant upgrades:
| Tier | Old Discount Rate (≤188 STETH) | New Discount Rate (≤258 STETH) |
|---|---|---|
| 1 | 98.5% | Now: 95.5% |
| Subsequent Tiers | Improved step-up logic with slower decay |
✅ Major Improvement: The base discount rate jumps from 98.5% to a stronger effective value, reflecting improved market confidence in STETH’s liquidity and peg stability.
👉 Learn how to maximize your collateral efficiency using updated discount tiers
Frequently Asked Questions (FAQ)
Q: Will this change increase the risk of my current positions?
A: No. These adjustments do not alter the margin requirements or liquidation prices of open positions. They only affect future trades and borrowing capacity.
Q: When exactly will the changes go live?
A: The update will be implemented between April 15, 2:PM – 6:PM UTC+8. Trading will remain available during this window.
Q: Do these changes apply to all account types?
A: Yes—whether you use isolated margin or cross-margin (including portfolio margin), the new tiers will apply automatically based on your mode of operation.
Q: Why is STETH getting a special treatment in discount rates?
A: STETH has seen substantial growth in liquidity and exchange support. A higher discount rate reflects its maturing market status and lower perceived risk compared to earlier stages.
Q: How does the discount rate impact my margin balance?
A: A higher discount rate means more of your asset’s market value counts toward your usable margin. For example, with a 95% discount rate, $1,988 worth of STETH contributes $988 as effective collateral.
Q: Can I still trade during the adjustment period?
A: Yes. There is no planned downtime. All changes will be deployed seamlessly in the background.
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