How to Trade Crypto Futures: 6 Numbers to Set Before Your First Order
A futures order is a contract on price, not a purchase of the coin. Before you open one, work out six numbers: position value, margin, margin mode, liquidation price, round-trip cost and funding. This guide walks through them in order and links each step to a calculator on this site.
The six steps, in order
Know what you are trading
A USDT perpetual contract tracks a coin's price without an expiry date. Going long profits if the price rises; going short profits if it falls. You do not own the coin, so you cannot withdraw it, and losses can exceed what a spot buyer would lose at the same leverage.
Set the position value first, then the margin
Position value (notional) is price × size. Margin is the money you lock up: notional ÷ leverage. A 2,400 USDT position at 6x needs 400 USDT of margin. Fees and liquidation are driven by the notional, so decide the notional first and treat leverage as the result.
Leverage and margin calculator →Choose cross or isolated margin
OKX's help page explains that in cross mode all cross positions in the same margin asset share one balance, while isolated mode keeps a separate margin for each position, and that a position may be reduced or liquidated when the margin level falls to 100% or below, measured with the mark price (OKX cross and isolated modes). Isolated limits the loss to that position's margin; cross can draw on the rest of the balance.
Find the liquidation price before you click
OKX triggers forced liquidation when the maintenance margin ratio reaches 100% or lower (OKX Forced Liquidation FAQ, updated 2026-08-27). Higher leverage moves the liquidation price closer to your entry. Check that your stop-loss sits well before it.
Liquidation price calculator →Add up fees and the breakeven price
Each fill pays notional × fee rate, once to open and once to close (OKX fee calculation help). Regular-tier taker fees are 0.050% on OKX, 0.055% on Bybit and 0.040% on MEXC BTCUSDT, so a 2,400 USDT taker round trip costs about 2.40, 2.64 and 1.92 USDT. The breakeven exit price must cover both fees.
Breakeven calculator (fees and funding) →Check funding if you will hold past a settlement
Perpetuals exchange funding between longs and shorts at each settlement, every 8 hours by default on OKX; funding = position value × funding rate, and a positive rate means longs pay shorts (OKX funding mechanism, updated 2026-10-28). Close before the settlement and you neither pay nor receive it.
Live funding rates →
Worked example: 400 USDT margin at 6x
| Item | Value | How it is calculated |
|---|---|---|
| Position value | 2,400 USDT | 400 margin × 6 |
| Round-trip fee (OKX taker) | 2.40 USDT | 2,400 × 0.05% × 2 |
| Fee as share of margin | 0.6% | 2.40 ÷ 400 |
| Funding for one settlement at 0.01% | 0.24 USDT | 2,400 × 0.01% (rate assumed for illustration) |
| Breakeven move for a long (taker both ways) | about +0.10% | entry × (1 + 0.0005) ÷ (1 − 0.0005) |
Common mistakes
- Choosing leverage before the position size. The fee and the liquidation distance depend on the notional; leverage only decides how much margin backs it.
- Assuming a limit order always pays the maker fee. A limit order that matches an existing order immediately is a taker fill.
- Watching the last traded price for liquidation. Exchanges use the mark price for margin checks, so a wick on the chart and your liquidation can differ.
- Forgetting where you live. Each exchange restricts some countries or products. Check the exchange's terms before you deposit; see how to choose a crypto exchange.
Frequently asked questions
How do I start trading crypto futures?
How do I trade Bitcoin futures?
How much money do I need to trade crypto futures?
Is cross or isolated margin better for beginners?
Does leverage change the trading fee?
What is the difference between futures and spot?
Sources and limits
OKX cross and isolated modes, OKX Forced Liquidation FAQ, OKX fee calculation, OKX funding mechanism, OKX, Bybit and MEXC fee pages, checked 2026-11-14. Other exchanges use similar but not identical rules. This page is education, not trading advice. Leveraged futures can lose the whole margin.