Dear OKX Users,
OKX is excited to announce the upcoming listing of SPK (Spark) for spot trading. Below are the detailed timelines:
Listing Schedule
- SPK Deposit Opens: June 16, 2025, 11:00 PM (UTC+8)
- SPK Call Auction Period: June 17, 2025, 5:00 PM – 6:00 PM (UTC+8)
- SPK/USDT Spot Trading Begins: June 17, 2025, 6:00 PM (UTC+8)
- SPK Withdrawal Opens: June 17, 2025, 8:00 PM (UTC+8)
Spot Trading Risk Control Rules
Order Restrictions
To mitigate volatility during the initial trading phase, OKX will enforce the following limits for the first 5 minutes:
- Market orders are disabled.
- Maximum limit order value: $10,000 per order.
- Maximum net position per user: $10,000.
These restrictions will be lifted 5 minutes after trading starts.
Price Limit Rules
For new listings without stable index pricing, OKX applies a closing-price-based limit mechanism. Once index pricing stabilizes, an index-based limit mechanism is activated.
Closing-Price-Based Limits:
| Phase | Buy Order Max Price | Sell Order Min Price |
|-------|---------------------|----------------------|
| First minute | Call auction price × (1 + H) | No restriction |
| Minutes 1–N (pre-index) | Previous minute’s closing price × (1 + H) | No restriction |
| Post-N minutes | No restriction | No restriction |
Index-Based Limits:
| Phase | Buy Order Max Price | Sell Order Min Price |
|-------|---------------------|----------------------|
| First 10 minutes | Index × (1 + X) | Index × (1 – X) |
| After 10 minutes | Min[Max(Index, adjusted for溢价均值), Index × (1 + Z)] | Max[Min(Index, adjusted for溢价均值), Index × (1 – Z)] |
Note: Parameters (N, H, X, Y, Z) may adjust based on market conditions without prior notice.
About Call Auction
SPK/USDT will debut with a 1-hour call auction. Key features:
- Users can submit limit orders at desired prices before trading starts.
- System calculates a reference opening price based on aggregated orders.
Trading Limits:
- Buy order cap: $50,000 per user during auction.
- Last 5 minutes: Only limit orders allowed; no modifications/cancellations.
Note: The project team’s reference opening price (based on valuations) serves as the initial trading price but does not affect user-submitted orders.
Project Overview: Spark (SPK)
Spark is a DeFi protocol empowering the USDS ecosystem, enabling:
- Yield farming via stablecoins.
- USDS-centric lending.
- Liquidity deployment across DeFi protocols.
| Detail | Description |
|--------|-------------|
| Full Name | Spark |
| Ticker | SPK |
| Total Supply | 10,000,000,000 |
| Contract Address | 0xc20059...1b066 |
FAQ
Q: When can I trade SPK/USDT?
A: Spot trading starts June 17, 2025, 6:00 PM (UTC+8).
Q: Are there trading limits initially?
A: Yes, $10,000 max per order/user for the first 5 minutes.
Q: How is the opening price determined?
A: Via call auction, with a project-provided reference price as guidance.
OKX remains committed to delivering exceptional products and services.
OKX Team
June 16, 2025