Latest News
Update
Improvement

Changes to Account Margin

Peter avatar
Shared by Peter • May 30, 2023

We would like to inform you about upcoming changes to our risk engine and policies that may affect your accounts and any open positions you have.

Starting on Wednesday, May 31st, at 10:00 AM UTC, we will be adjusting how USDT reserved for working bids in our spot and repo markets affects users’ margin, and removing Loan-to-Value ratios (LTV) for all non-USDT assets.

Specifically:

1) Any reserved USDT acting as margin will be deducted from users’ collateral balances.

2) Non-USDT LTVs will be reduced to 0, therefore reducing users’ collateral balances.

These changes align with our mission to create a fair and transparent exchange for all participants.

Additionally, we will soon launch a borrow/lend pool, enabling coins to be pledged as collateral in exchange for USDT.

What does this mean practically?

These changes mean that the collateral value attributed to coins such as BTC, ETH, and USDC will be reduced to 0. Furthermore, any spot and repo bids will reduce the collateral balance available for maintaining perp positions and margin requirements.

To illustrate this, consider the following coin collateral example. In this scenario, the user's account balance and collateral value before the update are as follows:

Asset

Quantity

Index Price

LTV

Collateral Value

USDT

10,000

1

1

10,000

BTC

1

28,000

0.95

26,600

Collateral Balance

36,600

These are the updated values after the update has been applied:

Asset

Quantity

Index Price

LTV

Collateral Value

USDT

10,000

1

1

10,000

BTC

1

28,000

0

0

Collateral Balance

10,000

Furthermore, let's consider a spot and repo bid example:

Alice holds $1,000 USDT and her collateral balance is $1,000

Alice is long BTC perps with a maintenance margin of $500

Alice places an order to buy 0.03 spot BTC at $25,000

The cost of the spot BTC bid is 0.03 * 25,000 = $750

Alice’s collateral is reduced to 1,000 - 750 = $250

Alice’s collateral is now below her maintenance margin ($250 < $500) as a result of this change, meaning that the liquidation engine will automatically cancel her spot bid to avoid liquidation.

I have open perp positions. Can I get liquidated?

Yes, if you have open perp positions, you may be at risk of liquidation if your USDT balance is insufficient to cover your maintenance margin. To avoid liquidation, we strongly advise you to deposit USDT, sell assets in the repo market, or close positions to ensure you have enough USDT to cover your maintenance margin.

We appreciate your understanding and cooperation as we implement these risk policy changes to enhance the safety and stability of our platform for all users. Should you have any further questions or concerns, please don't hesitate to reach out to [email protected].

Sincerely,

The OPNX Team

Update

Changes to Fee Schedule

Peter avatar
Shared by Peter • May 14, 2023

Dear OPNX Community,

We’ve got some exciting news to share with you!

Starting May 15th at 16:00pm UTC, we're changing our fee schedule so traders get MORE value from their FLEX.

We're introducing a new VIP fee tier and reducing the FLEX holding requirements. This means you'll have MORE opportunities to take advantage of lower fees on OPNX.

New VIP Fee Schedule

For Market Makers, taker fees will be reduced and maker trades will no longer be eligible for rebates.

New VIP MM Fee Schedule

We aim to create a level playing field that allows everyone to trade freely and without friction. These initial changes represent our first step in realizing this goal, and we're excited to share more about our plans as we continue to make this vision a reality.

Stay tuned for more updates!

New

Investor Announcement

Leslie avatar
Shared by Leslie • April 21, 2023

Dear OPNX Community,

Today we are excited to announce some of our investors. This group consists of some incredible VCs and financial institutions, which include investors through CoinFLEX and direct OPNX investors.

Each and everyone has played a part in the formation of OPNX, and for their support, we are truly grateful.

In no particular order, we are pleased to announce the following investors:

  • AppWorks: Prominent VC firm in Taiwan investing in tech companies across Asia
  • Susquehanna (SIG): Leading global VC firm known for being the earliest and largest investor in TikTok and one of the largest options market makers
  • DRW VC: VC arm of DRW, a major global trading firm and early investor in Coinfloor and CoinFLEX
  • MIAX Group: Largest US equity options exchange and a regulated US equities exchange
  • CMB International: Hong Kong-based arm of CMB, one of China's largest banks
  • Token Bay Capital: Hong Kong-based crypto fund
  • Tuwaiq Limited: Saudi digital asset fund

New
Update

rvUSD Listing Announcement

Leslie avatar
Shared by Leslie • April 14, 2023

Dear OPNX Community,

We are excited to announce that we will be listing a new coin, Recovery Value USD (“rvUSD”), on our platform. RvUSD is issued by Recover Value Special Purpose Limited, a company incorporated in the Republic of Seychelles as an International Business Company. The issuance of this coin is pursuant to a court order from the Supreme Court of Seychelles, with respect to the restructuring of Liquidity Technologies Ltd ("CoinFLEX").

Please note that OPNX is not the issuer of rvUSD. Our role is to facilitate trading of rvUSD on our platform, providing users with the opportunity to buy, sell, and trade this coin.

The trading of rvUSD on OPNX has commenced. The coin will be available for trading against selected pairs on our platform.

The Terms and Conditions of rvUSD can be found here. Before trading rvUSD, we strongly encourage all users to also review the Risk Disclosure Statement, which can be found here. These documents contain specific risk disclosures relating to rvUSD that you should be aware of before engaging in any trading activities.

Key details about rvUSD:

Issuer: Recover Value Special Purpose Limited, a company incorporated in the Republic of Seychelles as an International Business Company

Legal Status: rvUSD issued pursuant to a court order from the Supreme Court of Seychelles, with respect to the restructuring of CoinFLEX

Purpose: Relates to a debt owed to CoinFLEX, as per the terms of its restructuring approved by the Seychelles Supreme Court.

Trading Pair: rvUSD / USDT

Please ensure you have read and understood the risks associated with trading rvUSD by reviewing the Risk Disclosure Statement mentioned above. Trade responsibly and feel free to reach out to our support team if you have any questions or concerns.

Happy Trading!

The OPNX Team

New

An Open Letter to the OPNX Community

Leslie avatar
Shared by Leslie • April 03, 2023

Dear OPNX Community,

To all those who have suffered from last year's crypto market crash, I want you to know that I share your pain firsthand and that your problems and painpoints are my focus here at OPNX. We are building this for you, the creditors of crypto's bankruptcies and the victims of crypto's failures.

Last year, the beautiful promise of crypto — transparency and financial sovereignty — was sadly lost. The industry strayed far away from the fundamental principles that underpin crypto, opting instead for unnecessary risk and adopting the worst aspects of traditional finance.

These choices led to the collapse of chains, centralized exchanges, and massive projects — leaving over 20 million claimants unable to access the funds they urgently needed across FTX, Celsius, and other bankrupt platforms. The human impact has been immeasurable, and the setback to crypto adoption is immense.

Rest assured that despite this, our belief in crypto remains unwavering. We believe there's a unique opportunity in crypto right now to have the greatest impact – when there are the fewest builders, the most pain, and the most capacity to build a stronger foundation for a new financial future, bringing relief to those affected by the events of the last year and fostering industry-wide progress.

Our vision for OPNX is radical transparency and accessibility to all asset classes with fair pricing on public orderbooks.

We will rectify past mistakes and ensure equal opportunity for all, prioritizing those most in need: the millions of claimants faced with multi-year waits and desperate for their trapped funds. We are committed to making things right for them. With your support, we will build a platform that empowers ordinary people to regain control of their financial lives.

Thank you for your trust in our team. Together, we can create something transformative and leave a lasting impact on the industry. We stand with you, ready to rebuild and move forward.

With optimism and determination,

Leslie Lamb

CEO, Open Exchange

Update

FLEX Transparency

Leslie avatar
Shared by Leslie • April 03, 2023

FLEX is the token powering the OPNX ecosystem.

Let's take a closer look at FLEX and focus on its deflationary characteristics, rebalancing mechanism across different blockchains, and current circulating supply.

What is the maximum supply of FLEX?

At the genesis transaction, the supply of FLEX was fixed at 100M tokens on the SLP network with no option for further minting. CoinFLEX, the exchange which launched FLEX Coin, has pledged to buy and burn FLEX using 10% of profits and 10% of revenues to maintain the deflationary nature of the token. OPNX will also burn FLEX as a result of trading fees.

What is the FLEX rebalancing mechanism?

To maintain the correct circulating supply of FLEX across all supported chains, FLEX employs a rebalancing mechanism.

When FLEX Coin holders’ activity shifts to a blockchain with a lower current circulating supply, FLEX reduces the circulating supply on the less active chain and increases the supply on the one gaining traction. To support increasing withdrawals to ERC20 and SEP20, SLP FLEX Coins are locked into the dedicated FLEX Treasury Wallet, removing them from the circulating supply, and FLEX is minted on Ethereum or SmartBCH as needed in amounts equal to those sent to the Treasury Wallet, therefore keeping the total circulating supply unchanged.

This is necessary as the minting baton for the token on SLP has been destroyed, and burning FLEX on SLP would reduce the supply, making it impossible to ensure there is enough FLEX for users who wish to move back to SLP from ERC20 or SEP20 if that was ever the case.

For example, if a user moves 100 FLEX from SLP to ERC20, OPNX sends 100 SLP FLEX to the secure Treasury Wallet and mints 100 ERC20 FLEX. Conversely, if a user would move 100 FLEX from ERC20 to SLP, CoinFLEX would burn 100 ERC20 FLEX and unlock 100 of the locked SLP FLEX from the Treasury Wallet.

This rebalancing mechanism is vital for maintaining the integrity and reliability of the FLEX ecosystem across all chains. By implementing this mechanism, FLEX ensures that the correct supply of FLEX exists on each chain, and users can move between chains without worrying about supply imbalances.

How much FLEX has been burned?

To date a total of 1,334,693.0305 FLEX have been burned, which can be verified on the SLP, Ethereum, and SmartBCH blockchain explorers.

Here, you can see the total amount locked on Bitcoin Cash (SLP): https://simpleledger.info/address/simpleledger:qzt2nkt7rcf4j6wu07l77qfe70rpmzujkua89slazr

Here, you can see the total amount burned on Ethereum (ERC20): https://etherscan.io/token/0xFcF8eda095e37A41e002E266DaAD7efC1579bc0A

Here, you can see the total amount burned on SmartBCH (SEP20): https://sonar.cash/token/0x98Dd7eC28FB43b3C4c770AE532417015fa939Dd3/token-transfers

What is the current circulating supply of FLEX?

As of 27-Feb-2023, the current circulating supply of FLEX is 98,665,016.8765.

The existing circulating supply of FLEX is determined by subtracting the number of burned FLEX and the number of FLEX held in the SLP Treasury Wallet from the total 100M token supply. This information is verifiable on the Bitcoin Cash (SLP), Ethereum (ERC20), and SmartBCH (SEP20) blockchain explorers.

The amount of FLEX tokens held in the FLEX secure Treasury Wallet can be verified here.