Products

OCX offers two products, each on its own matching engine: options and dated futures. Both are margined, settled, and paid out in USDC. OCX does not list perpetual swaps or spot markets.

Options

European-style, cash-settled calls and puts on equity indices, with reference marks, IV, and delta.

Dated futures

Contracts with a fixed expiry that cash-settle in USDC, marked to the matching reference contract.

Options

OCX lists calls and puts on equity indices — today SPX and NDX — across daily, weekly, monthly, and quarterly expiries. Options are European-style and cash-settled: there is no early exercise and no delivery.

Term	SPX	NDX
Multiplier	50	20
Tick size	0.05	0.05
Order size	whole contracts	whole contracts

The price you trade is the premium per index point; the cash amount is price × quantity × multiplier. Read live terms from GET /markets/products rather than hardcoding them. Expiry. At expiry, in-the-money options are exercised automatically and settled in USDC at intrinsic value × quantity × multiplier, against the settlement fixing for the underlying. Out-of-the-money options expire worthless. Pricing. Each expiry is priced off its own forward, taken from the underlying index futures on the reference market. The board publishes an OCX reference mark, implied volatility (iv), and delta for every strike; bid and ask on the board are the OCX order book. See Options methodology. Discover the chain from the option board:

curl "https://api.ocx.global/markets/board?underlying=SPX"

Dated futures

A dated future has a fixed expiry. Until then it trades at a premium or discount to the underlying that reflects the cost of carry to that date. OCX lists dated futures on equity indices (for example SPX, NDX, RTY), single stocks (for example AAPL, NVDA, MSFT), currencies (EUR, JPY), and gold. Each market publishes its own contract terms:

Field	Meaning
`contractSize`	Units of the underlying per contract. Notional = quantity × `contractSize` × price.
`tickSize`	Minimum price increment.
`expiry`	When trading stops and the contract settles.

Orders are in whole contracts. Each future’s mark follows the live price of the matching contract on the reference market — OCX trades do not move it. See Futures methodology. Expiry. At expiry the market halts, resting orders are cancelled, and open positions are cash-settled in USDC at the contract’s settlement price. Expired futures drop out of the market list.

Futures run on what is still named the “perp” engine in a few identifiers — the perps balance bucket, the legacy /perps/* API prefix, and stream event types such as PerpStreamDelta. They all refer to dated futures.

Instrument naming

Read instrument ids from the live catalog rather than constructing them.

curl "https://api.ocx.global/fut/markets"

curl "https://api.ocx.global/markets/board?underlying=SPX"

Futures: <UNDERLYING>-USDC-<YYYY-MM-DD>, for example NDX-USDC-2026-12-18. The date in an id is not always the expiry — always read the expiry field.
Options: <UNDERLYING>-<YYYY-MM-DD>-<STRIKE>-<C|P>, for example SPX-2026-10-06-7780-P. Board rows marked tradable: false are reference-only strikes and cannot be ordered.

A futures market entry looks like this:

{
  "id": "NDX-USDC-2026-12-18",
  "symbol": "NDX-USDC-2026-12-18",
  "marketType": "future",
  "baseSymbol": "NDX",
  "quoteSymbol": "USDC",
  "markPrice": "31128.25",
  "priceDecimals": 2,
  "sizeDecimals": 0,
  "tickSize": "0.25",
  "contractSize": "2",
  "tradingStatus": "active",
  "expiry": "2026-12-18T00:00:00Z",
  "indexMarketId": "NDX-USDC-SPOT"
}

All monetary and size values are decimal strings to preserve precision.

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Trading concepts

Methodology

Options

Dated futures

Options

Dated futures

Instrument naming

Options

Dated futures

​Options

​Dated futures

​Instrument naming

Options

Dated futures

Instrument naming