The Nitro Spreads order book is a powerful tool within OKX’s Liquidity Hub, designed to simplify spread trading by enabling users to execute complex strategies with a single click. Spread trading involves capitalizing on price differences—known as spreads—between related assets, typically across different financial instruments based on the same underlying asset. Traditionally, executing such trades required manually placing offsetting positions across multiple order books, increasing execution risk and slippage.
With Nitro Spreads, traders can now seamlessly open and close spread positions in one action. The system ensures that both legs of the trade are executed simultaneously and in equal size—or not at all—eliminating leg risk and significantly reducing slippage. This innovative feature supports a variety of advanced strategies, including funding rate farming, cash-and-carry trades (between spot and futures), and calendar spread trading.
Whether you're a seasoned trader or exploring new strategies, Nitro Spreads offers efficiency, precision, and strategic flexibility—all within a secure and integrated trading environment.
👉 Discover how to maximize your spread trading potential with advanced tools and real-time execution.
How Does Spread Trading Work?
Spread trading revolves around taking two opposing positions—long on one instrument and short on another—based on the same underlying asset but with different maturities or contract types. The goal is not to profit from directional price movements, but from changes in the price differential (spread) between the two instruments.
Common spread trading setups include:
- Spot vs. Perpetual Futures: For example, going long on BTC/USDT spot while shorting BTC/USDT perpetual futures.
- Spot vs. Quarterly Futures: Such as buying ETH/USDT spot and selling ETH/USD quarterly futures.
- Futures vs. Futures (Calendar Spread): Taking opposing positions on two futures contracts with different expiration dates, like a long position in LTC/USDT quarterly futures and a short in LTC/USDT half-yearly futures.
A key advantage of spread trading is delta neutrality. Delta measures how an instrument’s price moves relative to the underlying asset. In a well-constructed spread trade, gains in one leg offset losses in the other when the underlying price moves. For instance, if BTC rises by $1, both the spot and futures prices should increase by approximately $1. If you’re long spot and short futures (or vice versa), your net exposure remains flat.
This delta-neutral characteristic reduces directional market risk, making spread trading an attractive strategy for managing volatility while still capturing opportunities in relative pricing inefficiencies.
How to Trade on the Nitro Spreads Order Book on OKX
Trading on the Nitro Spreads order book is intuitive and efficient. Here's how to get started:
Step 1: Access the Nitro Spreads Interface
Log in to your OKX account and navigate to:
Trade > Liquidity Hub > Nitro Spreads Order Book
Ensure your account meets the necessary verification requirements to access Liquidity Hub features.
Step 2: Select Your Market
Currently, OKX supports spread trading for BTC/USDT and ETH/USDT pairs. More assets and instrument types will be added in the future.
Step 3: Choose Bid or Ask
In the Nitro Spreads order book:
- Click Ask to buy a spread (sell the near-dated instrument and buy the far-dated one).
- Click Bid to sell a spread (buy the near-dated instrument and sell the far-dated one).
Each grid cell represents a specific spread pair with real-time bid and ask prices.
Step 4: Place Your Order
After selecting your desired spread:
- Enter your price and quantity.
- Review the details carefully.
- Click Execute to submit your order.
Note:
- If your order price improves upon the current best bid/ask (i.e., you're willing to pay more to buy or accept less to sell), it will execute immediately.
- Otherwise, your order will be added to the order book for matching.
- All open orders expire automatically after 7 days.
👉 Start executing precise spread trades with confidence using a unified, low-risk platform.
How to Cancel an Open Order
You can cancel an open order in two ways:
Option 1: From the Grid View
- Locate the grid cell showing your open orders (indicated by a circle with a number).
- Click into that cell.
- Go to the Open Orders section and select Cancel for the specific order.
Option 2: From the Order Book Page
- Open the Nitro Spreads order book.
- Find your open orders listed below.
- Click Cancel next to the order you wish to remove.
How to Execute an Open Order Immediately
If you have an open order but want faster execution, use the Request Pricing option from your open orders list. This sends a direct quote request to qualified market makers in OKX’s Liquidity Hub, potentially enabling instant execution at competitive prices—ideal when time sensitivity matters.
Fees for Trading on Nitro Spreads
- VIP users: Enjoy fees that are 50% lower compared to executing the same legs individually in the central order book.
- Standard users: Pay standard fees per component, aligned with those of their respective instruments in the central markets.
This fee structure rewards efficient trading and encourages strategic use of integrated tools.
Frequently Asked Questions (FAQ)
What cryptocurrencies and instruments are supported?
Currently, OKX supports BTC and ETH, with USDT-margined perpetual futures and USDT-margined quarterly/half-yearly futures. Spot positions are also included as legs in spread pairs. Additional assets and contract types will be introduced over time.
What spread combinations are available?
Supported combinations include:
- Spot vs. Perpetual Futures
- Spot vs. Futures
- Perpetual Futures vs. Futures
- Futures vs. Futures (e.g., quarterly vs. half-yearly)
How do I interpret Bid and Ask prices in the spread grid?
The displayed prices reflect the difference between execution prices of the two instruments:
- Bid: The price you receive (or pay, if negative) when selling the spread (buy near, sell far).
- Ask: The price you pay (or receive, if negative) when buying the spread (sell near, buy far).
Instrument maturity order: Half-Yearly Futures > Quarterly Futures > Perpetuals > Spot.
What is BBO Offset?
BBO (Best Bid/Offer) Offset shows how much better (or worse) the Nitro Spreads price is compared to executing the same strategy across central order books. A negative BBO offset means Nitro Spreads offers a better price. A white border around a grid cell highlights favorable pricing.
Is liquidity shared with central order books?
No. Liquidity in Nitro Spreads is dedicated and isolated from central order books. Orders placed here do not appear in standard markets, and vice versa.
Can I trade individual components after settlement?
Yes. Once a spread trade is executed, its components become separate positions that can be managed or traded individually in the central order book.
Can I use existing positions as margin?
Absolutely. Positions held in the central order book can be used as collateral when trading on Nitro Spreads—thanks to OKX’s unified margin system.
By combining automation, risk control, and strategic depth, Nitro Spreads empowers traders to explore sophisticated opportunities with simplicity and confidence.
👉 Unlock seamless, one-click spread trading with advanced execution and integrated risk management.