Nitro Spreads is an innovative spread order book within OKX’s Liquid Marketplace, enabling traders to execute spread and basis trades seamlessly. Spread trading is a strategic approach that capitalizes on the price difference — known as the spread — between related financial instruments, typically sharing the same underlying or reference asset.
Traditionally, executing a spread trade requires manually placing two separate orders across different markets, increasing execution risk and operational complexity. With Nitro Spreads, traders can now open a complete spread position with just one click. Every order in Nitro Spreads is guaranteed to fill both legs simultaneously or not at all, eliminating leg risk and minimizing slippage. This powerful tool supports advanced strategies such as funding rate farming, spot-futures carry trades, and calendar rolls.
How Does Spread Trading Work?
Spread trading typically involves pairs of correlated instruments traded across different contract types or maturities. Common configurations include:
- Spot vs. Perpetual Contracts
Example: BTC/USDT spot vs. BTC/USDT perpetual futures - Spot vs. Futures Contracts
Example: ETH/USDT spot vs. quarterly ETH/USD futures - Futures vs. Futures (Different Expiry Dates)
Example: LTC/USDT quarterly futures vs. bi-quarterly futures
Experienced traders leverage price discrepancies (spreads) between these instruments. The strategy involves opening two offsetting positions — one long and one short — of equal value. Because spread trades are delta-neutral, they’re designed to be insensitive to overall market direction.
👉 Discover how delta-neutral strategies can protect your portfolio from market swings.
Understanding Delta Neutrality
Delta measures how an instrument’s price changes relative to its underlying asset. For instance, if BTC/USDT rises by $1, a quarterly BTC/USDT futures contract typically also increases by approximately $1. When a trader holds a long position in one and a short in the other, the net change in portfolio value is nearly zero — the delta exposure cancels out.
This neutrality shields traders from broad price movements, allowing them to profit purely from changes in the spread itself rather than directional volatility. This makes spread trading a preferred choice for risk-managed, market-agnostic strategies.
How to Trade Nitro Spreads on OKX
Step-by-Step: Placing a Spread Order
- Log in to your OKX account and navigate to:
Trade > Liquid Marketplace > Nitro Spreads - Select your preferred trading pair — currently available pairs include BTC/USDT and ETH/USDT
In the Nitro Spreads interface, choose the specific spread you want to trade:
- Click Ask to buy the spread
- Click Bid to sell the spread
(The available spreads are displayed in a grid format on the Nitro Spreads page)
- Once the order book appears, enter your desired price and quantity
- Confirm and execute your order
Important Notes:
- To access Liquid Marketplace features, ensure your account is verified and meets margin requirements.
- If your order price crosses the best available level (Ask when buying, Bid when selling), it will be filled immediately.
- Orders not filled within 7 days are automatically canceled.
How to Cancel an Open Order
You can cancel pending orders in two simple ways:
Option 1: Via the Spread Grid
- Locate the spread tile showing a circular badge with a number — this indicates active open orders
- Click on it and go to Open Orders
- Select and click Cancel on the order you wish to remove
Option 2: From the Open Orders Section
- Navigate directly to the Open Orders tab on the Nitro Spreads page
- Find your order and click Cancel
Want Immediate Execution? Use “Send as Quote”
If you have an open limit order but want instant execution, use the “Send as Quote” option under Open Orders. This sends a direct request to qualified market makers for immediate matching, helping you avoid waiting in the order queue.
👉 Learn how fast execution can improve your trading performance.
Nitro Spreads Fees: Competitive and Transparent
Trading costs matter — especially in high-frequency or arbitrage-based strategies.
- VIP users enjoy a 50% fee reduction compared to executing two separate leg trades in the standard order book
- Standard users pay the same per-leg fee as they would in traditional trading
This fee structure makes Nitro Spreads not only convenient but also cost-efficient, particularly for complex multi-leg strategies where cumulative fees can add up quickly.
Frequently Asked Questions (FAQ)
1. Which tokens and instrument types are supported?
Currently, Nitro Spreads supports BTC and ETH, along with USDT-margined futures and USDT-margined perpetual contracts. Additional tokens and instruments will be added in the future.
2. What spread combinations are available?
OKX currently supports:
- Spot vs. Perpetual
- Spot vs. Futures
- Perpetual vs. Futures
- Futures vs. Futures
Supported futures include quarterly and bi-quarterly contracts.
3. How do I interpret Bid and Ask prices on spread tiles?
The prices displayed reflect the net difference between the executed prices of the two legs after trade completion.
- Bid Price: What you receive (or pay, if negative) when selling the spread — i.e., buying the near-dated leg and selling the far-dated leg
- Ask Price: What you pay (or receive, if negative) when buying the spread — i.e., selling the near-dated leg and buying the far-dated leg
Order of dated instruments (farthest to nearest):
Bi-Quarterly Futures > Quarterly Futures > Perpetual > Spot
4. What is BBO Offset?
BBO (Best Bid Offer) Offset shows how much better (or worse) the current Nitro Spreads price is compared to the implied best price from executing the same strategy in the central order book — without considering order size.
- A negative BBO Offset means Nitro Spreads offers a better price
- A white border around the tile highlights when Nitro Spreads provides superior pricing
The implied central order book price:
- For Ask: Lowest Ask of far leg – Highest Bid of near leg
- For Bid: Highest Bid of far leg – Lowest Ask of near leg
5. Is liquidity shared between Nitro Spreads and central order books?
No. Liquidity in Nitro Spreads is dedicated exclusively to spread trading. Orders placed here do not appear in individual instrument order books, and vice versa.
6. Can I trade individual legs after settlement?
Yes. Once a spread is executed, each leg becomes a separate position that can be managed or traded independently in the central order book.
7. Can I use existing positions or assets as margin?
Absolutely. Since everything operates within the OKX ecosystem, any existing single-leg positions from the central order book can be used for margin or trading within Nitro Spreads.
Why Traders Choose Nitro Spreads
Nitro Spreads combines speed, precision, and cost-efficiency into a single solution for sophisticated traders. Whether you're executing calendar spreads, capturing funding rate differentials, or running statistical arbitrage models, this tool reduces operational friction and enhances execution quality.
By bundling two-leg trades into atomic orders, OKX ensures no partial fills, no timing gaps, and no unwanted directional exposure — just clean, efficient spread execution.
👉 Start optimizing your spread trading strategy with advanced tools today.