OrangeX Perpetual Coupon is Here
Updated on 2026/10/01
OrangeX is launching the new Perpetual Coupon, designed to help eligible futures users offset trading fees and qualifying perpetual contract loss events.
The Perpetual Coupon is available only for futures trading and cannot be used for spot trading.
Key Features
- Offsets futures trading fees based on the current effective rate
- Can offset four types of perpetual contract loss events:
- Regular closing losses
- Liquidation losses
- Funding fees
- Liquidation settlement fees
- Loss offsets are subject to the coupon balance and the net-loss cap during the continuous coupon-holding period
- The latest successfully claimed Perpetual Coupon updates the current effective rate
- Perpetual Coupons and Bonuses cannot be used at the same time
- Perpetual Coupons become invalid after assets are transferred out of the futures account or a withdrawal is completed
Important Notes
Perpetual Coupons and existing Coupons are two different products:
- Existing Coupons: Can only offset trading fees
- Perpetual Coupons: Can offset trading fees and four qualifying perpetual contract loss events based on the current effective rate
Loss offsets are subject to a cap. The maximum eligible loss offset is calculated as follows:
Maximum eligible offset = Net losses during the continuous coupon-holding period × current effective rate − amount already offset
FAQ｜Frequently Asked Questions
1.What is a Perpetual Coupon?
A Perpetual Coupon is a coupon designed exclusively for futures trading. In addition to trading fees, it can offset regular closing losses, liquidation losses, funding fees, and liquidation settlement fees based on the current effective rate.
2. Can Perpetual Coupons be used for spot trading?
No. Perpetual Coupons are available only for futures trading and cannot be used for spot trading.
3. What is the difference between a Perpetual Coupon and an existing Coupon?
| Feature | Existing Coupon | Perpetual Coupon |
| Eligible events | Trading fees only | Trading fees and four qualifying loss events |
| Offset rate | Based on existing rules | Based on the current effective rate |
| Subject to a net-loss cap | No | Yes |
| Updates the current effective rate | No | Yes, immediately after successful claim |
4. Which fees or losses can a Perpetual Coupon offset?
A Perpetual Coupon can offset:
- Trading fees
- Regular closing losses
- Liquidation losses
- Funding fees
- Liquidation settlement fees
Profitable events do not generate offsets and do not reverse amounts that have already been offset. Trading fees are not included in the net-loss calculation.
5. Is there a cap on loss offsets?
Yes. The loss-offset cap is calculated as:
Net losses during the perpetual coupon-holding period × current effective rate − amount already offset
The actual offset amount also cannot exceed the remaining balance of the Perpetual Coupon.
6. How is the current effective rate determined?
The currently effective discount rate is applied based on the rate of each individual perpetual coupon.
For example, suppose a user successively receives three new contract discount coupons with rates of 10%, 20%, and 15%:
- Each coupon retains its respective fixed rate of 10%, 20%, or 15%;
- The discount will be applied according to the rate of the coupon actually used;
- The service fee will be calculated separately based on the rate of the coupon used;
- Any rate changes will not be applied retroactively to historical events;
- No additional charges, refunds, or adjustments will be made to amounts that have already been discounted
7. Does the rate shown on a perpetual coupon card represent the current effective rate?
Not necessarily. Each coupon card displays its own configured rate, but the current effective rate is determined by the latest successfully claimed Perpetual Coupon. The rate shown on an individual card should not be used to determine the current effective rate.
8. When will a user be unable to claim a new Perpetual Coupon?
A claim will fail if any of the following conditions applies:
- The user has an active Bonus, advanced bonus, enhanced bonus and prime bonus
- The user has an active Perpetual Coupon
- The futures account has any open position
- The futures account has any pending order
Bonuses or Perpetual Coupons that are available to claim but have not yet been claimed are not considered active and will not trigger the mutual-exclusion rules.
9. Can a Perpetual Coupon be used together with a Bonus?
No. Perpetual Coupons and Bonuses are mutually exclusive:
- A user cannot claim a new Perpetual Coupon while an active Bonus is in use
- A user cannot claim a Bonus while an active Perpetual Coupon is in use
10. What happens to a Perpetual Coupon after a transfer or withdrawal?
Perpetual Coupons become invalid when assets are transferred out of the futures account or when a withdrawal is completed. Transferring assets into the futures account does not trigger this rule.
11. How does the system select a perpetual coupon?
The system selects available coupons in the following order:
- Pair-specific existing Coupon
- Perpetual Coupon
- General existing Coupon
Within the same coupon pool, coupons are sorted by:
- Earliest expiration time
- Earliest creation time
- Lowest couponId
12. Can the same coupon be used by multiple Orders or positions?
Yes. The same coupon can be referenced by multiple Orders or positions, and all references share the coupon’s real-time balance.
However, each Order can be linked to only one coupon. If the linked coupon has insufficient balance, is fully used, expires, or is destroyed, the Order will not automatically switch to another coupon.
13.When is a perpetual coupon linked to an Order?
A regular Order is generally linked to one perpetual coupon when trading fees are generated by its first fill.
The following events related to the same Order will prioritize the linked coupon:
- Trading fees
- Regular closing losses
- Liquidation losses
- Funding fees
- Liquidation settlement fees
For a new Order or a liquidation-related event without an associated Order, the system may select a coupon again according to the applicable priority rules.
Typical Case Studies
Case 1: Trading Fee Offset Using an Existing Perpetual Coupon
- Perpetual Coupon type: Existing Coupon
- Perpetual Coupon balance: 15 USDT
- The same Order generates three consecutive fee charges of 20 USDT each
Result:
The first fee charge is offset by 15 USDT, reducing the perpetual coupon balance to zero. The system does not switch to another coupon for the remaining two fee charges, so the offset amount is 0.
Case 2: A Newly Claimed Perpetual Coupon Updates the Rate but Does Not Change the Deduction Coupon
- Perpetual Coupon A is claimed first, with a 20% rate
- Perpetual Coupon B is claimed later, with a 50% rate
- The Order remains linked to Coupon A, which has sufficient balance
- A subsequent trading fee of 100 USDT is generated
Result:
The current effective rate is 50%, so the theoretical offset amount is 50 USDT. However, the amount is deducted from Coupon A’s balance. The system does not require the Order to switch to Coupon B.
Case 3: An Increased Rate Does Not Apply Retroactively to Historical Losses
- Original effective rate: 20%
- Current net losses: 100 USDT
- Amount already offset: 20 USDT
- After claiming a 50% coupon, an additional loss of 40 USDT occurs
Result:
The historical losses are not retroactively offset when the new coupon is claimed. Subsequent events are calculated using the new rate and remain subject to the newly available offset limit.