Updated Rules checked 2026-10-17
Dual investment is a structured earn product offered by crypto exchanges. You pick a target price and a settlement date, and the exchange offers you an annualized rate (APR). On the settlement date you receive the interest no matter where the price has gone, but which coin you get back depends on whether the settlement price reached the target price. Binance, OKX, Bybit, Bitget, Gate, KuCoin, HTX, BingX and Pionex all offer this type of product.
Can you lose money? Yes. Every official document states that your principal is at risk: Binance says “Dual Investment is not a risk-free investment”, and OKX describes its Dual Investment as a non-principal-protected product with floating returns. You always get the interest, but at settlement you may end up holding the coin that fell, or be forced to sell at the target price during a big rally. Either outcome can leave you with fewer assets measured in USDT, or with a large part of the upside missed.
I put the rules of these nine exchanges into a comparison table and, using quotes captured in the same window on 2026-10-17, ran a like-for-like comparison: “BTC Sell High, target price 85,000, settling October 23”. The result: the highest APR doesn’t necessarily pay the most interest, because each exchange counts interest days differently.
Key points: dual investment is not principal-protected. At settlement you may get back the weaker of the two coins, while the interest is paid whatever the outcome. Binance, Bybit, KuCoin and HTX settle against 08:00 (UTC), which is 16:00 Taiwan time; OKX, Bitget and Pionex also state 16:00 Taiwan time (UTC+8). The APR shown is an annualized figure: on a 7-day Binance product with an APR of 13.92%, the official formula pays 0.26% of the principal. Binance, Bybit, Bitget and KuCoin state officially that you cannot redeem before maturity; OKX allows early redemption on products other than ETH/BTC, but the amount may be lower than your principal. Under each exchange’s rebate rules, rebates are calculated on trading fees actually paid, and Binance, Gate, OKX and Pionex all state that dual investment charges no fees, so it generates no rebate.
The data below was checked against official pages on 2026-10-17 (the fact-check date) and is provided for reference.
What is dual investment, and how do Buy Low and Sell High work?
Every dual investment order has four fixed terms: the coin you put in, the target price, the settlement date and the APR. Once you subscribe, all four are locked. Binance’s FAQ states that the Target Price, Settlement Date and APR are fixed after subscription, and that the order cannot be modified or cancelled. Products come in two directions:
- Buy Low: you put in USDT, and the target price is below the current price. If the settlement price is above the target price, you get back USDT plus interest; if it is at or below the target price, your principal and interest are converted into BTC at the target price.
- Sell High: you put in BTC, and the target price is above the current price. If the settlement price is below the target price, you get back BTC plus interest; if it is at or above the target price, your principal and interest are converted into USDT at the target price.
The “settlement price” is not the trade price at a single second but an average over a period. Binance’s Fixing Price is the average market price over the 30 minutes before 08:00 (UTC) on the settlement date; OKX uses the average index price from 15:30 to 16:00 (UTC+8) on the expiry date; Bybit uses the average Bybit spot price over the 30 minutes before 08:00 (UTC); KuCoin uses the average index price from 07:30 to 08:00 (UTC). Each exchange’s method is set out in its official FAQ, linked as a source in the comparison table below.
OKX’s FAQ puts it most plainly: at its core, Dual Investment sells call or put options in the options market on the user’s behalf, and the premium collected is your return. So a high APR means the exchange thinks the chance of “reaching the target price” is high. OKX’s Dual Investment page also states that the higher a product’s estimated APR, the more likely it is to settle in the other coin.
How does dual investment earn? A worked example with 0.1 BTC on Sell High
The example below uses a real Binance quote from shortly after 7 a.m. Taiwan time on 2026-10-17: BTC at about 81,765 USDT, Sell High, target price 85,000 (about 4% above the current price), settlement 2026-10-23 08:00 (UTC), a 7-day term, APR 13.92%, with 0.1 BTC invested. It only demonstrates the calculation and does not mean the same quote will be available later.
Binance’s FAQ gives the formula as: interest = subscription amount × (APR × days ÷ 365), with the figure in brackets truncated to 4 decimal places. 13.92% × 7 ÷ 365 = 0.00266958…, which truncates to 0.0026, so the interest is 0.1 × 0.0026 = 0.00026 BTC, and at maturity principal plus interest comes to 0.10026 BTC.
| Settlement price scenario (example) | Reached 85,000? | What you get back | Value at settlement price | Simply holding 0.1 BTC over the same period |
|---|---|---|---|---|
| Falls to 78,000 | No | 0.10026 BTC | 7,820.28 USDT | 7,800.00 USDT |
| Rises to 84,000 | No | 0.10026 BTC | 8,421.84 USDT | 8,400.00 USDT |
| Exactly 85,000 | Yes | 8,522.10 USDT | 8,522.10 USDT | 8,500.00 USDT |
| Rises to 95,000 | Yes | 8,522.10 USDT | 8,522.10 USDT | 9,500.00 USDT |
First, if BTC falls to 78,000, you still get back BTC, now worth only 7,820.28 USDT, about 356 USDT less than the roughly 8,176.55 USDT it was worth when you subscribed. Dual investment only adds 0.00026 BTC of interest; it does not protect you from the drop. Second, if the target price is reached, you have effectively sold at 85,000, better than the price at the time. Third, if BTC rises to 95,000, you still receive only 8,522.10 USDT, 977.90 USDT less than simply holding. This is what KuCoin’s FAQ calls a “hidden loss”.
The Buy Low version: 10,000 USDT into BTC
Binance’s Buy Low quote from the same window: target price 79,000 (about 3.4% below the current price), also 7 days and settling October 23, APR 22.52%, minimum subscription 10 USDT. 22.52% × 7 ÷ 365 truncates to 0.0043, so 10,000 USDT becomes 10,043 USDT at maturity. If the settlement price is above 79,000, you get back 10,043 USDT; at or below 79,000, you receive 10,043 ÷ 79,000 ≈ 0.12712658 BTC. If the settlement price is 70,000, that BTC is worth only about 8,898.86 USDT, roughly 1,101 USDT less than the original 10,000 USDT. Binance’s FAQ describes Buy Low as a tool for “buying at the target price”; if you only want the interest, you first have to accept that you may be converted into a coin that is falling.
Can you lose money on dual investment? When do you get the other coin?
Yes, and every exchange says so officially. Binance: “Dual Investment is not a risk-free investment”, and it also says Binance is not responsible for losses caused by price fluctuations. OKX: Dual Investment is a non-principal-protected product with floating returns, its main source of risk is market price fluctuation, and neither principal nor returns are guaranteed. Bybit: “non-principal-protected structured investment product”. Gate’s FAQ even says “You may lose the entire amount of your investment”.
A “loss” usually takes one of two forms. In the first, the number of coins doesn’t shrink, but their value in USDT does: on Sell High the target price isn’t reached and you get back BTC that has dropped; on Buy Low the target price is reached and the BTC you bought at 79,000 may keep falling. The second is missed gains: on Sell High your BTC is sold at the target price during a big rally, and on Buy Low you keep receiving USDT through a rally and miss the whole move. In OKX’s words, which coin you receive at maturity is uncertain and depends on the market price and the target price you chose.
The interest itself is never negative. In its FAQ answer on whether returns can be negative, OKX only mentions that early redemption may leave the redemption amount below the subscription amount; this is covered under “Can you redeem early?” below.
How different is the APR shown from the interest you actually get?
Very different, because APR is annualized. Actual interest = APR × interest days ÷ 365 (OKX writes it as “return = reference APR × term ÷ 365”). In HTX’s BTC Sell High list on 2026-10-17, an 8-hour product with a target price of 82,000 showed 81.20%, which works out to about 0.074% for those 8 hours; the 7-day Binance product at 13.92% actually pays 0.26%. Short-term products often show very large APR figures, yet the actual amounts are small.
The second difference is the number of interest days. For the same settlement at 2026-10-23 08:00 (UTC), Binance shows 7 days, while HTX, KuCoin and Bitget show 6. Between 07:18 and 07:25 Taiwan time on 2026-10-17, I captured like-for-like quotes from five exchanges (BTC Sell High, target price 85,000, same settlement time) and used each exchange’s displayed term to estimate the interest per 1 BTC:
| Exchange | Regular-user APR | Officially displayed term | Estimated interest per 1 BTC | Source (2026-10-17) |
|---|---|---|---|---|
| Bitget | 15.31% (VIP 17.49%) | 6 days | About 0.00252 BTC | Bitget Dual Investment |
| Gate | 14.54% | Days not shown | Not estimated | Gate official API |
| Binance | 13.92% | 7 days | 0.0026 BTC (under the official truncation rule) | Binance Dual Investment |
| HTX | 13.11% | 6 days | About 0.00216 BTC | HTX Dual Investment |
| KuCoin | 11.14% (VIP 11.86%) | 6 days | About 0.00183 BTC | KuCoin Dual Investment |
Bitget’s APR is 1.39 percentage points higher than Binance’s, but Binance counts 1 more day, so the interest per 1 BTC differs by only about 0.00008 BTC. Apart from Binance, which publishes its truncation rule, the other four exchanges’ official pages don’t state how they count days or whether they truncate, so this column is only an estimate. APRs also change in real time, and this table reflects only the quotes from those few minutes. OKX and Bybit show quotes only after you log in, so they are not included; Bybit’s FAQ also notes that because of market slippage, the final APR may differ from the one displayed when you placed the order.
Dual investment compared: Binance, OKX, Bybit, Bitget and more
The “term” and “minimum subscription” columns come from the BTC product lists on 2026-10-17; the settlement and redemption rules come from each exchange’s FAQ. Where something isn’t stated officially, I mark it “Not stated officially”.
| Exchange | Product name | Settlement price and crediting | BTC terms | Minimum subscription | Early redemption | Source |
|---|---|---|---|---|---|---|
| Binance | Dual Investment | Average price over the 30 minutes before 08:00 (UTC); credited to the Spot Wallet before 14:00 (UTC) | Sell High 3–56 days, Buy Low 3–42 days | 0.0001 BTC / 10 USDT | No; after subscribing you cannot modify, cancel or redeem | Binance FAQ, product list |
| OKX | Dual Investment | Average index price 15:30–16:00 (UTC+8); credited to the funding account at 16:00, with delays of no more than 24 hours | Not stated officially (login required) | Not stated officially; see the order page | Yes for everything except ETH/BTC, up to 1 hour before maturity; the amount may be below your principal | OKX FAQ, Dual Investment page |
| Bybit | Dual Asset | Average Bybit spot price over the 30 minutes before 08:00 (UTC); credited to the funding account within 30 minutes | Not stated officially (login required) | Shown on the order page | No | Bybit FAQ |
| Bitget | Dual Investment | Average price over the 30 minutes before 16:00 (UTC+8); credited to the spot account | 8 hours–69 days; stock-token products also available | Not stated officially | No; funds are locked until settlement | Bitget help article |
| Gate | Dual Investment | Settled at the expiry price; credited to the spot account before 10:00 (UTC), with delays of no more than 24 hours | From same-day expiry up to 2027-09-24; 54 coins in total | 2 USDT / about 0.00002446 BTC | Official statements conflict (see next section) | Gate product page, FAQ |
| KuCoin | Dual Investment | Average index price 07:30–08:00 (UTC); credited to the funding account before 10:00 (UTC) | 1–62 days | 0.0002 BTC | No | KuCoin product page |
| HTX | Dual Investment | The list shows expiry at 08:00 (UTC) | 8 hours–69 days | Not stated officially | A 2022 help article says funds cannot be withdrawn before maturity | HTX product page, help article |
| BingX | Dual Investment | Not stated officially | Not stated officially | Not stated officially | The help article says funds are locked during the investment period | BingX help article |
| Pionex | Dual Investment | Average settlement index price over the 30 minutes before 16:00 (UTC+8) | Not stated officially | Not stated officially | Early Exit available, at a closing cost | Pionex guide |
The other four exchanges this site covers, MEXC, XT, WEEX and Ourbit, had no dual investment rules on their official product pages or help centers when I checked, so they are not in the table. Binance’s FAQ says BTC, ETH and BNB settle every Tuesday and Friday, but in the subscription list on 2026-10-17, BTC had an expiry date on every day from Monday to Friday of the following week; the dates you can actually choose are those on the subscription page.
Can you redeem dual investment early?
Mostly no. The FAQs of Binance, Bybit, Bitget and KuCoin all state that you cannot redeem or cancel before maturity, and the funds stay locked until the settlement date.
- OKX: the FAQ says all products except ETH/BTC support early redemption, from the start of interest accrual until 1 hour before the product matures. With sufficient liquidity the funds arrive instantly; otherwise they arrive by 16:00 (UTC+8) the next day at the latest. You can only redeem in the coin you originally subscribed with, and the system confirms the payout amount when you apply. In OKX’s own words, this amount may be smaller than your original subscription amount, meaning a loss.
- Pionex: its guide describes an Early Exit that lets you leave before the settlement date, but you have to “pay the closing cost to markets”, and no fixed figure is given for that cost. The same guide also says dual investment has no fees. Keep the two points separate: subscribing is free, while exiting early carries a market cost.
- Gate: the product page says “Subscribed assets are locked and you won’t be able to redeem them before the maturity date”, and a 2023 how-to guide also says early redemption isn’t possible; but the FAQ says “it supports early redemption after successful purchase”. The official statements conflict, so before ordering, go by the rules shown on the subscription page.
Where to subscribe: each exchange’s web entry point
These are the web entry points I saw on 2026-10-17. KuCoin and Bitget use the same subscription flow: choose the coin, then the direction (Sell High or Buy Low), then the term and target price, enter the amount, tick the box agreeing to the structured product terms, and submit.
- Binance: the Dual Investment page under Earn (binance.com/en/dual-investment).
- OKX: Dual Investment in the left-hand menu of the Earn page, “Earn overview → Simple Earn → Flash Earn → Dual Investment”.
- Bybit: Bybit Earn page, “Product Line-Up”, Advanced Earn category → Dual Asset.
- Bitget: Earn menu → Dual Investment; the top of the page has Beginner mode and VIP products tabs.
- KuCoin: Dual Investment, the rightmost of the tabs at the top of the Earn page (Overview, KCUSD, Stable, Advanced, KCS Benefits, KuCoin Wealth).
- HTX: Earn → Dual Investment, with filters for under 7 days, 7–30 days, 30–90 days and over 90 days.
I did not check each exchange’s app entry point names this time. Every exchange requires identity verification before you can subscribe; for the process, see Binance identity verification, OKX identity verification, Bybit identity verification and Bitget identity verification.
Does dual investment have fees? Does it affect rebates?
Subscribing is mostly free. Binance’s FAQ says there are no trading fees when the target price is reached and the Buy Low or Sell High trade executes; Gate’s product page says “No trading fee for buying or selling”; OKX says subscribing is free; Pionex says dual investment has no fees. The help pages of Bybit, Bitget, KuCoin, HTX and BingX don’t mention fees.
As for rebates, every exchange’s rebate rules use the trading fees you actually pay as the basis (KuCoin, for example, uses “trading fees actually paid”, and Binance uses net fees after maker rebates). Since dual investment charges no trading fees, there is no base to rebate, so it neither generates a rebate nor reduces your rebate. Rebates only relate to spot and futures trading; for the calculation, see actual fees after rebate and the rebate glossary.
What are the risks of dual investment?
- Not principal-protected: all nine exchanges state officially that the product is not principal-protected, that returns are not guaranteed, or that it is not a risk-free investment (Binance’s wording). Ending up with the weaker coin at settlement can mean a significant loss in USDT terms.
- Missed upside: once Sell High reaches the target price, any gain above the target price is no longer yours; Binance’s FAQ also warns that when the price moves far from the target price, you may miss a better buying or selling price.
- Liquidity: most products are locked until settlement, so you can’t use the money in the meantime or set a stop-loss. OKX allows early redemption, but you may get back less than your principal.
- Only those 30 minutes at settlement count: touching the target price during the term doesn’t count; only the average price on the settlement date does. Binance’s FAQ says the trade is priced only on the settlement date.
- Platform risk: dual investment is an exchange product, not a bank deposit. If an exchange is hacked, suspends withdrawals or goes bankrupt, you may not get your assets back. See the proof of reserves comparison and the exchange safety record first.
Dual investment itself has no leverage and cannot be force-liquidated; but if you use the coins you receive at settlement to open futures positions, a leveraged position can be force-liquidated and you can lose your margin. A product with a high estimated APR isn’t necessarily better, and the FAQ on OKX’s Dual Investment page has a question dedicated to that warning.
FAQ
What is dual investment?
Dual investment is a non-principal-protected structured earn product offered by exchanges: you choose a target price and a settlement date in exchange for a fixed APR, and at settlement, depending on whether the price reached the target price, you get back your original coin or the other coin, with interest paid either way. OKX explains that it amounts to selling options in the options market on your behalf, with the premium as your return.
Can dual investment lose money?
Yes; every exchange states officially that it is not principal-protected. The interest is always paid, but at settlement you may receive a coin that has fallen, which means a loss in USDT terms. In this article’s Sell High example, when BTC falls to 78,000, the 0.1 BTC plus interest is worth only 7,820.28 USDT.
When does Binance Dual Investment settle?
Binance settles at 08:00 (UTC, 16:00 Taiwan time) on the settlement date, using the average price of the preceding 30 minutes as the settlement price, and the funds reach the Spot Wallet before 14:00 (UTC, 22:00 Taiwan time). The FAQ says BTC settles every Tuesday and Friday, but the list on 2026-10-17 had expiry dates on every day from Monday to Friday.
Can I cancel dual investment early?
Not on Binance, Bybit, Bitget or KuCoin. OKX allows early redemption on products other than ETH/BTC, but the amount may be less than your principal; Pionex has an Early Exit, at a market closing cost; Gate’s official statements conflict.
Can a dual investment with a 100% APR really double my money?
No. APR is annualized, so the actual return is APR multiplied by the number of days and divided by 365. Take an 8-hour HTX product with an APR of 81.20%: over those 8 hours it works out to about 0.074%. And a higher APR means a higher chance of being converted into the other coin.
What is the minimum for dual investment?
In the lists on 2026-10-17, Binance BTC Sell High had a minimum of 0.0001 BTC and Buy Low a minimum of 10 USDT; KuCoin BTC Sell High had a minimum of 0.0002 BTC; Gate BTC products had a minimum of 2 USDT (or about 0.00002446 BTC). For OKX, Bybit, Bitget and HTX, the minimum is shown only on the order page.
Does dual investment earn a rebate?
No. Rebates are calculated on trading fees actually paid, and Binance, Gate, OKX and Pionex all state that dual investment charges no fees, so it generates no rebate; rebates come only from spot and futures trading.
How is dual investment different from flexible savings?
Flexible savings always return your original coin, and most can be redeemed at any time. Dual investment shows a very wide APR range (HTX’s BTC dual investment on 2026-10-17 ranged from 3.00% to 220.84%), but you may be converted into the other coin, and the funds are mostly locked until settlement. USDT flexible rates and tier thresholds are collected in the USDT flexible savings rates comparison.
To compare rates for keeping USDT in flexible savings first, see the USDT flexible savings rates comparison; for new-token mining events, see the exchange Launchpool guide. Overviews of each exchange are in the Binance review, OKX review, Bybit review, Bitget review, Gate review, KuCoin review and HTX review. If you also trade spot or futures, that is where rebates come into play: the Binance referral code KEVINWU currently carries a rebate of 20% (updated 2026-10-23), the OKX referral code is KEVINWU, and the Bitget referral code is KEVINWU; for Bybit’s rebate channel, see Bybit fee rebate. For the costs and risks of futures, start with how futures fees are calculated and the liquidation price calculator; common scams are collected in exchange scam types.