diff --git a/docs/exchanges.md b/docs/exchanges.md
index 18a7af5a1..b2759893b 100644
--- a/docs/exchanges.md
+++ b/docs/exchanges.md
@@ -228,7 +228,11 @@ OKX requires a passphrase for each api key, you will therefore need to add this
 ```
 
 !!! Warning
-    OKX only provides 100 candles per api call. Therefore, the strategy will only have a pretty low amount of data available in backtesting mode.
+    OKX only provides 300 candles per api call. Therefore, the strategy will only have a pretty low amount of data available in backtesting mode.
+
+!!! Warning "Futures - position mode"
+    OKX Futures has the concept of "position mode" - which can be Net or long/short (hedge mode).
+    Freqtrade supports both modes - but changing the mode mid-trading is not supported and will lead to exceptions and failures to place trades.
 
 ## Gate.io
 
diff --git a/freqtrade/exchange/exchange.py b/freqtrade/exchange/exchange.py
index 59089b630..ce2c06ae0 100644
--- a/freqtrade/exchange/exchange.py
+++ b/freqtrade/exchange/exchange.py
@@ -198,6 +198,7 @@ class Exchange:
 
         if self.trading_mode != TradingMode.SPOT:
             self.fill_leverage_tiers()
+        self.additional_exchange_init()
 
     def __del__(self):
         """
@@ -294,6 +295,14 @@ class Exchange:
         """exchange ccxt precisionMode"""
         return self._api.precisionMode
 
+    def additional_exchange_init(self) -> None:
+        """
+        Additional exchange initialization logic.
+        .api will be available at this point.
+        Must be overridden in child methods if required.
+        """
+        pass
+
     def _log_exchange_response(self, endpoint, response) -> None:
         """ Log exchange responses """
         if self.log_responses:
@@ -944,6 +953,7 @@ class Exchange:
 
     def _get_params(
         self,
+        side: BuySell,
         ordertype: str,
         leverage: float,
         reduceOnly: bool,
@@ -973,7 +983,7 @@ class Exchange:
             dry_order = self.create_dry_run_order(pair, ordertype, side, amount, rate, leverage)
             return dry_order
 
-        params = self._get_params(ordertype, leverage, reduceOnly, time_in_force)
+        params = self._get_params(side, ordertype, leverage, reduceOnly, time_in_force)
 
         try:
             # Set the precision for amount and price(rate) as accepted by the exchange
diff --git a/freqtrade/exchange/kraken.py b/freqtrade/exchange/kraken.py
index 94727afa6..ea9b73fab 100644
--- a/freqtrade/exchange/kraken.py
+++ b/freqtrade/exchange/kraken.py
@@ -6,6 +6,7 @@ from typing import Any, Dict, List, Optional, Tuple
 import ccxt
 from pandas import DataFrame
 
+from freqtrade.constants import BuySell
 from freqtrade.enums import MarginMode, TradingMode
 from freqtrade.exceptions import (DDosProtection, InsufficientFundsError, InvalidOrderException,
                                   OperationalException, TemporaryError)
@@ -165,12 +166,14 @@ class Kraken(Exchange):
 
     def _get_params(
         self,
+        side: BuySell,
         ordertype: str,
         leverage: float,
         reduceOnly: bool,
         time_in_force: str = 'gtc'
     ) -> Dict:
         params = super()._get_params(
+            side=side,
             ordertype=ordertype,
             leverage=leverage,
             reduceOnly=reduceOnly,
diff --git a/freqtrade/exchange/okx.py b/freqtrade/exchange/okx.py
index 3599d334b..56636bf21 100644
--- a/freqtrade/exchange/okx.py
+++ b/freqtrade/exchange/okx.py
@@ -35,14 +35,48 @@ class Okx(Exchange):
         (TradingMode.FUTURES, MarginMode.ISOLATED),
     ]
 
+    net_only = True
+
+    @retrier
+    def additional_exchange_init(self) -> None:
+        """
+        Additional exchange initialization logic.
+        .api will be available at this point.
+        Must be overridden in child methods if required.
+        """
+        try:
+            if self.trading_mode == TradingMode.FUTURES:
+                accounts = self._api.fetch_accounts()
+                if len(accounts) > 0:
+                    self.net_only = accounts[0].get('info', {}).get('posMode') == 'net_mode'
+        except ccxt.DDoSProtection as e:
+            raise DDosProtection(e) from e
+        except (ccxt.NetworkError, ccxt.ExchangeError) as e:
+            raise TemporaryError(
+                f'Could not set leverage due to {e.__class__.__name__}. Message: {e}') from e
+        except ccxt.BaseError as e:
+            raise OperationalException(e) from e
+
+    def _get_posSide(self, side: BuySell, reduceOnly: bool):
+        if self.net_only:
+            return 'net'
+        if not reduceOnly:
+            # Enter
+            return 'long' if side == 'buy' else 'short'
+        else:
+            # Exit
+            return 'long' if side == 'sell' else 'short'
+
     def _get_params(
         self,
+        side: BuySell,
         ordertype: str,
         leverage: float,
         reduceOnly: bool,
         time_in_force: str = 'gtc',
     ) -> Dict:
         params = super()._get_params(
+            side=side,
             ordertype=ordertype,
             leverage=leverage,
             reduceOnly=reduceOnly,
@@ -50,6 +84,7 @@ class Okx(Exchange):
         )
         if self.trading_mode == TradingMode.FUTURES and self.margin_mode:
             params['tdMode'] = self.margin_mode.value
+            params['posSide'] = self._get_posSide(side, reduceOnly)
         return params
 
     @retrier
@@ -62,7 +97,7 @@ class Okx(Exchange):
                     symbol=pair,
                     params={
                         "mgnMode": self.margin_mode.value,
-                        # "posSide": "net"",
+                        "posSide": self._get_posSide(side, False),
                     })
             except ccxt.DDoSProtection as e:
                 raise DDosProtection(e) from e
diff --git a/tests/exchange/test_exchange.py b/tests/exchange/test_exchange.py
index 1368bcb85..77a04ac6c 100644
--- a/tests/exchange/test_exchange.py
+++ b/tests/exchange/test_exchange.py
@@ -99,6 +99,8 @@ def test_remove_credentials(default_conf, caplog) -> None:
 def test_init_ccxt_kwargs(default_conf, mocker, caplog):
     mocker.patch('freqtrade.exchange.Exchange._load_markets', MagicMock(return_value={}))
     mocker.patch('freqtrade.exchange.Exchange.validate_stakecurrency')
+    aei_mock = mocker.patch('freqtrade.exchange.Exchange.additional_exchange_init')
+
     caplog.set_level(logging.INFO)
     conf = copy.deepcopy(default_conf)
     conf['exchange']['ccxt_async_config'] = {'aiohttp_trust_env': True, 'asyncio_loop': True}
@@ -108,6 +110,7 @@ def test_init_ccxt_kwargs(default_conf, mocker, caplog):
         caplog)
     assert ex._api_async.aiohttp_trust_env
     assert not ex._api.aiohttp_trust_env
+    assert aei_mock.call_count == 1
 
     # Reset logging and config
     caplog.clear()
@@ -4758,8 +4761,10 @@ def test__get_params(mocker, default_conf, exchange_name):
 
     if exchange_name == 'okx':
         params2['tdMode'] = 'isolated'
+        params2['posSide'] = 'net'
 
     assert exchange._get_params(
+        side="buy",
         ordertype='market',
         reduceOnly=False,
         time_in_force='gtc',
@@ -4767,6 +4772,7 @@ def test__get_params(mocker, default_conf, exchange_name):
     ) == params1
 
     assert exchange._get_params(
+        side="buy",
         ordertype='market',
         reduceOnly=False,
         time_in_force='ioc',
@@ -4774,6 +4780,7 @@ def test__get_params(mocker, default_conf, exchange_name):
     ) == params1
 
     assert exchange._get_params(
+        side="buy",
         ordertype='limit',
         reduceOnly=False,
         time_in_force='gtc',
@@ -4786,6 +4793,7 @@ def test__get_params(mocker, default_conf, exchange_name):
     exchange._params = {'test': True}
 
     assert exchange._get_params(
+        side="buy",
         ordertype='limit',
         reduceOnly=True,
         time_in_force='ioc',
diff --git a/tests/exchange/test_okx.py b/tests/exchange/test_okx.py
index 37c1ea974..8981b1a38 100644
--- a/tests/exchange/test_okx.py
+++ b/tests/exchange/test_okx.py
@@ -1,7 +1,10 @@
 from unittest.mock import MagicMock, PropertyMock
 
+import pytest
+
 from freqtrade.enums import MarginMode, TradingMode
 from tests.conftest import get_patched_exchange
+from tests.exchange.test_exchange import ccxt_exceptionhandlers
 
 
 def test_get_maintenance_ratio_and_amt_okx(
@@ -170,6 +173,69 @@ def test_get_max_pair_stake_amount_okx(default_conf, mocker, leverage_tiers):
     assert exchange.get_max_pair_stake_amount('TTT/USDT', 1.0) == float('inf')  # Not in tiers
 
 
+@pytest.mark.parametrize('mode,side,reduceonly,result', [
+    ('net', 'buy', False, 'net'),
+    ('net', 'sell', True, 'net'),
+    ('net', 'sell', False, 'net'),
+    ('net', 'buy', True, 'net'),
+    ('longshort', 'buy', False, 'long'),
+    ('longshort', 'sell', True, 'long'),
+    ('longshort', 'sell', False, 'short'),
+    ('longshort', 'buy', True, 'short'),
+])
+def test__get_posSide(default_conf, mocker, mode, side, reduceonly, result):
+
+    exchange = get_patched_exchange(mocker, default_conf, id="okx")
+    exchange.net_only = mode == 'net'
+    assert exchange._get_posSide(side, reduceonly) == result
+
+
+def test_additional_exchange_init_okx(default_conf, mocker):
+    api_mock = MagicMock()
+    api_mock.fetch_accounts = MagicMock(return_value=[
+        {'id': '2555',
+         'type': '2',
+         'currency': None,
+         'info': {'acctLv': '2',
+                  'autoLoan': False,
+                  'ctIsoMode': 'automatic',
+                  'greeksType': 'PA',
+                  'level': 'Lv1',
+                  'levelTmp': '',
+                  'mgnIsoMode': 'automatic',
+                  'posMode': 'long_short_mode',
+                  'uid': '2555'}}])
+    exchange = get_patched_exchange(mocker, default_conf, id="okx", api_mock=api_mock)
+    assert api_mock.fetch_accounts.call_count == 0
+    exchange.trading_mode = TradingMode.FUTURES
+    # Default to netOnly
+    assert exchange.net_only
+    exchange.additional_exchange_init()
+    assert api_mock.fetch_accounts.call_count == 1
+    assert not exchange.net_only
+
+    api_mock.fetch_accounts = MagicMock(return_value=[
+            {'id': '2555',
+             'type': '2',
+             'currency': None,
+             'info': {'acctLv': '2',
+                      'autoLoan': False,
+                      'ctIsoMode': 'automatic',
+                      'greeksType': 'PA',
+                      'level': 'Lv1',
+                      'levelTmp': '',
+                      'mgnIsoMode': 'automatic',
+                      'posMode': 'net_mode',
+                      'uid': '2555'}}])
+    exchange.additional_exchange_init()
+    assert api_mock.fetch_accounts.call_count == 1
+    assert exchange.net_only
+    default_conf['trading_mode'] = 'futures'
+    default_conf['margin_mode'] = 'isolated'
+    ccxt_exceptionhandlers(mocker, default_conf, api_mock, 'okx',
+                           "additional_exchange_init", "fetch_accounts")
+
+
 def test_load_leverage_tiers_okx(default_conf, mocker, markets):
     api_mock = MagicMock()
     type(api_mock).has = PropertyMock(return_value={