In a move to enhance overall market liquidity and improve the user experience, OKX will be delisting a number of perpetual swap contracts and margin trading pairs. This article details the process, important timelines, and risk management recommendations for affected users.
Understanding the Delisting Process
The exchange will remove the specified perpetual swaps and terminate all related trading activity. Following the delisting, any open orders for these instruments on the order book will be automatically canceled.
Settlement of Outstanding Positions
For any remaining open positions in these perpetual swaps, OKX will execute a final settlement. The settlement price will be determined by the arithmetic average of the corresponding OKX index price taken one hour before the delisting time. Should the index price exhibit abnormal volatility during this one-hour window, OKX reserves the right to adjust the final settlement price to a fair and reasonable level to complete the process smoothly.
Furthermore, the funding rate for these contracts will be set to 0 at 8:00 AM UTC on the delisting day. Consequently, no funding fees will be calculated or recorded in user bills for that period.
Key Timelines and Account Limitations
Immediately following the delisting and for the first 30 minutes of the settlement process, users holding positions valued over $10,000 (in USD terms) at the time of settlement will have restrictions placed on asset withdrawals from their trading accounts. This is a standard precautionary measure.
After this 30-minute window, normal withdrawal functionality will be fully restored. It's important to note that historical order data and billing records will remain accessible for users to review even after the delisting. For personal record-keeping, users can download their reports via the Report Center on the OKX website.
Adjusted Risk Control Parameters
To facilitate an orderly settlement during the delisting event, OKX will implement temporary adjustments to several risk control parameters:
- Price Limit Rule Adjustment: If the contract price deviates significantly prior to the event, price limits may be dynamically adjusted based on prevailing market conditions to maintain stability.
Impact on Margin Trading and Flexible Loans
Concurrent with the perpetual swap delisting, OKX will also temporarily pause margin trading and flexible loan services for the affected cryptocurrency pairs. Any existing open orders in margin trading for these pairs will be canceled. The pause for each specific cryptocurrency pair is expected to last approximately two hours.
Users who currently hold loans or are using these cryptocurrencies as collateral are strongly advised to repay their outstanding balances before the scheduled delisting time. Failure to do so will result in the system initiating a forced repayment, which could occur at an unfavorable price.
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Changes to Cross-Margin Valuation
For users operating in multi-currency cross-margin mode, the system converts different currencies within the cross-margin account into their USD equivalent value to be used as collateral. However, due to significant differences in market liquidity among various cryptocurrencies, the platform applies specific discount rates to calculate the actual USD value of certain assets, thereby balancing market risk.
Important Update: In light of the delisting and associated market volatility, the discount rates for the affected tokens will be gradually reduced to 0. During this transition period, users who are using these tokens as collateral may experience an increase in their maintenance margin ratio.
To avoid potential forced liquidation triggered by these discount rate adjustments, users should proactively manage their risk exposure. This can be achieved by closing positions, reducing leverage, or depositing additional margin into their accounts.
Frequently Asked Questions
What happens to my open orders for the delisted pairs?
All open orders for the perpetual swaps and margin trading pairs being delisted will be automatically canceled by OKX at the time of removal. You do not need to cancel them manually.
How is the final settlement price for my perpetual swap position determined?
Your position will be settled based on the arithmetic average of the OKX index price from one hour before the delisting. OKX may adjust this price if abnormal market conditions are detected during that hour to ensure fairness.
Can I withdraw my assets immediately after delisting?
If you held a position worth more than $10,000 at settlement, your account will have withdrawal restrictions for the first 30 minutes after delisting. After this brief period, normal withdrawal services resume.
Why is the discount rate for my collateral being reduced to zero?
The discount rate is lowered to zero to mitigate the increased market risk and volatility associated with the delisting process for those specific tokens. This is a protective risk management measure for the entire platform.
What should I do if I have a loan using a delisted token as collateral?
You must repay the loan before the delisting time. If you still have an outstanding loan when the delisting occurs, the system will execute a forced repayment, which is best avoided by taking action beforehand.
Where can I find my historical trade data after delisting?
Your order history and bill records remain available for review and can be downloaded from the Report Center on the OKX website at any time.