To enhance risk management and deliver a more secure trading environment, OKX will be delisting several perpetual contracts and margin trading pairs. This proactive measure ensures platform stability and protects users from potential volatility associated with low-liquidity assets. Below is a comprehensive overview of the changes, timelines, and key actions users should take.
Upcoming Perpetual Contract Delistings
OKX will delist the following perpetual contracts on July 15, 2024, between 4:00 PM and 5:00 PM (UTC+8):
- GAL/USDT
- CEL/USDT
- OMG/USDT
- SPELL/USDT
- KSM/USD
What Happens During Delisting?
At the specified time:
- Trading for these contracts will be suspended.
- All open orders will be automatically canceled.
- User positions will be automatically settled using the arithmetic average of the OKX index price from one hour prior to delisting.
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In cases where index prices appear manipulated or abnormally volatile during this period, OKX reserves the right to adjust the final settlement price to a fair and reasonable level.
Key Settlement Details
- The funding rate for the final hour (4:00 PM) will be set to 0, meaning no funding will be charged or recorded.
- No settlement fees or additional charges will apply during this process.
- Users are strongly advised to reduce leverage or close positions early to avoid risks tied to price swings before delisting.
Post-Delisting Account Restrictions
After settlement:
- Users holding positions valued at over $10,000 at the time of delisting will face temporary restrictions on asset transfers across their trading accounts.
- These restrictions will last for 30 minutes, after which normal functionality resumes.
Risk Coverage Mechanism
If any positions result in liquidation losses, OKX will first cover them using the Insurance Fund. If the fund is insufficient, the system will initiate Auto-Deleveraging (ADL), starting with users who have the highest profit margins.
All historical order records and transaction bills remain accessible after delisting. Users are encouraged to download their data via the desktop Order Center for personal records.
Adjustments to Perpetual Contract Price Limits
To ensure orderly trading before delisting, OKX will implement temporary adjustments to price limit parameters:
Price Limit Formula Overview
| Phase | Upper Limit | Lower Limit |
|---|---|---|
| First 10 minutes after listing | Index × (1 + X) | Index × (1 – X) |
| After first 10 minutes | Min[Max(Index, Index × (1 + Y) + 10-min premium avg), Index × (1 + Z)] | Max[Min(Index, Index × (1 – Y) + 10-min premium avg), Index × (1 – Z)] |
Temporary Adjustments Before Delisting
| Time Before Delisting | X | Y | Z |
|---|---|---|---|
| 48 hours | 2% | 2% | 5% |
| 30 minutes | 1% | 1% | 2% |
Note: These limits may be further adjusted at OKX’s discretion if abnormal price deviations occur.
Margin Trading and Flexible Loan Delistings
The following margin pairs will be phased out in stages:
| Margin Pair | Borrowing Disabled | Full Delisting Window (UTC+8) |
|---|---|---|
| GAL/USDT | July 5, 2:00 PM | July 11, 2:00–4:00 PM |
| CEL/USDT | July 5, 2:00 PM | July 11, 4:00–6:00 PM |
| OMG/USDT | July 5, 2:00 PM | July 11, 6:00–8:00 PM |
| SPELL/USDT | July 5, 2:00 PM | July 12, 2:00–4:00 PM |
| NEO/BTC | July 5, 2:00 PM | July 12, 4:00–6:00 PM |
| GRT/BTC | July 5, 2:00 PM | July 12, 6:00–8:00 PM |
Each delisting process will take approximately one hour. During this window:
- Margin trading and flexible lending services will be suspended.
- All open market orders will be canceled.
Critical Action Required
Users with outstanding loans or collateral in these pairs must:
- Repay borrowed assets before delisting.
- Failure to do so will trigger automatic repayment, which may result in losses due to market volatility.
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Adjusted Price Precision for Enhanced Trading
To improve order execution accuracy before delisting, OKX has updated the minimum price step for select pairs:
| Market Type | Pair | Previous Precision | New Precision |
|---|---|---|---|
| Spot/Margin | CEL/USDT | 0.0001 | 0.000001 |
This finer granularity allows for tighter spreads and better price control during volatile conditions.
Updated Collateral Discount Rates
In cross-margin accounts, different cryptocurrencies are discounted when used as collateral due to varying liquidity and volatility. The following adjustments apply to GAL, CEL, OMG, and SPELL:
| Tier (USD Value) | Previous Discount Rate | New Discount Rate |
|---|---|---|
| $0 – $50,000 | 50% | 0% |
| Above $50,000 | Not applicable | 0% |
This means these assets will no longer count toward margin eligibility in cross-margin mode.
For more information on how collateral discounts work, visit OKX’s official documentation.
Frequently Asked Questions (FAQ)
Q: Why is OKX delisting these contracts and pairs?
A: Delistings help manage market risk by removing low-liquidity or high-volatility assets. This ensures a safer, more stable trading environment for all users.
Q: What should I do if I have an open position?
A: Close your position before the delisting time. If you don’t, it will be automatically settled using the pre-delisting index average.
Q: Will I be charged fees during automatic settlement?
A: No. There are no funding fees or settlement charges applied during this process.
Q: Can I still access my trading history after delisting?
A: Yes. All historical orders and bills remain available for download via the desktop Order Center.
Q: What happens if I don’t repay my margin loan on time?
A: The system will initiate forced repayment, which may lead to losses if prices move unfavorably during liquidation.
Q: Why were discount rates set to zero?
A: Due to reduced market stability and liquidity, these assets are no longer suitable as reliable collateral in cross-margin trading.
OKX remains committed to providing a secure, transparent, and user-focused trading experience. By proactively managing product offerings, we aim to protect users while continuously improving platform performance.
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