As part of ongoing platform optimization and in alignment with the Fetch.ai (FET) project team’s token swap requirements, OKX will be delisting FET-related leveraged trading pairs and perpetual contracts. This update ensures a smooth transition for all users and maintains the integrity of market operations during the delisting phase.
This article outlines the complete timeline, risk management measures, and key actions users must take ahead of these changes. Whether you're currently holding FET positions or using it as collateral, understanding these updates is crucial for protecting your assets.
Perpetual Contract Delisting Schedule
The FETUSDT perpetual contract will be officially delisted on:
📅 July 5, 2024, from 4:00 PM to 5:00 PM (UTC+8)
During this window:
- All trading functionality for the FETUSDT perpetual contract will cease.
- Any open limit orders will be automatically canceled by the system.
- All open positions will be force-closed and settled using the arithmetic average of the OKX index price over the hour preceding delisting.
👉 Stay ahead of market changes — monitor real-time data and manage your risk effectively.
Final Settlement Pricing Mechanism
To ensure fairness during settlement:
- If abnormal price manipulation is detected in the index during the final hour, OKX reserves the right to adjust the final settlement price to a reasonable level.
- The funding rate for the period ending at 4:00 PM on delisting day will be set to 0%, meaning no funding payments will be applied or recorded.
- No additional fees — including funding fees or delivery fees — will be charged during the forced settlement process.
Note: Users are strongly advised to close their positions proactively before the delisting window to avoid potential slippage or unfavorable liquidation outcomes due to high volatility.
Risk Management During Delisting
Given the increased market volatility expected prior to delisting, OKX has implemented enhanced risk controls:
Auto-Deleveraging and Loss Coverage
In the event of position liquidations resulting in losses:
- The Insurance Fund will first cover any shortfall.
- If the Insurance Fund is insufficient, the system will initiate auto-deleveraging, starting with users who have the highest profit margins.
This mechanism protects platform stability and ensures fair loss distribution across active traders.
Post-Delisting Transfer Restrictions
After contract settlement:
- Users whose settled position value exceeded $10,000 USD will face temporary restrictions on asset transfers across their trading accounts.
- These restrictions will last for 30 minutes, after which normal transfer functionality will resume.
This safeguard prevents potential abuse during the immediate post-delivery period.
Adjustments to Price Limit Rules
To maintain orderly trading in the lead-up to delisting, OKX has updated the price band calculation rules for the FETUSDT perpetual contract.
Standard Price Limit Formula
| Phase | Upper Limit | Lower Limit |
|---|---|---|
| First 10 minutes after contract launch | Index × (1 + X) | Index × (1 – X) |
| After first 10 minutes | Min[Max(Index, Index × (1 + Y) + Avg premium over past 10 min), Index × (1 + Z)] | Max[Min(Index, Index × (1 – Y) + Avg premium over past 10 min), Index × (1 – Z)] |
Temporary Adjustments Before Delisting
| Time Before Delisting | X | Y | Z |
|---|---|---|---|
| 48 hours prior | 2% | 2% | 5% |
| 30 minutes prior | 1% | 1% | 2% |
These tighter limits reduce extreme price swings and help prevent manipulation near the final settlement window.
⚠️ OKX may further adjust these parameters if significant market deviations occur before delisting.
Leveraged Trading and Flexible Lending Termination
In addition to perpetual contracts, leveraged spot trading and flexible lending services for FET will also be phased out.
| Trading Pair | Borrow Function Disabled | Full Delisting Time |
|---|---|---|
| FET/USDT | June 27, 2024, 3:00 PM (UTC+8) | July 4, 2024, 3:00 PM (UTC+8) |
Key implications:
- After June 27, users can no longer borrow FET or USDT against this pair.
- All open margin orders will be canceled one hour before full delisting.
- Full delisting takes approximately one hour per trading pair.
Mandatory Repayment Requirement
Users with outstanding loans or staked assets must:
- Repay borrowed funds before July 4, 3:00 PM (UTC+8).
- Failure to repay will trigger automated repayment by the system, potentially at unfavorable market prices.
👉 Secure your portfolio — review open positions and avoid forced liquidation risks.
🔔 Risk Warning: High volatility increases the risk of losses during automatic repayment. Always close positions manually when possible.
FET Collateral Discount Rate Adjustment
For users utilizing cross-margin accounts, OKX applies a collateral discount rate to account for differences in asset liquidity and market risk.
Updated FET Discount Rate Schedule
| Tier (USD Value) | Previous Discount Rate | New Discount Rate |
|---|---|---|
| $0 – $50,000 | 50% | 0% |
| Above $50,000 | 0% | 0% |
This means FET will no longer count toward margin value in cross-margin mode — effectively removing its utility as collateral.
💡 Why This Matters: A zero discount rate implies that FET holdings cannot offset liabilities in leveraged positions. Users relying on FET as part of their margin base should rebalance their portfolios accordingly.
Learn more about how discount rates affect your trading power: OKX Collateral Discount Policy
Frequently Asked Questions (FAQ)
Q1: What happens to my open FET perpetual contract position after delisting?
All open positions will be automatically settled using the average index price from the hour before delisting. No funding fees apply during this final settlement.
Q2: Can I still trade FET on OKX after July 5?
Yes, but only spot trading remains available. Perpetual contracts and leveraged trading pairs will be fully removed from the platform.
Q3: Will I lose money if I don’t close my position manually?
While the system aims to settle fairly, automatic closures carry risks due to market volatility. Manual closure gives you control over entry/exit points and helps avoid unexpected slippage.
Q4: Why is FET being removed from margin and lending services?
This action aligns with the token migration led by Fetch.ai and OKX’s risk management policies. Assets undergoing major protocol changes often face temporary restrictions to protect user funds.
Q5: How long will my transfers be blocked after delisting?
Only users with settled positions valued over $10,000 will experience a 30-minute transfer freeze, starting immediately after contract delivery.
Q6: Is FET completely gone from OKX?
No. Spot trading for FET continues. However, derivatives, leverage, and lending features are being suspended temporarily due to the token upgrade cycle.
Final Reminders and Recommendations
To ensure a seamless transition:
- Close all leveraged positions and repay loans before deadlines.
- Monitor your account’s collateral usage, especially if using cross-margin.
- Download historical order records via the desktop Order Center before they become read-only.
- Avoid holding large unsettled positions during volatile delisting windows.
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OKX remains committed to delivering secure, transparent, and user-focused trading experiences. By proactively managing delistings like this one, we help maintain market integrity while supporting blockchain innovation through responsible platform governance.
Stay informed. Stay prepared. Trade wisely.