In a move to enhance market liquidity and improve the overall trading experience, OKX will be delisting a number of perpetual futures and margin trading pairs. This article provides a detailed overview of the affected pairs, key timelines, risk management recommendations, and important adjustments to platform parameters.
Understanding the Delisting of Perpetual Futures
OKX will remove specific perpetual futures contracts from its platform. The following pairs are scheduled for delisting on April 8, 2025, at 8:00 am UTC:
- MAXUSDT
- KISHUUSDT
- 1INCHUSD
- GRTUSD
Upon delisting, all active orders for these pairs will be canceled. Existing positions will be automatically closed through a delivery process. This delivery will use the arithmetic average price of the corresponding OKX index, calculated one hour before the delisting time. OKX reserves the right to adjust the final delivery price to a reasonable level if index price abnormalities are observed in that final hour.
The funding rate for these contracts will be set to 0 at the time of delisting, meaning no final funding fee will be charged or paid.
Key Actions for Traders
- Risk Management: The market may experience sharp volatility leading up to the delisting. It is strongly advised that you manage your risk by reducing leverage or closing positions preemptively.
- Post-Delisting Transfer Restriction: For 30 minutes after delisting, users holding delivered positions valued over $10,000 USD will be temporarily restricted from transferring assets out of their trading accounts. Transfers will resume normally after this brief window.
- Data Backup: Your order history and billing records will remain accessible. You can download this data from the report center on the OKX website if you wish to back it up.
To ensure a smooth delivery process, OKX will adjust price limit rules for these contracts as needed based on prevailing market conditions.
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Changes to Margin Trading Pairs
OKX will also delist several margin trading pairs. The schedule for ceasing borrowing and the final delisting is outlined below.
| Margin Trading Pair | Cease Borrowing Feature | Delisting & Suspension Time |
|---|---|---|
| MAX/USDT | April 1, 2025, 7:00 am UTC | April 7, 2025, 6:00 ~ 10:00 am UTC |
| SUSHI/USDC | April 1, 2025, 7:00 am UTC | April 7, 2025, 6:00 ~ 10:00 am UTC |
| SNX/USDC | April 1, 2025, 7:00 am UTC | April 7, 2025, 6:00 ~ 10:00 am UTC |
At the delisting time, OKX will suspend margin trading and flexible loans for these pairs. Any open margin orders will be canceled. The suspension process for each pair may take approximately two hours to complete.
Crucially, users with any borrowings or collateral in these specific pairs must repay their loans before the delisting time. Failure to do so will result in the system triggering a forced repayment, which could occur at an unfavorable price due to potential market volatility.
Important Adjustments to Discount Rates
Significant changes are being made to the discount rates for the MAX token used as collateral.
Previous MAX Discount Rate Structure:
| Tier | Max Collateral | Discount Rate |
|---|---|---|
| 1 | 20,000 | 0.8 |
| 2 | 32,000 | 0.78 |
| 3 | 52,000 | 0.77 |
| 4+ | Increase by 32,000 from previous tier | Decrease by 0.01 from previous tier |
New MAX Discount Rate Structure:
| Max Collateral | Discount Rate |
|---|---|
| 0 | 0 |
What Are Discount Rates?
In multi-currency cross-margin mode, different cryptocurrencies are converted into their USD value to function as margin. Because market liquidity varies greatly between assets, the platform applies a discount rate to calculate the actual USD value of collateral, helping to balance market risk.
Risk Warning on Discount Rates
For the tokens mentioned in this delisting notice, OKX will gradually reduce their discount rates to 0. During this transition, the maintenance margin rate for users holding these tokens as collateral may increase. To avoid forced liquidation triggered by these adjustments, users should proactively manage risk by closing positions, reducing exposure, or adding additional margin.
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Frequently Asked Questions
What happens to my open position in a delisted perpetual futures contract?
Your position will not remain open. OKX will automatically deliver (close) it at the arithmetic average price of the corresponding index one hour before delisting. The settled funds will be credited to your account.
Can I still trade these pairs right up until the delisting time?
Technically, yes, but it is highly discouraged. The announcement warns of potential for extreme price volatility and sharp market fluctuations near the delisting time, which poses a significant risk.
Why is there a transfer restriction after perpetual futures delisting?
The brief 30-minute transfer restriction for large positions (over $10,000 USD) is a standard risk control measure. It ensures the settlement process is complete and stable before allowing assets to be moved, protecting the integrity of the platform and its users.
What should I do if I have a margin loan in one of the delisted pairs?
You must repay the loan in full before the official delisting time. If you do not, the system will automatically execute a forced repayment for you. To avoid potential losses from this automated process, take action well in advance.
Why are discount rates being reduced to zero?
A discount rate of zero means the token will no longer be valued as collateral. This is a common procedure for assets being phased out of margin and futures markets, reflecting their diminished liquidity and increased risk profile on the platform.
Where can I find my historical trade data after a pair is delisted?
You can access and download your complete order history and billing records at any time through the report center on the OKX website, even after the pairs have been removed from the active trading lists.