In a move to enhance market liquidity and improve the overall trading environment, OKX has announced the delisting of specific perpetual futures and margin trading pairs. This guide provides a comprehensive overview of the affected pairs, key timelines, and the essential steps users must take to manage their positions and mitigate risk.
Key Dates and Affected Trading Pairs
The delisting process involves two main products: perpetual futures and margin trading. The schedule for each is detailed below.
Perpetual Futures Delisting Schedule
OKX will delist the following perpetual futures contracts on August 22, 2024, at 8:00 am UTC:
- FITFIUSDT
- BLOCKUSDT
At the specified time, these contracts will be delisted, and all open orders in the order book will be automatically canceled.
Margin Trading Delisting Schedule
For margin trading, the process involves first ceasing the borrowing feature, followed by the full delisting of the pairs.
| Margin Trading Pair | Cease Borrowing | Delisting Time |
|---|---|---|
| FITFI/USDT | August 14, 2024, 6:00 am UTC | August 20, 2024, 7:00 ~ 9:00 am UTC |
| BLOCK/USDT | August 14, 2024, 6:00 am UTC | August 20, 2024, 9:00 ~ 11:00 am UTC |
Margin trading and flexible loans for these pairs will be suspended at their respective delisting times. Any open margin orders will be canceled.
The Delivery Process for Perpetual Futures
For users holding positions in the affected perpetual futures at the time of delisting, OKX will execute a delivery.
- Delivery Price: All positions will be delivered at the arithmetic average price of the corresponding OKX index calculated between 7:00 am and 8:00 am UTC on August 22, 2024.
- Funding Rate: The funding rate at 8:00 am UTC on the delisting day will be set to 0. Consequently, no funding fees for this final period will be recorded or billed.
- Price Adjustments: OKX reserves the right to adjust the final delivery price to a reasonable level if the index price exhibits abnormalities during the calculation period.
Critical Risk Management Advice for Users
The period leading up to a delisting can be characterized by high volatility and unusual market conditions. Users are strongly advised to proactively manage their risk.
- Close Positions Early: To avoid potential losses from sharp price swings or the delivery process, consider closing your positions in these pairs well in advance of the delisting times.
- Reduce Leverage: If you choose to maintain a position, reducing your leverage multiples can help minimize risk.
- Repay Loans: For margin trading, users with any borrowings or collateral in FITFI or BLOCK must repay their loans before the delisting time. Failure to do so will trigger a forced repayment, which could result in losses due to unfavorable market prices.
Important Account Restrictions
Be aware of the following temporary restriction following the perpetual futures delisting:
- Users holding delivered positions valued at greater than 10,000 USD will be restricted from transferring assets out of their trading account for the first 30 minutes after delisting.
- Asset transfers will return to normal automatically after this 30-minute window.
Adjustments to Risk Control Parameters
To ensure a smooth delivery process, OKX will adjust the price limit rules for the affected perpetual futures contracts in the 48 hours leading up to delisting. These adjustments are designed to curb excessive volatility.
The parameters X, Y, and Z used in the price limit calculation formula will be tightened:
- 48 hours before delivery: X=2%, Y=2%, Z=5%
- 30 minutes before delivery: X=1%, Y=1%, Z=2%
These measures help maintain market stability during the critical final hours of trading.
Changes to Asset Discount Rates
In conjunction with the delisting, the discount rates for FITFI and BLOCK used in multi-currency cross margin accounts will be adjusted to 0%. This means these assets will no longer be eligible for use as collateral when calculating margin requirements in cross margin mode.
This change reflects the reduced liquidity and increased risk associated with these assets following their delisting from active trading pairs. To understand how this impacts your portfolio, you can review the updated margin system.
Accessing Your Data Post-Delisting
All order history and billing records for the delisted pairs will remain accessible within your OKX account after the process is complete. If you wish to keep a personal backup of this data, you can download it through the report center on the OKX website at any time.
Frequently Asked Questions (FAQ)
Q1: What happens to my open FITFIUSDT perpetual futures position on August 22nd?
A1: If your position is still open at 8:00 am UTC, it will be automatically closed (delivered) at the average index price calculated between 7:00 am and 8:00 am UTC. You will not incur a funding fee for the final period.
Q2: I have a loan using BLOCK as collateral on margin. What should I do?
A2: You must repay your loan in full before the delisting time on August 20th. If you fail to repay, the system will execute a forced repayment, which may occur at an unfavorable price due to potential market volatility.
Q3: Can I still trade these pairs after the announced dates?
A3: No. After the specified delisting times, trading for these specific pairs will be permanently suspended on OKX. All open orders will be canceled, and no new orders can be placed.
Q4: Why is OKX delisting these trading pairs?
A4: OKX periodically reviews its list of trading pairs to ensure adequate market liquidity and a high-quality user experience. Delisting less active pairs helps maintain a healthy and efficient trading environment for all users.
Q5: Will I be able to withdraw FITFI and BLOCK tokens after delisting?
A5: The delisting specifically affects trading pairs (perpetual futures and margin). Typically, the spot trading pair and token withdrawals remain available for a longer period, but you should check official OKX announcements for the specific policy regarding these assets.
Q6: Where can I find more details on how discount rates work?
A6: Discount rates are applied to assets in cross margin accounts to mitigate risk based on their liquidity. For a detailed explanation of how they are calculated and applied, you can explore the platform's help section.