OKX will delist several margin trading pairs and perpetual contracts

Published on Nov 18, 2022Updated on Apr 11, 20244 min read
In order to improve market liquidity and improve the overall user experience, OKX will delist several low-liquidity perpetual swaps and margin trading pairs. The details are as follows:
1. Perpetual contract trading
Perpetual swaps
Delisting time
IOTAUSD
November 23, 2022, 06:00 AM UTC
ONTUSD
November 23, 2022, 07:00 AM UTC
IOSTUSD
November 23, 2022, 08:00 AM UTC
QTUMUSD
November 23, 2022, 10:00 AM UTC
XTZUSD
November 24, 2022, 07:00 AM UTC
KNCUSD
November 24, 2022, 08:00 AM UTC
YFIIUSD
November 24, 2022, 09:00 AM UTC
XEMUSDT
November 24, 2022, 10:00 AM UTC
UMEEUSDT
November 25, 2022, 07:00 AM UTC
ELONUSDT
November 25, 2022, 08:00 AM UTC
BABYDOGEUSDT
November 25, 2022, 10:00 AM UTC
OKX will delist these perpetual swaps and terminate the relevant trades. Relevant orders on the order book will also be canceled after the delisting.
OKX will deliver all the IOTAUSD / ONTUSD / IOSTUSD / QTUMUSD / XTZUSD / KNCUSD / YFIIUSD / XEMUSDT / UMEEUSDT / ELONUSDT / BABYDOGEUSDT perpetual swaps positions at the arithmetic average price of the corresponding OKX index timed at 1 hour prior to the delisting.
If the index price displays abnormalities in the hour preceding the delisting, OKX may adjust the final delivery price to a reasonable level for delivery.
The current funding rate at 8:00 AM UTC on the day of delisting will be 0, thus the funding fees for this period will not be included in the billing record.
Considering that the market may fluctuate sharply before the delisting, please manage your risk level by reducing the actual leverage multiples or closing positions in advance.
Within the first 30 minutes after the delisting, if you hold positions greater than 10,000 USD in value in IOTAUSD / ONTUSD / IOSTUSD / QTUMUSD / XTZUSD / KNCUSD / YFIIUSD / XEMUSDT / UMEEUSDT / ELONUSDT / BABYDOGEUSDT perpetual contracts at the time of delivery, you will be restricted from transferring assets out of your trading account.
Asset transfers will return to normal after 30 minutes. Order history and billings records will still be available after the delisting. If you need to backup your data, you may download it via Report Center on OKX web.
In order to ensure successful delivery of IOTAUSD / ONTUSD / IOSTUSD / QTUMUSD / XTZUSD / KNCUSD / YFIIUSD / XEMUSDT / UMEEUSDT / ELONUSDT / BABYDOGEUSDT perpetual swaps during the delisting, the following adjustments are made to our risk control parameters:
1) Adjustment of price limit rules
How the limit price is calculated:
Period Highest Price Limit Lowest Price Limit
Within 10 minutes of contract generation Index *(1+X) Index *(1-X)
10 minutes after contract generation Min[Max(Index, Index *(1+Y)+ Average premium over the 10 ten minutes), Index *(1+Z)] Max[Min(Index, Index *(1-Y)+ Average premium over the past 10 minutes), Index *(1-Z)]
Adjusted price limit rules:
Time X Y Z
48 hours before delivery 2% 2% 5%
30 minutes before delivery 1% 1% 2%
Note: If there is a deviation from the contract price before then, the price limit will be adjusted according to market conditions.
2. Margin trading
OKX will:
Margin trading pairs
Cease borrowing feature
Delisting time
XEM/USDT
November 25, 2022, 10:00 AM UTC
November 28, 2022, 07:00 AM UTC
XEM/BTC
November 28, 2022, 08:00 AM UTC
UMEE/USDT
November 28, 2022, 09:00 AM UTC
BABYDOGE/USDT
November 26, 2022, 10:00 AM UTC
November 29, 2022, 07:00 AM UTC
BTT/USDT
November 29, 2022, 08:00 AM UTC
SC/USDT
November 29, 2022, 09:00 AM UTC
WNXM/USDT
November 29, 2022, 10:00 AM UTC
SOS/USDT
November 27, 2022, 10:00 AM UTC
November 30, 2022, 07:00 AM UTC
ASTR/USDT
November 30, 2022, 08:00 AM UTC
NYM/USDT
November 30, 2022, 09:00 AM UTC
OKX will suspend margin trading at the delisting times listed above, and your open orders for margin will be canceled. For users who have borrowings of crypto pairs above, please make sure to repay before delisting times. A forced repayment will be triggered if unpaid borrowings remain due by delisting.
Please note: As prices might experience extreme fluctuations, to avoid losses caused by forced repayment, we suggest you stop trading pairs listed above and close all underlying positions in advance.
3. Adjustment of discount
Asset Before After
Tier (USD) Discount rate Tier (USD) Discount rate
XEM 0~250,000 0.8 0 0
250,000~500,000 0.7
500,000~1,000,000 0.5
>1,000,000 0
UMEE, BABYDOGE, BTT, SC, WNXM, SOS, ASTR, NYM 0~50,000 0.5 0 0
>50,000 0
Discount rates overview
In multi-currency cross margin mode, different currencies in cross margin accounts can be converted into their USD value and used as margin. Due to significant differences in market liquidity of each currency, our platform calculates the actual USD value of certain crypto based on a certain discount rate in order to balance market risks.
Regards,
OKX