In a move to enhance market liquidity and improve the overall trading environment, OKX will remove specific perpetual futures contracts and margin trading pairs. This strategic decision impacts several digital assets and involves detailed changes to trading parameters and risk management rules.
The delisting process is scheduled for early March 2025 and consists of multiple phases, including the suspension of borrowing features and the final removal of trading pairs. Users holding affected positions must take proactive steps to manage their exposure and avoid potential forced liquidations.
Detailed Delisting Schedule for Perpetual Futures
The following perpetual futures contracts will be delisted on March 11, 2025, at 8:00 am UTC:
- BONEUSDT
- RACAUSDT
Upon delisting, OKX will terminate all relevant trades and cancel any open orders in the order book. All active positions in these contracts will be automatically delivered at the arithmetic average price of the corresponding OKX index, calculated one hour before the delisting time.
Should the index price exhibit abnormal volatility in the hour leading up to delisting, OKX reserves the right to adjust the final delivery price to a fair and reasonable level.
Please note that the funding rate for these contracts will be set to 0 at the time of delisting. Consequently, no funding fees for this period will be recorded or billed.
Critical Risk Management Advice for Traders
Market conditions can become highly volatile prior to a delisting event. To protect your assets, it is strongly advised that you actively manage your risk exposure. Consider reducing your leverage multiples or closing out positions ahead of the scheduled deadline.
For the first 30 minutes following the delisting, users who held positions valued over $10,000 USD in the affected perpetual contracts at the moment of delivery will have outgoing asset transfers from their trading accounts temporarily restricted. This transfer function will resume as normal after this 30-minute window.
All order history and billing records will remain accessible after delisting. Users are encouraged to download any necessary data backups via the report center on the OKX website. To ensure a smooth delivery process, OKX will also implement adjustments to its risk control parameters, including potential changes to price limit rules based on prevailing market conditions.
Important Changes to Margin Trading Pairs
The margin trading pairs for the same tokens will also be removed according to the following timeline:
| Margin Trading Pair | Borrowing Feature Ceases | Full Delisting Time |
|---|---|---|
| BONE/USDT | March 4, 2025, 7:00 am UTC | March 10, 2025, 6:00 - 8:00 am UTC |
| RACA/USDT | March 4, 2025, 7:00 am UTC | March 10, 2025, 6:00 - 8:00 am UTC |
OKX will suspend margin trading and flexible loan services for these pairs at the stated delisting times. All open margin orders will be canceled automatically. The process to suspend each cryptocurrency pair is expected to take approximately two hours.
Users who have outstanding borrowings or are using these tokens as collateral in margin trading or flexible loans must repay their debts before the delisting time. Failure to do so will result in the system triggering a forced repayment.
Extreme price volatility is anticipated. To prevent potential losses from forced repayments, users are urged to cease trading these pairs and close all associated positions well in advance. For a comprehensive overview of how to navigate these changes, explore more strategies here.
Adjustments to Collateral Discount Rates
A significant part of this delisting process involves gradually reducing the collateral discount rates for BONE and RACA to zero. This change affects users who hold these assets in cross-margin accounts.
Previous Discount Rate Structure:
BONE:
- Tier 1: Max Collateral 3,500 → Discount Rate 0.8
- Tier 2: Max Collateral 5,800 → Discount Rate 0.78
- Tier 3: Max Collateral 10,000 → Discount Rate 0.77
- Tier 4+: Max Collateral increases by 5,800 → Discount Rate decreases by 0.01
RACA:
- Tier 1: Max Collateral 10,000,000 → Discount Rate 0.8
- Tier 2: Max Collateral 18,000,000 → Discount Rate 0.78
- Tier 3: Max Collateral 28,000,000 → Discount Rate 0.77
- Tier 4+: Max Collateral increases by 18,000,000 → Discount Rate decreases by 0.01
New Discount Rate Structure (Effective After Delisting):
- Max Collateral: 0
- Discount Rate: 0
Understanding Discount Rates and Risk
In multi-currency cross-margin mode, different cryptocurrencies are converted into their USD value to serve as margin. Because market liquidity varies significantly between assets, the platform applies a discount rate to calculate the actual USD value of certain crypto holdings, thereby balancing overall market risk.
As the discount rates for BONE and RACA are reduced to zero, the effective value of these tokens as collateral will diminish. This will cause the maintenance margin ratio for users employing these tokens as collateral to increase. To avoid forced liquidation triggered by these discount adjustments, users must manage their risk promptly by closing positions, reducing exposure, or adding additional margin from other sources.
Frequently Asked Questions
What happens to my open BONEUSDT perpetual contract on March 11?
At 8:00 am UTC on March 11, 2025, your open position will be automatically delivered and closed. The settlement price will be based on the arithmetic average of the OKX index price from one hour before delisting. You will no longer be able to trade this contract after this time.
I have an open loan using RACA as collateral. What should I do?
You must repay your loan in full before March 10, 2025, at 6:00 am UTC. After this time, the borrowing feature will be suspended, and if any loan remains unpaid, the system will execute a forced repayment, which could result in losses due to potential price volatility.
Why is OKX removing these trading pairs?
The delisting is part of OKX's ongoing effort to maintain a healthy and liquid market ecosystem. It involves removing lower-volume trading pairs to concentrate liquidity and enhance the trading experience for the wider community on the platform. You can view real-time tools to better manage your portfolio during such events.
Will I be able to see my past trade history for these pairs?
Yes, all your order history and billing records will remain available for download even after the pairs have been delisted. You can access and back up this data through the report center on the OKX website.
What does a discount rate of 0 mean for my collateral?
A discount rate of 0 means the asset will have zero value as collateral in your margin account. If you are using BONE or RACA to secure margin positions, their value will no longer contribute to your collateral balance, increasing your risk of liquidation.
How can I avoid forced liquidation due to these changes?
The best course of action is to proactively manage your risk. Close any positions that rely on these assets as collateral, reduce your leverage, or add additional acceptable collateral to your margin account to maintain a safe margin level.