Following an official request from Polyhedra Network, the ZK token is undergoing a rebranding process. In preparation for this change, OKX will remove the associated margin trading pairs and perpetual futures contracts from its platform.
It is important to note that spot trading for ZK will remain unaffected. Any additional updates regarding this asset will be communicated through official channels at a later date.
Detailed Delisting Timeline and Procedures
The delisting process is structured to ensure an orderly transition for all users. Below is a comprehensive breakdown of the schedule and the key steps involved.
Perpetual Futures Delisting Schedule
The ZKUSDT perpetual futures contract will be officially delisted on June 4, 2024, at 8:00 am UTC. At this time, all active trades for this instrument will be terminated, and any remaining open orders in the order book will be automatically canceled.
The settlement of all open positions will be based on the arithmetic average price of the corresponding OKX index, calculated one hour prior to the delisting time. Should any abnormalities be detected in the index price during this final hour, OKX reserves the right to adjust the final delivery price to a level deemed reasonable for a fair settlement.
The funding rate for the period ending at 8:00 am UTC on the delisting day will be set to 0. Consequently, no funding fees for this interval will be recorded or billed.
Important Risk Management Advice
Given the potential for heightened market volatility leading up to the delisting, users are strongly advised to proactively manage their risk. This can be done by either reducing leverage multiples or closing out positions ahead of the scheduled time.
For the first 30 minutes following the delisting, users holding delivered positions valued over $10,000 in the affected perpetual contracts will have their asset transfer functionality temporarily restricted. This is a standard risk control measure. Transfers will resume as normal after this 30-minute window.
All order history and billing records will remain accessible for review after the delisting. Users wishing to back up their trading data can do so by downloading reports from the designated report center on the OKX website. For a seamless experience with your assets, you can explore more strategies on managing portfolio transitions.
Adjustments to Risk Control Parameters
To facilitate a smooth delivery process for the perpetual futures, OKX will implement temporary adjustments to its risk control parameters, specifically concerning price limits.
Price Limit Rule Adjustments:
- 48 hours before delivery: Parameters X, Y, and Z will be set to 2%, 2%, and 5%, respectively.
- 30 minutes before delivery: Parameters X, Y, and Z will be tightened to 1%, 1%, and 2%, respectively.
These measures are designed to curb excessive price swings. OKX may make further adjustments to these limits if significant deviations from the contract price occur before the delisting.
Margin Trading and Flexible Loan Suspension
The process for margin trading pairs will occur in two phases:
| Margin Trading Pair | Borrowing Feature Ceases | Full Delisting Time |
|---|---|---|
| ZK/USDT | May 31, 2024, 6:00 am UTC | June 3, 2024, 9:00 am UTC |
At the specified delisting times, OKX will suspend all margin trading and flexible loan services for the ZK/USDT pair. All open margin orders will be canceled. The suspension process for each crypto pair may take approximately one hour to complete.
Users with outstanding borrowings or collateral in these margin trading or flexible loan pairs must ensure full repayment before the delisting times. Failure to do so will result in the system triggering a forced repayment, which could occur at unfavorable prices due to potential market volatility.
To avoid potential losses from such forced liquidations, it is highly recommended that users cease trading these pairs and close all related positions well in advance of the deadlines.
Adjustment of Discount Rates
In conjunction with the delisting, the discount rate applied to ZK holdings in multi-currency cross margin accounts will be adjusted to 0%, effective from the delisting time. This change reflects the updated risk profile and liquidity assessment of the asset following its removal from certain trading products.
In cross margin mode, assets are converted to a USD value using discount rates to balance market risks arising from varying liquidity levels across different cryptocurrencies.
Frequently Asked Questions
What happens to my open ZK perpetual futures positions on June 4th?
All open ZKUSDT perpetual futures positions will be automatically closed at the official delisting time. They will be settled at a delivery price based on the index average from one hour prior. You will not incur any funding fees for the final billing period.
Can I still trade ZK on OKX after the delisting?
Yes, the delisting only affects the ZK/USDT margin trading pair and the ZKUSDT perpetual futures contract. Spot trading for ZK tokens will continue to be available on the platform without interruption.
Why is OKX delisting these specific ZK products?
The delisting is a procedural requirement initiated by the token's project team, Polyhedra Network, which is rebranding and changing the token's name. The exchange is complying with the official request to prepare for this change.
What should I do if I have a margin loan in ZK?
You must repay any outstanding ZK loans used in margin trading or flexible loans before the delisting times on May 31st (borrowing cessation) and June 3rd (full delisting). If you fail to repay, the system will execute a forced repayment, which could lead to losses if the market is volatile.
Will I be able to withdraw my ZK tokens during the delisting?
Asset transfers for trading accounts will be temporarily restricted for 30 minutes after the perpetual futures delisting only for users with large delivered positions. After this brief window, all deposit and withdrawal functions for ZK tokens will operate normally.
Where can I find my historical trade data after the markets close?
Your complete order history and billing records will remain accessible in your account. You can download a backup of this data at any time from the report center on the OKX website to view real-time tools for account management.