To enhance market liquidity and improve the overall trading environment, OKX periodically reviews and optimizes its list of supported trading instruments. This process sometimes involves delisting specific perpetual futures contracts and margin trading pairs. Such actions are routine in the digital asset industry and are undertaken to ensure a healthy and efficient marketplace for all users.
This article provides a detailed overview of the recent delisting announcement, including key dates, important procedures for traders, and adjustments to platform risk parameters.
Key Details on Perpetual Futures Delisting
The following perpetual futures contracts were delisted on July 15, 2024, between 8:00 and 9:00 am UTC:
- GALUSDT
- CELUSDT
- OMGUSDT
- SPELLUSDT
- KSMUSD
Upon delisting, all open orders for these contracts on the order book were automatically canceled.
Settlement and Delivery Process
OKX settled all remaining open positions in the aforementioned perpetual futures at the arithmetic average price of the corresponding OKX index, calculated one hour before the official delisting time.
It's important to note that if the index price exhibited abnormalities in the hour preceding delisting, OKX reserved the right to adjust the final delivery price to a fair and reasonable level. The funding rate for these contracts was set to 0 at 8:00 am UTC on the delisting day, meaning no funding fees were accrued or paid for that final billing period.
Important Risk Management Advice
Given the potential for increased market volatility leading up to a delisting event, users were strongly advised to actively manage their risk. Recommended actions included reducing leverage multiples or closing out positions ahead of the scheduled timeline.
For the first 30 minutes following the delisting, users holding delivered positions valued over $10,000 had their ability to transfer assets out of their trading account temporarily restricted. This measure was a standard security protocol, and normal transfer functionality was restored after this brief window.
All order history and billing records for these contracts remain accessible. Users can download their historical data through the report center on the platform for their records.
Adjustments to Perpetual Futures Risk Parameters
To ensure a smooth delivery process, OKX implemented temporary adjustments to the price limit rules for these contracts in the 48 hours leading up to delisting. These adjustments were designed to manage volatility and protect users.
The parameters (X, Y, Z) governing the highest and lowest price limits were tightened significantly as the delivery time approached, moving from a 2% and 5% band to a more restrictive 1% and 2% band in the final 30 minutes.
Key Details on Margin Trading Pairs Delisting
OKX also delisted several margin trading pairs. The process involved a two-step approach: first, the borrowing feature for these pairs was disabled, followed by the full delisting of the pair from margin trading.
| Trading Pair | Cease Borrowing (UTC) | Delisting Time (UTC) |
|---|---|---|
| GAL/USDT | July 5, 6:00 am | July 11, 6:00 - 8:00 am |
| CEL/USDT | July 5, 6:00 am | July 11, 8:00 - 10:00 am |
| OMG/USDT | July 5, 6:00 am | July 11, 10:00 am - 12:00 pm |
| SPELL/USDT | July 5, 6:00 am | July 12, 6:00 - 8:00 am |
| NEO/BTC | July 5, 6:00 am | July 12, 8:00 - 10:00 am |
| GRT/BTC | July 5, 6:00 am | July 12, 10:00 am - 12:00 pm |
At the specified delisting times, margin trading and flexible loans for these pairs were suspended. All open margin orders were canceled. Users were required to repay any outstanding borrowings for these assets before the delisting. Failure to do so triggered an automatic forced repayment by the system.
Due to the high potential for extreme price fluctuations during these events, OKX recommended that users stop trading these pairs well in advance and close all related positions to avoid potential losses from forced liquidations or repayments.
Adjustments for Margin Trading Pairs
To facilitate an orderly delisting, OKX made precise adjustments to trading parameters for certain pairs. For example, the tick size for the CEL/USDT spot and margin pair was reduced from 0.0001 to 0.000001, allowing for more granular price movements.
A critical adjustment was made to the discount rates applied to these assets when used as collateral in cross-margin accounts. The discount rate for GAL, CEL, OMG, and SPELL was reduced to 0% for all tiers, effectively meaning they could no longer be used as collateral to open new margin positions. This is a standard risk-mitigation step to prevent the use of potentially volatile assets as collateral leading up to a delisting. 👉 Explore more strategies for managing your portfolio during exchange maintenance periods.
Frequently Asked Questions
What does it mean when a trading pair is delisted?
Delisting means a specific cryptocurrency pair is permanently removed from the exchange's trading platform. After delisting, users can no longer place new orders for that pair, and any remaining open orders are canceled.
What should I do if I hold a cryptocurrency that is being delisted from margin trading?
If you have borrowed funds using a cryptocurrency that is being delisted as collateral, you must repay your loan before the delisting time. If you simply hold the asset in your spot wallet, it remains yours, but you will no longer be able to trade it on margin or use it as collateral. You may need to withdraw it to another platform or wallet that supports it.
Can I still withdraw a delisted asset after the trading pair is removed?
Yes, typically. Delisting a trading pair does not mean the asset itself is unsupported. You should still be able to withdraw the underlying cryptocurrency to an external wallet address that supports it, as long as it remains a supported asset on the exchange for withdrawals.
Why do exchanges delist trading pairs?
Exchanges delist pairs for various reasons, including low trading volume and liquidity, significant changes to the project's health or compliance, or as part of a routine review to maintain a high-quality market for users. The goal is often to protect users from highly volatile or illiquid markets.
How is the final delivery price calculated for a delisted perpetual futures contract?
The final settlement price is typically based on the average of the underlying index price over a specific period (e.g., one hour) before the delisting time. This method aims to establish a fair market value at the time of closure and prevent price manipulation.
Will I be forced to close my position before a perpetual futures contract is delisted?
No, your position will not be forcibly closed before the delisting time. However, it will be automatically settled at the official delivery price at the moment of delisting. To avoid the risks of automatic settlement during a potentially volatile period, it is advisable to close the position manually in advance.