OKX will delist several margin trading pairs and perpetual contracts
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：
- Perpetual contract trading
Perpetual swaps Delisting time DORAUSDT August 24, 2023, 08:00 AM UTC ENJUSDT August 24, 2023, 08:00 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 DORAUSDT and ENJUSDT 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 DORAUSDT and ENJUSDT 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 DORAUSDT and ENJUSDT perpetual swaps during the delisting, the following adjustments are made to our risk control parameters:
- 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 |
|---|---|---|
| DORA-USDT | August 18, 2023, 10:00 AM UTC | August 24, 2023, 9:00 AM UTC |
| ENJ-USDT | August 25, 2023, 7:00 AM UTC |
OKX will suspend margin trading and flexible loan at the delisting times listed above and open orders for margin will be canceled. Each crypto pair will take around 1 hour to suspend. Users with borrowings or collateral of the above crypto pairs in margin trading and flexible loan should make sure to repay before the delisting times. A forced payment will be triggered if unpaid borrowings remain due by the delisting times.
Please note: Prices may experience extreme fluctuations. To avoid losses caused by forced repayment, we recommend 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 | |
| DORA, ENJ | 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.
Learn more: https://www.OKX.com/trade-market/discountrate/futures
OKX team
August 18, 2023