As part of its ongoing commitment to risk management and user protection, OKX has announced the upcoming delisting of several leveraged trading pairs and perpetual contracts. This strategic move aims to enhance platform stability, ensure market integrity, and provide users with a safer and more reliable trading environment.
The changes will take effect in stages across perpetual contracts, leveraged spot trading, and flexible lending services. Users are strongly advised to review the timeline and adjust their positions accordingly to avoid unintended liquidations or forced repayments.
Perpetual Contracts: Key Delisting Schedule and Procedures
OKX will be delisting the following perpetual contracts on December 19, 2023, between 4:00 PM and 5:00 PM (UTC+8):
- XMRUSDT
- XMRUSD
- DASHUSDT
- DASHUSD
- ZECUSDT
- ZECUSD
- ZENUSDT
What Happens During Delisting?
At the specified time:
- Trading for these contracts will be suspended.
- All open orders will be automatically canceled.
- User positions will be automatically settled using the arithmetic average of the OKX index price over the hour preceding delisting.
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In cases where the index price is suspected of manipulation during this final hour, OKX reserves the right to adjust the final settlement price to a fair and reasonable level based on market conditions.
Funding Rate and Fees
- The funding rate at 4:00 PM (UTC+8) will be set to 0%, meaning no funding payment will be recorded.
- No funding fees or settlement fees will be charged during the delivery process.
Risk Management During Wind-Down
Given the potential for increased volatility before delisting, users are encouraged to:
- Reduce effective leverage
- Close positions proactively
If any positions result in liquidation losses, OKX will first cover them using the insurance fund. If the fund is insufficient, the system will initiate auto-deleveraging, starting with users who have the highest profit margins.
Post-Delisting Account Restrictions
Users holding positions valued at over $10,000 USD at the time of settlement will face a temporary restriction on asset transfers across their trading accounts. This limitation will be lifted automatically after 30 minutes.
Historical order records and billing details for these contracts will remain accessible via the desktop Order Center, allowing users to download and back up their data as needed.
Adjustments to Perpetual Contract Risk Parameters
To ensure a smooth and orderly delisting process, OKX will implement temporary adjustments to the price limit rules for the affected contracts.
Price Limit Calculation Overview
The price limit mechanism helps prevent extreme price deviations by restricting order placement beyond certain thresholds relative to the index price.
Standard Formula:
First 10 minutes after contract launch:
- Max Price:
Index Ă— (1 + X) - Min Price:
Index × (1 – X)
- Max Price:
After first 10 minutes:
- Max Price:
Min[Max(Index, Index Ă— (1 + Y) + avg premium over past 10 min), Index Ă— (1 + Z)] - Min Price:
Max[Min(Index, Index × (1 – Y) + avg premium over past 10 min), Index × (1 – Z)]
- Max Price:
Temporary Adjustments Before Delisting
| Time Before Delisting | X | Y | Z |
|---|---|---|---|
| Final 48 hours | 2% | 2% | 5% |
| Final 30 minutes | 1% | 1% | 2% |
Note: These parameters may be adjusted further if abnormal price behavior is detected prior to delisting.
These tighter limits are designed to reduce volatility and protect users during the critical wind-down phase.
Leveraged Trading & Flexible Lending: Pair Delistings
In parallel with perpetual contract adjustments, OKX is also phasing out several leveraged trading and flexible lending pairs.
Delisting Timeline (UTC+8)
| Trading Pair | Stop Borrowing Time | Full Delisting Time |
|---|---|---|
| ZEC/BTC | Dec 15, 2:00 PM | Dec 19, 11:00 AM |
| DASH/BTC | — | Dec 19, 12:00 PM |
| XMR/USDC | — | Dec 19, 2:00 PM |
| XMR/BTC | — | Dec 19, 3:00 PM |
| ZEN/USDT | — | Dec 19, 5:00 PM |
| ZEC/USDT | — | Dec 19, 6:00 PM |
| DASH/USDT | — | Dec 19, 7:00 PM |
| XMR/USDT | — | Dec 19, 8:00 PM |
Each delisting process will take approximately one hour. During this window:
- Leveraged trading will be disabled.
- All open market orders will be canceled.
- Flexible lending services for the affected pairs will cease.
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Critical Reminder for Borrowers
Users who have borrowed assets or pledged collateral in these pairs must:
- Repay borrowed funds before the delisting time.
- Failure to do so will trigger automatic repayment by the system.
This forced repayment may occur at unfavorable market prices, potentially resulting in financial loss due to high volatility.
Adjustment of Coin Discount Rates
To further strengthen risk controls in cross-margin accounts, OKX is updating the discount rates applied to certain cryptocurrencies when calculating their USD value as collateral.
Updated Discount Rates
For XMR, DASH, ZEC:
| Tier (USD Value) | Previous Discount Rate | New Discount Rate |
|---|---|---|
| $0 – $250,000 | 0.8 | 0 |
| $250,000 – $500,000 | 0.7 | |
| $500,000 – $1,000,000 | 0.5 | |
| Over $1,000,000 | 0 |
For ZEN:
| Tier (USD Value) | Previous Discount Rate | New Discount Rate |
|---|---|---|
| $0 – $50,000 | 0.5 | 0 |
| Over $50,000 | 0 |
Why Discount Rates Matter
In cross-margin mode, multiple cryptocurrencies can be used together as collateral. However, due to varying levels of liquidity and market stability, OKX applies discount factors to reflect realistic liquidation values under stress conditions.
By reducing or eliminating discount rates for these coins, OKX signals a shift in risk assessment—likely due to lower trading volumes or increased volatility—ensuring that margin calculations remain conservative and protective of user equity.
Frequently Asked Questions (FAQ)
Q: Why is OKX delisting these contracts and pairs?
A: Delistings are part of routine risk management. They help maintain platform stability by removing low-liquidity or high-risk instruments that could threaten user safety during volatile markets.
Q: What should I do if I have an open position?
A: Close your position before the delisting time. If you hold borrowed assets, repay them early to avoid forced liquidation at potentially unfavorable prices.
Q: Will I be charged fees during contract settlement?
A: No. There are no funding fees or settlement fees during the delisting process. The final funding rate is set to zero.
Q: Can I still access my trade history after delisting?
A: Yes. Historical orders and billing records remain available through the desktop Order Center for download and personal backup.
Q: Why were discount rates changed to zero?
A: Zero discount rates mean these assets will no longer contribute value as collateral in cross-margin accounts. This reflects updated risk assessments based on liquidity and market conditions.
Q: How can I stay informed about future delistings?
A: Regularly check the official OKX announcements page and enable platform notifications to receive timely updates.
Final Thoughts
OKX continues to prioritize user security and market integrity through proactive risk management measures. The delisting of specific perpetual contracts and leveraged pairs—alongside adjustments to discount rates—reflects a disciplined approach to maintaining a resilient trading ecosystem.
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By staying informed and acting early, traders can navigate these changes smoothly and continue building robust strategies on a secure platform. Always monitor your open positions and borrowing status to avoid unexpected outcomes during transition periods.