OKX Announces Delisting of SUSHIUSD, NFTUSDT, and Other Leveraged & Perpetual Pairs

In a recent move aimed at enhancing risk management and improving user trading experience, OKX has announced the upcoming delisting of several leveraged trading pairs and perpetual contracts. This includes popular pairs such as SUSHIUSD, NFTUSDT, YFIUSD, and others. The exchange emphasizes that regular reviews and adjustments are part of its ongoing commitment to maintaining a secure, efficient, and sustainable trading environment.

The delisting process will be rolled out in phases, with specific timelines for both perpetual contracts and leveraged trading pairs. Users are strongly advised to take necessary actions before the deadlines to avoid forced liquidations or disruptions in fund transfers.

Perpetual Contract Delisting Schedule

OKX will be discontinuing multiple USD- and USDT-margined perpetual contracts in two batches. The first batch is set for May 16, 2025, while the second will follow on May 21, 2025.

First Batch – May 16, 2025 (4:00 PM UTC+8)

• SUSHIUSD
• YFIUSD
• NFTUSDT
• NEOUSD
• BSVUSD

Second Batch – May 21, 2025 (4:00 PM UTC+8)

• FOXYUSDT
• ULTIUSDT
• BUZZUSDT
• RONUSDT
• VELOUSDT

At the time of delisting:

• All open orders will be automatically canceled.
• Trading will cease immediately.
• Positions will be settled using the arithmetic average of the OKX index price one hour prior to delisting.
• If index manipulation is detected during this window, OKX reserves the right to adjust the final settlement price to a fair market value.

Notably, the funding rate for the final period will be set to 0%, meaning no funding fees will be charged or recorded. Additionally, no delivery fees or extra charges will apply during the settlement process.

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Risk Management Recommendations

Given potential volatility leading up to delisting, traders are encouraged to:

• Reduce leverage exposure.
• Close positions proactively.
• Monitor account health closely.

Users holding positions valued over $10,000 USD equivalent at settlement will face a temporary restriction on asset transfers across their account for 30 minutes post-delivery. This measure ensures system stability during high-impact operations.

Historical order records and billing statements for these contracts will remain accessible via the desktop Order Center, allowing users to download and archive data as needed.

To support a smooth transition, OKX may adjust price limit rules if abnormal price deviations occur, ensuring orderly market conditions during the wind-down phase.

Leveraged Trading & Flexible Lending Pair Removal

In parallel with perpetual contract adjustments, OKX is also phasing out several leveraged trading pairs and related flexible lending services.

Key Timeline Overview

During the delisting window (approximately 2 hours per pair):

• Leveraged trading will be suspended.
• All open market orders will be canceled.
• Flexible lending functionality will be disabled.

Users who have borrowed assets or pledged collateral in these pairs must repay outstanding loans before delisting. Failure to do so will trigger an automatic repayment mechanism, which could result in unfavorable execution prices—especially during volatile market conditions.

⚠️ Risk Advisory: Due to potential price swings during delisting windows, OKX strongly recommends users manually close positions and repay debts in advance to minimize loss risks.

Adjustments to Coin Discount Rates

As part of broader risk control measures, OKX is updating its coin discount rate framework within cross-margin account models.

What Are Coin Discount Rates?

In a cross-margin system, various cryptocurrencies can be used collectively as collateral after being converted into USD value. However, due to differences in liquidity, volatility, and market depth, not all assets are treated equally.

To reflect this variance and manage systemic risk, OKX applies a discount factor to each coin’s market value when calculating usable margin. For example:

• A highly liquid asset like BTC might have a discount rate of only 5–10%.
• A less-traded or volatile token could face a 50% or higher discount.

With the ongoing removal of certain trading pairs, OKX will gradually reduce the discount rates of affected coins to zero.

Implications for Traders

As a coin’s discount rate approaches zero:

• Its effectiveness as collateral diminishes.
• The required maintenance margin ratio for positions using that asset may increase.
• There's a heightened risk of forced liquidation, even without significant price movement.

To avoid unexpected margin calls or liquidations:

✅ Close or reduce leveraged positions using affected coins
✅ Replace low-discount-rate assets with more stable collateral
✅ Add additional margin in high-value tokens like BTC or ETH

👉 Optimize your margin strategy with OKX’s dynamic risk calculator and portfolio insights.

Why Is OKX Making These Changes?

These updates are not isolated events but part of a proactive strategy to:

• Mitigate market risk associated with low-liquidity or highly volatile assets.
• Enhance platform stability during periods of macroeconomic uncertainty.
• Improve user experience by focusing resources on high-performance trading pairs.
• Align with global compliance standards and best practices in digital asset management.

By regularly reviewing and refining its product offerings, OKX ensures traders operate in a safer, more transparent environment—where innovation meets responsibility.

Frequently Asked Questions (FAQ)

Q1: What happens if I don’t close my position before delisting?

If you hold an open position when a perpetual contract is delisted, it will be automatically settled using the pre-defined index average price. While no fees are charged, you cannot influence the exit price—potentially leading to unintended gains or losses.

Q2: Will I lose access to my funds after delisting?

No. Your principal remains safe. However, users with large unsettled positions (> $10,000) may face a 30-minute transfer freeze post-settlement for security reasons.

Q3: Can I still view my trade history after delisting?

Yes. All historical orders and financial records for delisted pairs remain accessible through the desktop Order Center. You’re encouraged to export data for personal records.

Q4: Why are borrowing functions disabled early?

Borrowing is suspended ahead of delisting to give users ample time to repay loans. This prevents last-minute scrambles and reduces systemic risk from forced repayments during high volatility.

Q5: How does lowering discount rates affect my portfolio?

Lower discount rates mean your collateral is worth less in margin terms. This increases your effective leverage and may push your account closer to liquidation thresholds—even if prices don’t move.

Q6: Are more pairs likely to be delisted in the future?

Yes. OKX conducts regular reviews based on liquidity, trading volume, security audits, and market demand. Users should stay informed through official announcements and adjust strategies accordingly.

Final Thoughts

The delisting of perpetual contracts like SUSHIUSD, NFTUSDT, and leveraged pairs such as ELF/USDT and FLM/USDT reflects OKX’s commitment to responsible innovation in crypto trading. While change can create short-term inconvenience, it ultimately strengthens platform resilience and protects user interests.

Staying informed, managing leverage wisely, and adapting quickly are key habits for long-term success in digital asset markets.

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