As part of ongoing efforts to enhance market liquidity and deliver a superior trading experience, OKX has announced the delisting of the ZKJ/USDT margin trading pair and ZKJUSDT perpetual futures contract. This strategic adjustment reflects OKX’s commitment to maintaining high-quality financial products and ensuring long-term platform stability for all users. Below is a comprehensive overview of the changes, timelines, risk management protocols, and key actions traders should take.
Perpetual Futures Delisting Schedule
The ZKJUSDT perpetual futures contract will be officially delisted on April 30, 2025, at 8:00 AM UTC. After this time, all trading functionality related to this pair will cease.
Key details include:
- All open orders in the order book will be automatically canceled upon delisting.
- Open positions will be settled using the arithmetic average price of the OKX index over the one hour preceding delisting.
- In cases where index price anomalies occur during that final hour, OKX reserves the right to adjust the settlement price to a fair and reasonable level.
- The funding rate at the moment of delisting will be set to 0%, meaning no funding fees will be charged or collected for that cycle.
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Post-Delisting Restrictions
For risk mitigation purposes, users holding ZKJUSDT perpetual futures positions valued at more than $10,000 USD at the time of delivery will face temporary restrictions:
- Asset withdrawals from their trading accounts will be blocked for 30 minutes after delisting.
- Normal withdrawal functionality will resume automatically after this brief window.
All historical data—including order history, billing records, and transaction logs—will remain accessible post-delisting. Users are encouraged to download relevant reports via the Report Center on the OKX website before or shortly after delisting for personal recordkeeping.
Risk Control Adjustments
To ensure smooth and secure settlement of open contracts, OKX will implement dynamic risk control measures ahead of delisting:
- Price limit rules may be adjusted based on prevailing market conditions to prevent excessive volatility or manipulation near the delisting time.
Given the potential for sharp price movements in the lead-up to delisting, traders are strongly advised to reduce leverage, close positions early, or adjust exposure accordingly to minimize liquidation risks.
Margin Trading Pair Suspension
The ZKJ/USDT margin trading pair will undergo a phased suspension process:
| Feature | Timing |
|---|---|
| Cease Borrowing Function | April 28, 2025, 3:10 AM UTC |
| Full Delisting Window | April 29, 2025, 9:00–11:00 AM UTC |
During the full delisting window (lasting approximately two hours), OKX will:
- Disable margin trading and flexible loan services for ZKJ/USDT.
- Cancel all pending margin orders.
Users who have borrowed ZKJ or used it as collateral in either cross-margin or isolated margin accounts must repay outstanding loans before the delisting window begins. Failure to do so will trigger an automatic forced repayment mechanism.
Important: Due to heightened volatility around delisting events, traders are urged to exit positions early and settle debts proactively to avoid losses from forced liquidations.
Discount Rate Adjustment for ZKJ Collateral
A critical update affecting risk management involves the discount rate applied to ZKJ when used as collateral in multi-currency cross-margin accounts.
Previously, ZKJ had tiered discount rates based on collateral value:
| Tier | Max Collateral (ZKJ) | Discount Rate |
|---|---|---|
| 1 | 6,000 | 0.8 |
| 2 | 10,000 | 0.7 |
| 3 | 16,000 | 0.65 |
| 4+ | +10,000 per tier | -0.05 per tier |
Effective immediately, these tiers are being removed entirely:
| Max Collateral | Discount Rate |
|---|---|
| 0 | 0 |
This means ZKJ will no longer contribute any usable value toward margin requirements in cross-margin mode.
Why This Matters
In multi-currency cross-margin systems, various cryptocurrencies are converted into USD equivalents using discount rates that reflect their liquidity, volatility, and market depth. Higher-risk or lower-liquidity assets receive lower discount rates to protect against sudden devaluation.
With ZKJ's discount rate now set to zero, its use as collateral is effectively suspended. As a result:
- The maintenance margin ratio for accounts holding ZKJ as part of their collateral basket may increase.
- Users face a higher risk of forced liquidation if they fail to compensate by adding stable collateral or reducing leveraged positions.
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Traders are encouraged to monitor their portfolio health closely and act promptly to avoid margin calls.
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Frequently Asked Questions (FAQ)
Q: What happens to my open ZKJUSDT perpetual position after delisting?
A: All open positions will be settled at the average index price during the hour before delisting. You’ll receive the final payout in your account after processing.
Q: Can I still withdraw funds immediately after delisting?
A: If your position exceeds $10,000 in value at settlement, withdrawals will be locked for 30 minutes. Smaller positions face no restrictions.
Q: Will I lose money if I don’t close my margin position before delisting?
A: Yes—failure to repay borrowed assets or close positions may result in forced repayment or liquidation at unfavorable prices due to volatility.
Q: Why is OKX setting ZKJ’s discount rate to zero?
A: This move reflects reduced market liquidity and increased risk associated with ZKJ. It helps maintain system-wide stability in cross-margin accounts.
Q: How can I download my trading history before delisting?
A: Log in to your OKX account, go to the Report Center, and export your order history, billing records, and transaction data.
Q: Is there a chance OKX might reverse the delisting decision?
A: No—this is a final decision based on strategic product optimization. No reinstatement is planned.
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Final Thoughts
The delisting of ZKJ-related trading products marks a proactive step by OKX to refine its offerings and prioritize user protection amid changing market dynamics. By understanding the timeline, settlement mechanics, and collateral implications, traders can make informed decisions and safeguard their portfolios.
Staying updated on platform announcements and adjusting strategies accordingly remains essential in today’s fast-moving digital asset landscape. Always assess leverage usage, monitor collateral health, and leverage available tools to navigate transitions smoothly.