As part of its ongoing commitment to maintaining a secure and efficient trading environment, OKX has announced the scheduled delisting of certain perpetual contracts and leveraged trading pairs. This strategic move aims to reduce market risk, improve platform stability, and enhance user experience by streamlining underperforming or high-risk assets.
The changes include the removal of specific perpetual contracts, adjustments to leveraged trading and margin borrowing services, and updates to collateral discount rates for select cryptocurrencies. Traders are advised to review the timeline and take necessary actions to manage their positions ahead of the delisting dates.
Perpetual Contract Delistings and Settlement Process
OKX will be discontinuing several USDT- and USD-margined perpetual contracts. The following contracts are set for delisting:
- XMRUSDT
- XMRUSD
- DASHUSDT
- DASHUSD
- ZECUSDT
- ZECUSD
- ZENUSDT
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Delisting Timeline
These contracts will be officially delisted on December 19, 2023, between 4:00 PM and 5:00 PM (UTC+8). At that time:
- All open trading orders will be canceled.
- Trading will cease permanently.
- User positions will be automatically settled.
Settlement Price Calculation
The final settlement price will be determined using the arithmetic average of the OKX index price during the hour preceding delisting. In cases where the index price is suspected of manipulation or abnormal volatility, OKX reserves the right to adjust the settlement price to a fair and reasonable level.
Funding and Fees
- The funding rate for the final cycle (at 4:00 PM) will be set to 0%.
- No funding fees or delivery fees will be charged during settlement.
- Users will not incur additional costs during the automatic position closure.
Risk Management and Position Handling
To protect users and the broader market:
- Users are strongly encouraged to reduce leverage or close positions manually before delisting.
- If liquidation occurs during settlement, insurance funds will cover initial losses.
- In cases where insurance funds are insufficient, auto-deleveraging (ADL) will begin with the most profitable users.
Post-Delisting Restrictions
Users who held perpetual contract positions valued over $10,000 at settlement will face a 30-minute restriction on asset transfers across their trading accounts. This measure ensures system integrity during the transition.
Historical order records and billing history for these contracts will remain accessible via the desktop platform’s order center for users who wish to download or archive data.
Adjustments to Perpetual Contract Price Limits
To ensure orderly trading in the final hours, OKX will implement temporary adjustments to price band controls:
| Time Before Delisting | X (%) | Y (%) | Z (%) |
|---|---|---|---|
| 48 hours | 2% | 2% | 5% |
| 30 minutes | 1% | 1% | 2% |
Price Limit Formulas
First 10 minutes after contract launch:
- Max Price:
Index × (1 + X) - Min Price:
Index × (1 – X)
After first 10 minutes:
- Max Price:
Min[Max(Index, Index × (1 + Y) + Avg Premium), Index × (1 + Z)] - Min Price:
Max[Min(Index, Index × (1 – Y) + Avg Premium), Index × (1 – Z)]
These dynamic limits help prevent extreme price swings and protect traders from flash crashes or pump-and-dump schemes during low-liquidity periods.
Note: OKX may further adjust these parameters if unusual market behavior is detected.
Leveraged Trading and Flexible Loan Service Updates
Several leveraged trading pairs and flexible borrowing options will also be phased out in stages:
| Trading Pair | Borrowing Suspension | Delisting Time (UTC+8) |
|---|---|---|
| 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 21, 10:00 AM |
| DASH/USDT | — | Dec 21, 11:00 AM |
| XMR/USDT | — | Dec 21, 12:00 PM |
Each delisting process will take approximately one hour. During this time:
- Margin trading will be suspended.
- All open orders will be canceled.
- Flexible borrowing services will be disabled.
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Important for Borrowers
Users with active loans or collateral in these pairs must repay borrowed assets before delisting. Failure to do so will trigger automatic repayment by the system, which may result in unfavorable exchange rates or losses due to market volatility.
Pro Tip: Monitor your loan-to-value (LTV) ratios closely and repay early to avoid forced liquidation.
Cryptocurrency Discount Rate Adjustments
To better reflect market liquidity and volatility, OKX is updating collateral discount rates for cross-margin accounts. These adjustments affect how much value different cryptocurrencies contribute when used as margin.
Updated Discount Rates
For XMR, DASH, ZEC:
| Position Size (USD) | Previous Discount Rate | New Discount Rate |
|---|---|---|
| $0 – $250,000 | 80% | 0% |
| $250,000 – $500,000 | 70% | — |
| $500,000 – $1,000,000 | 50% | — |
| Over $1,000,000 | 0% | — |
For ZEN:
| Position Size (USD) | Previous Discount Rate | New Discount Rate |
|---|---|---|
| $0 – $50,000 | 50% | 0% |
| Over $50,000 | — | — |
This means that XMR, DASH, ZEC, and ZEN will no longer provide any collateral value in cross-margin accounts regardless of position size.
What Is a Discount Rate?
In cross-margin mode, users can use multiple cryptocurrencies as combined collateral. However, due to varying liquidity and volatility levels, OKX applies a discount rate to reduce the effective dollar value of certain assets. This helps mitigate systemic risk during sharp market moves.
For example:
- A $10,000 holding in BTC at an 80% discount rate contributes $8,000 toward margin requirements.
- Under the new rules, a $50,000 holding in ZEN contributes **$0** toward margin.
Frequently Asked Questions (FAQ)
Q: Why is OKX delisting these perpetual contracts and leverage pairs?
A: To maintain platform stability and reduce exposure to low-liquidity or high-volatility assets. Regular reviews help ensure only robust markets remain active.
Q: What happens if I don’t close my position before delisting?
A: Your position will be automatically settled at the final index-based price. While no fees apply, unexpected losses may occur due to market conditions.
Q: Will I lose access to my funds after delisting?
A: No. Your assets remain safe. However, users with large settled positions (> $10k) face a temporary 30-minute transfer freeze for security reasons.
Q: Can I still trade these coins on spot markets?
A: Yes. Delisting applies only to perpetual and margin products. Spot trading for these assets may continue unless separately announced.
Q: Why were discount rates reduced to zero?
A: Due to declining market depth and increased volatility for these altcoins, they now pose higher risk as collateral. Zero discounting aligns with conservative risk management practices.
Q: How can I prepare for these changes?
A: Review your open positions and loans. Close or transfer holdings before deadlines. Consider diversifying collateral into more stable assets like BTC or ETH.
Final Notes
OKX remains committed to delivering a secure, transparent, and user-focused trading experience. By proactively managing product offerings and risk parameters, the platform ensures long-term sustainability and trust in volatile crypto markets.
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Traders are encouraged to stay informed through official announcements and utilize built-in risk management features to navigate transitions smoothly.