As part of its ongoing commitment to risk management and user protection, OKX has announced the planned delisting of several perpetual contracts and margin trading pairs. This strategic move aims to maintain platform stability, enhance trading safety, and ensure a high-quality experience for all users.
The following updates outline the specific delisting schedule, associated adjustments to risk parameters, and important actions users should take to manage their positions effectively.
Perpetual Contract Delisting Schedule
OKX will be delisting the following USDT- and USD-margined perpetual contracts on July 15, 2024, between 4:00 PM and 5:00 PM (UTC+8):
- GALUSDT
- CELUSDT
- OMGUSDT
- SPELLUSDT
- KSMUSD
👉 Learn how to manage your perpetual positions safely and efficiently.
Key Delisting Procedures
At the time of delisting:
- Trading for these contracts will be suspended.
- All open orders will be automatically canceled.
- User positions will be settled using the arithmetic average of the OKX index price over the hour preceding delisting.
In cases where the index price shows signs of manipulation during that final hour, 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, meaning no funding fee will be charged or recorded.
- No additional fees—such as delivery or transaction fees—will be applied during the settlement process.
Risk Management and Position Handling
Given the potential for increased volatility ahead of delisting, users are strongly advised to:
- Reduce leverage exposure.
- Close positions manually in advance.
In the event of liquidation leading to a shortfall (i.e., "auto-deleveraging" scenarios), OKX will first cover losses using its insurance fund. If the fund is insufficient, the system will initiate auto-deleveraging, starting with profitable users in the matching queue.
Post-Delisting Restrictions
Users holding positions valued at over $10,000 at the time of settlement will experience a 30-minute restriction on asset transfers across their trading accounts. Normal functionality will resume automatically after this period.
Historical order records and billing statements for these contracts will remain accessible via the desktop Order Center for users who wish to download and archive their data.
Adjustments to Perpetual Contract Price Limits
To ensure smooth and orderly settlement, OKX will implement temporary adjustments to price limit parameters during the final stages of trading.
Price Limit Formula Overview
The price limits are calculated based on the index price and recent premium trends:
| Phase | Upper Limit | Lower Limit |
|---|---|---|
| First 10 minutes after contract launch | Index × (1 + X) | Index × (1 – X) |
| After 10 minutes | Min[Max(Index, Index × (1 + Y) + Avg. 10-min premium), Index × (1 + Z)] | Max[Min(Index, Index × (1 – Y) + Avg. 10-min premium), Index × (1 – Z)] |
Temporary Adjustments Before Delisting
| Time Before Delisting | X | Y | Z |
|---|---|---|---|
| Final 48 hours | 2% | 2% | 5% |
| Final 30 minutes | 1% | 1% | 2% |
These tighter limits help prevent extreme price swings and reduce manipulation risks. Note that OKX may further adjust these parameters if market conditions warrant.
Margin Trading and Flexible Lending Delistings
In parallel, OKX will phase out margin trading and flexible lending services for several cryptocurrency pairs. The timeline is as follows:
| Margin Pair | Borrowing Suspension | Delisting Window (UTC+8) |
|---|---|---|
| GAL/USDT | July 5, 2:00 PM | July 11, 2:00–4:00 PM |
| CEL/USDT | July 5, 2:00 PM | July 11, 4:00–6:00 PM |
| OMG/USDT | July 5, 2:00 PM | July 11, 6:00–8:00 PM |
| SPELL/USDT | July 5, 2:00 PM | July 12, 2:00–4:00 PM |
| NEO/BTC | July 5, 2:00 PM | July 12, 4:00–6:00 PM |
| GRT/BTC | July 5, 2:00 PM | July 12, 6:00–8:00 PM |
Each delisting process will take approximately one hour. During this time:
- Margin trading will be disabled.
- All open market orders will be canceled.
- Borrowing functionality will be suspended starting July 5.
👉 Discover secure ways to manage your margin positions before delisting deadlines.
Critical Action Required
Users with outstanding borrows or collateral in these pairs must:
- Repay borrowed assets before the delisting window.
- Withdraw or reassign collateral as needed.
Failure to repay will trigger automatic repayment by the system, which may result in unfavorable execution prices due to market volatility.
Adjustments to Trading Precision
To support orderly trading during the wind-down phase, OKX has updated the minimum price increment for select pairs:
| Market Type | Trading Pair | Previous Precision | New Precision |
|---|---|---|---|
| Spot/Margin | CEL/USDT | 0.0001 | 0.000001 |
This finer pricing granularity allows for more precise order placement and helps reduce slippage during periods of low liquidity.
Changes to Cross-Margin Discount Rates
OKX has also revised discount rates for certain assets used in cross-margin accounts, where multiple cryptocurrencies contribute to margin collateral.
Updated Discount Schedule
| Asset(s) | Previous Tier (USD) | Previous Rate | New Tier (USD) | New Rate |
|---|---|---|---|---|
| GAL, CEL, OMG, SPELL | 0–50,000: 50% >50,000: 0% | — | 0+: 0% | — |
All discount rates for these assets have been set to 0%, meaning they will no longer contribute value toward margin requirements in cross-margin mode.
Why Discount Rates Matter
In cross-margin trading, different cryptocurrencies are converted into USD-equivalent value to serve as collateral. However, due to varying liquidity and volatility levels, OKX applies discount factors to mitigate risk. A lower discount rate reflects higher perceived risk or lower market depth.
With these assets now excluded from margin calculations, users must ensure sufficient eligible collateral (e.g., BTC, ETH, USDT) is available to avoid forced liquidations.
Frequently Asked Questions (FAQ)
Q: What happens if I don’t close my perpetual position before delisting?
A: All open positions will be automatically settled using the pre-delisting index average. No action is required, but it’s advisable to close manually to control execution timing.
Q: Will I be charged fees when my contract is settled?
A: No. There are no funding fees for the final cycle, and no delivery or transaction fees apply during settlement.
Q: Can I still access my trade history after delisting?
A: Yes. Historical orders and bills remain available in your desktop account’s Order Center for download.
Q: Why are borrowing functions being suspended before full delisting?
A: Early suspension prevents new risk exposure as liquidity declines, protecting users from unexpected margin calls or liquidations.
Q: What should I do if I have a loan in a delisted pair?
A: Repay your loan before the delisting window. Otherwise, the system will initiate forced repayment, which may occur at unfavorable rates.
Q: How does a 0% discount rate affect my margin account?
A: Affected assets no longer count toward your margin balance. You’ll need alternative collateral to maintain leveraged positions.
👉 Stay ahead of platform updates and manage your crypto portfolio with confidence.
OKX remains committed to delivering secure, transparent, and user-centric trading services. By proactively managing product offerings and risk parameters, the platform continues to prioritize long-term sustainability and user protection in a dynamic digital asset landscape.