As part of its ongoing commitment to risk management and user protection, OKX has announced the upcoming delisting of ZKJ-related trading pairs across multiple product lines. This includes the removal of ZKJ perpetual contracts, leverage trading pairs, and adjustments to collateral discount rates. These measures are designed to maintain platform stability, mitigate volatility risks, and ensure a safer trading environment for all users.
The changes come amid broader market shifts and reflect OKX’s proactive approach to managing digital assets with lower liquidity or heightened price fluctuations. Below is a detailed breakdown of the timeline, implications, and recommended actions for affected users.
Perpetual Contract Delisting Schedule
The ZKJUSDT perpetual contract will be officially delisted on April 30, 2025, at 4:00 PM (UTC+8). At this time:
- Trading for the contract will cease.
- All open orders will be automatically canceled.
- Open positions will be 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 shows signs of manipulation during the final hour, OKX reserves the right to adjust the settlement price to a fair and reasonable level based on market conditions.
Notably:
- The funding rate for the final cycle (at 4:00 PM) will be set to 0, meaning no funding fees will be charged or recorded.
- No additional fees—including delivery or settlement charges—will apply during position liquidation.
Users holding positions with a value exceeding $10,000 USD at the time of settlement will face a temporary restriction on asset transfers for 30 minutes post-delivery. This measure helps prevent potential abuse during high-risk transitions.
Historical order records and billing statements will remain accessible after delisting. Users are encouraged to download their data via the desktop Order Center before the transition for personal recordkeeping.
Adjustments to Leverage Trading and Flexible Lending
To align with the broader delisting plan, OKX will also phase out ZKJ/USDT leverage trading and flexible borrowing services according to the following schedule:
- Borrowing suspension: April 28, 2025, at 11:10 AM (UTC+8)
- Full delisting window: April 29, 2025, from 5:00 PM to 7:00 PM (UTC+8)
During this two-hour window:
- Leverage trading will be disabled.
- All active market orders will be canceled.
- The system will initiate forced repayment for any outstanding borrowed assets if not settled manually.
⚠️ Risk Advisory: Due to potential price volatility during the wind-down period, users are strongly advised to repay borrowed amounts and close leveraged positions before the deadline. Failure to do so may result in automatic liquidation at unfavorable rates, leading to unexpected losses.
Collateral Discount Rate Adjustment for ZKJ
In cross-margin accounts, different cryptocurrencies are discounted when used as collateral due to varying levels of market liquidity and volatility. With ZKJ being phased out, OKX will gradually reduce its collateral discount rate to 0%, effectively removing it as a viable margin asset.
Previous Discount Structure:
- Tier 1: Up to 6,000 ZKJ → 80% discount rate
- Tier 2: Up to 10,000 ZKJ → 70% discount rate
- Tier 3: Up to 16,000 ZKJ → 65% discount rate
- Tier 4+: Each additional 10,000 ZKJ → Decrease by 5 percentage points per tier
This tiered model allowed users to use larger holdings as margin while accounting for risk through diminishing valuation.
New Policy Implications:
As the discount rate approaches zero:
- The effective USD value of ZKJ used as collateral will decline.
- Maintenance margin requirements for positions backed by ZKJ will increase.
- Risk of forced liquidation rises significantly for under-collateralized accounts.
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Users relying on ZKJ as collateral should take immediate action by:
- Reducing leverage exposure.
- Repaying borrowed assets early.
- Adding more stable collateral (e.g., USDT, BTC, ETH).
- Closing positions proactively to avoid automatic execution.
Why Is OKX Delisting ZKJ?
While OKX does not typically disclose specific internal criteria for delisting decisions, common factors include:
- Declining trading volume and liquidity.
- High price volatility without fundamental backing.
- Reduced community or developer activity.
- Compliance and risk mitigation protocols.
Delisting is not necessarily a reflection on the project’s legitimacy but rather a strategic decision to uphold platform integrity and user safety.
Platforms like OKX regularly review their listed assets to ensure they meet evolving standards in security, transparency, and market demand. This routine maintenance supports long-term sustainability in an increasingly regulated digital asset landscape.
Frequently Asked Questions (FAQ)
Q1: What happens to my open ZKJUSDT perpetual contract after April 30?
All open positions will be settled at the average index price from the hour before delisting. No funding fees or extra charges will apply.
Q2: Can I still view my past trades after delisting?
Yes. Historical orders and billing records remain available for download via the desktop Order Center.
Q3: Will I lose money if I don’t close my leveraged position before delisting?
You may incur losses if the system forcibly closes your position during volatile market conditions. Manual closure gives you control over exit timing and pricing.
Q4: Why is the collateral discount rate being reduced?
Lower liquidity increases risk. By reducing the discount rate, OKX ensures that volatile assets don’t overinflate margin capacity, protecting both users and the platform.
Q5: Can I still hold ZKJ in my spot wallet after delisting?
Yes. Delisting affects derivatives and margin products only. You can continue holding or transferring ZKJ in your spot account unless further notices are issued.
Q6: Is there a chance ZKJ could be relisted in the future?
Relisting depends on market performance, liquidity recovery, and compliance review. There is no current timeline for reconsideration.
Final Recommendations for Users
To navigate these changes smoothly:
- Monitor deadlines closely — especially April 28–30, 2025.
- Avoid last-minute actions — settle loans and close positions early.
- Review your collateral mix — diversify into more stable assets.
- Use built-in tools — leverage stop-losses, take-profit orders, and portfolio analytics.
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OKX remains committed to delivering secure, transparent, and user-focused services. By proactively managing asset listings and risk parameters, the platform continues to strengthen trust and reliability in the global crypto ecosystem.
Stay informed, stay prepared, and trade responsibly.