To enhance risk management and ensure a secure trading environment, OKX has announced the upcoming delisting of several perpetual contract and margin trading pairs. This strategic move reflects the platform’s ongoing commitment to maintaining market stability, protecting user assets, and delivering a seamless trading experience amid evolving market conditions.
The changes will affect specific USDT- and USD-based perpetual contracts, as well as select margin and lending pairs involving tokens such as MAX, KISHU, SUSHI, and SNX. Users are advised to review the timeline, understand the implications, and take necessary actions before the scheduled deadlines.
Perpetual Contracts to Be Delisted
Starting April 8, 2025, at 4:00 PM UTC+8, OKX will officially delist the following perpetual contracts:
- MAXUSDT
- KISHUUSDT
- 1INCHUSD
- GRTUSD
At the time of delisting:
- All open orders will be automatically canceled.
- Active positions will be settled using the arithmetic average of the OKX index price over the hour preceding delisting.
- If index manipulation or abnormal pricing is detected during this period, OKX reserves the right to adjust the final settlement price to a fair market value.
- The funding rate for the final cycle will be set to 0%, with no funding fees charged or recorded.
- No additional fees—including delivery fees—will be applied during the settlement process.
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Post-Delisting Account Restrictions
Users holding positions valued at over $10,000 USD at the time of settlement will face temporary restrictions on all asset transfers across their account. This security measure lasts for 30 minutes post-delivery to prevent potential system abuse or fund anomalies.
Historical order records and transaction bills for these contracts will remain accessible via the desktop version of OKX’s Order Center, allowing users to download and archive their data for compliance or personal tracking purposes.
Adjustments to Risk Parameters
To ensure smooth contract wind-downs, OKX may dynamically adjust certain risk controls in response to market volatility:
1. Price Limit Adjustments
If abnormal price deviations occur, OKX may modify limit price rules to prevent excessive slippage or manipulation during the final trading hours.
These measures are designed to protect traders from sudden liquidations due to erratic price movements just before delisting.
Margin Trading and Flexible Lending Changes
In parallel with perpetual contract adjustments, OKX is also phasing out support for specific margin trading and flexible lending pairs. The timeline is as follows:
Affected Pairs and Deadlines
| Margin Pair | Borrowing Suspension | Full Delisting Window |
|---|---|---|
| MAX/USDT | April 1, 2025 – 3:00 PM UTC+8 | April 7, 2025 – 2:00 PM to 6:00 PM UTC+8 |
| SUSHI/USDC | April 1, 2025 – 3:00 PM UTC+8 | April 7, 2025 – 2:00 PM to 6:00 PM UTC+8 |
| SNX/USDC | April 1, 2025 – 3:00 PM UTC+8 | April 7, 2025 – 2:00 PM to 6:00 PM UTC+8 |
Each delisting process will take approximately two hours per pair. During this window:
- Margin trading will be suspended.
- All open market orders will be canceled.
- Flexible lending services for these pairs will cease.
Mandatory Repayment Reminder
Users who have borrowed any of the affected assets (MAX, SUSHI, SNX) must repay their loans before delisting begins. Failure to do so will trigger an automatic forced repayment by the system.
⚠️ Important Risk Notice: Forced repayments occur at real-time market prices. In volatile conditions, this could result in significant losses due to unfavorable exchange rates or slippage.
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Updates to Collateral Discount Rates for MAX
As part of broader risk mitigation strategies, OKX is adjusting the collateral discount rate structure for the MAX token within cross-margin accounts.
What Is a Collateral Discount Rate?
In cross-margin mode, users can use multiple cryptocurrencies as collateral. However, due to differences in liquidity and volatility, OKX applies a discount factor when calculating each asset’s effective USD value. This helps manage systemic risk and prevents over-leveraging based on less stable assets.
For example, a discount rate of 0.8 means that $1,000 worth of a given token counts as $800 in usable margin.
Previous MAX Discount Rate Tiers
| Tier | Max Collateral Amount | Discount Rate |
|---|---|---|
| 1 | 20,000 MAX | 0.80 |
| 2 | 32,000 MAX | 0.78 |
| 3 | 52,000 MAX | 0.77 |
| 4+ | +32,000 per tier | -0.01 per tier |
New Adjustment Policy
OKX will now gradually reduce the MAX discount rate toward 0 during its phase-out from supported collateral assets. This means:
- The borrowing power of MAX holdings will steadily decline.
- Users relying on MAX as primary collateral may see increased maintenance margin requirements.
- There is a higher risk of forced liquidation if positions are not adjusted accordingly.
Traders are strongly encouraged to:
- Monitor their health ratios closely.
- Reduce leverage.
- Add more stable collateral (e.g., BTC, ETH, USDT).
- Consider closing positions proactively.
More details on current discount rates can be found directly on the OKX platform under collateral settings.
Frequently Asked Questions (FAQ)
Q1: Why is OKX delisting these contracts and pairs?
OKX regularly reviews its product offerings to maintain high standards of liquidity, security, and user protection. Delisting underperforming or high-risk pairs helps streamline operations and reduce exposure during periods of market uncertainty.
Q2: What happens if I don’t close my position before delisting?
Your position will be automatically settled using the pre-delisting index average. While no extra fees apply, you lose control over exit timing—potentially leading to suboptimal pricing.
Q3: Can I still view my trade history after delisting?
Yes. All historical orders and financial records for delisted contracts remain available for download via the OKX desktop Order Center.
Q4: How does a changing discount rate affect my margin position?
As the discount rate drops, the effective value of your MAX collateral decreases. This increases your loan-to-value (LTV) ratio and may trigger margin calls or liquidations if unaddressed.
Q5: Will I be charged for forced repayment?
While there is no direct fee for forced repayment, the system sells assets at market price. In illiquid markets, this can lead to poor execution prices and indirect losses.
Q6: Are more delistings expected in the future?
Yes. OKX continuously monitors market dynamics and may announce further adjustments to its suite of derivatives and margin products based on trading volume, volatility, and risk profiles.
Final Recommendations for Traders
Market changes like these require proactive management. Whether you're holding leveraged positions or using tokens as collateral, now is the time to:
- Review all open trades involving MAX, KISHU, SUSHI, or SNX.
- Repay any outstanding borrows before deadlines.
- Adjust portfolio allocations away from deprecated assets.
- Utilize OKX’s risk management tools to simulate liquidation scenarios.
Platforms evolve to meet new challenges—smart traders evolve with them.
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By staying informed and acting early, users can navigate these transitions smoothly and continue building resilient crypto portfolios on one of the world’s most trusted digital asset platforms.