To enhance market stability and deliver a safer trading environment, OKX will proceed with the delisting of certain perpetual contracts and margin trading pairs. This strategic move aligns with our ongoing efforts to manage risk exposure and ensure optimal trading conditions for all users. Below is a comprehensive overview of the upcoming changes, including timelines, procedural details, and essential risk management recommendations.
Perpetual Contract Delisting Schedule
The following perpetual contract will be delisted as part of this update:
- YFIIUSDT – Delisted between 4:00 PM and 5:00 PM (UTC+8) on February 7, 2024
At the time of delisting:
- Trading for this contract will cease immediately.
- All open orders will be automatically canceled.
- User positions will be settled using the arithmetic average of the OKX index price during the hour preceding delisting.
In the event of abnormal price manipulation affecting the index during this period, OKX reserves the right to adjust the final settlement price to a fair and reasonable level.
Settlement and Fee Details
- The funding rate for the cycle ending at 4:00 PM on delisting day will be set to 0, meaning no funding fee will be charged or recorded.
- No additional fees—including delivery or settlement fees—will be applied during the position closure process.
👉 Discover how to manage your perpetual positions effectively before delisting deadlines.
Risk Management Measures
Given the potential for increased volatility prior to delisting, users are strongly advised to:
- Reduce effective leverage
- Close positions proactively
If any positions result in liquidation losses upon delisting:
- The insurance fund will cover initial deficits.
- Should the insurance fund be insufficient, the system will initiate auto-deleveraging, starting with users showing the highest profitability.
Additionally, users holding positions valued at over $10,000 USD at settlement will face temporary restrictions on asset transfers across their trading accounts. These restrictions will be lifted automatically after 30 minutes.
Historical order records and transaction bills for the delisted contract will remain accessible via the desktop Order Center for future reference and data backup.
Adjustments to Price Band Rules
To ensure orderly delisting and prevent extreme price deviations, OKX will implement temporary adjustments to the price limit mechanism for the YFIIUSDT perpetual contract:
Price Limit Formula Overview
| Phase | Upper Limit | Lower Limit |
|---|---|---|
| First 10 minutes after contract launch | Index × (1 + X) | Index × (1 – X) |
| After first 10 minutes | Min[Max(Index, Index × (1 + Y) + avg premium over past 10 min), Index × (1 + Z)] | Max[Min(Index, Index × (1 – Y) + avg premium over past 10 min), Index × (1 – Z)] |
Temporary Adjustments Before Delisting
| Time Before Delisting | X | Y | Z |
|---|---|---|---|
| 48 hours prior | 2% | 2% | 5% |
| 30 minutes prior | 1% | 1% | 2% |
Note: OKX may further adjust these parameters if significant market anomalies occur before delisting.
These dynamic controls help maintain price integrity and protect users from sudden slippage or manipulation during critical transition periods.
Margin Trading and Flexible Savings Delistings
The following margin trading pairs will also be phased out:
| Pair | Borrow Function Disabled | Full Delisting Time |
|---|---|---|
| QTUM/BTC | February 5, 2:00 PM (UTC+8) | February 7, 3:00 PM (UTC+8) |
| YFII/USDT | February 7, 5:00 PM (UTC+8) | February 7, 5:00 PM (UTC+8) |
Key Impacts:
- Margin trading and borrowing services will be suspended at the specified times.
- All open market orders in these pairs will be canceled.
- Each delisting process is expected to take approximately one hour.
Users with active borrows or collateral in these pairs must repay borrowed assets before delisting. Failure to do so will trigger automated repayment by the system, which may result in unexpected losses due to market fluctuations.
👉 Learn how to monitor your margin health and avoid forced liquidations.
Cryptocurrency Discount Rate Adjustment
As part of broader risk mitigation strategies, OKX has updated the discount rate for certain assets within cross-margin accounts. This adjustment affects how much value is attributed to specific cryptocurrencies when used as collateral.
Updated Discount Rate for YFII
| Tier (USD Value) | Previous Discount Rate | New Discount Rate |
|---|---|---|
| 0 – 50,000 | 50% | 0% |
| > 50,000 | Not applicable | 0% |
This means YFII will no longer contribute any discounted value toward margin requirements in cross-collateral accounts.
Understanding Discount Rates
In a cross-margin account, multiple cryptocurrencies can serve as combined collateral, converted into USD value at adjusted rates based on liquidity and volatility. The discount rate reflects the percentage of an asset’s market value that can be used as effective margin. Lower liquidity or higher volatility typically results in steeper discounts.
This mechanism ensures that less stable assets don’t over-leverage the system, maintaining platform-wide solvency during volatile conditions.
Frequently Asked Questions (FAQ)
Q1: What happens to my open YFIIUSDT perpetual position after delisting?
Your position will be automatically settled using the average index price from the hour before delisting. No funding or settlement fees apply.
Q2: Can I still view my trading history after a contract is delisted?
Yes. Historical orders, fills, and billing records remain available in the desktop Order Center for download and review.
Q3: Why was the YFII discount rate reduced to 0%?
Due to declining liquidity and increased volatility, YFII no longer meets current thresholds for reliable collateral valuation in cross-margin accounts.
Q4: What should I do if I have an open borrow in QTUM or YFII?
Repay your borrowed amount before the delisting time to avoid automatic repayment at potentially unfavorable rates.
Q5: Will I be charged extra fees during forced repayment?
No direct fees are charged, but repayment occurs at prevailing market prices, which could lead to financial loss if prices move unfavorably.
Q6: How does auto-deleveraging work if insurance funds are insufficient?
The system reduces profitable positions in reverse order of leverage and profit percentage, starting with the most profitable traders.
Final Reminders
OKX remains committed to providing a secure, transparent, and user-focused trading ecosystem. Regular reviews of listed products ensure that only viable and liquid assets remain available for trading and borrowing.
Users are encouraged to proactively manage their portfolios ahead of scheduled delistings. Monitoring open positions, repaying borrows early, and adjusting leverage can significantly reduce unintended risks.
👉 Stay ahead of market changes with real-time alerts and advanced risk tools.
We appreciate your continued trust and support as we evolve our offerings to meet global market standards. For updates on future listings and policy changes, please visit the official announcements page regularly.