OKX to Delist ZK Margin Trading Pairs and Perpetual Futures
OKX announces the delisting of ZK margin trading pairs and perpetual futures to enhance market liquidity and user experience.
Cryptocurrency exchange OKX is set to delist several perpetual futures and margin trading pairs in an effort to improve market liquidity and overall user experience, according to OKX.
Perpetual Futures Delisting
OKX will terminate the perpetual futures trading for the ZKUSDT pair on June 4, 2024, at 8:00 am UTC. All relevant trades and orders in the order book will be canceled post-delisting. The platform will deliver all positions at the arithmetic average price of the OKX index one hour before the delisting.
If there are abnormalities in the index price during this period, OKX reserves the right to adjust the final delivery price to a more reasonable level. The funding rate at 8:00 am UTC on the delisting day will be set at 0, thus excluding funding fees from the billing record. Users are advised to manage their risk levels by reducing leverage or closing positions in advance, as market fluctuations are anticipated before the delisting.
Additionally, within the first 30 minutes after the delisting, any account holding positions greater than $10,000 in value will be restricted from transferring assets out of their trading account. This restriction will be lifted after 30 minutes. Users can access their order history and billing records post-delisting and can back up their data via the OKX report center.
Margin Trading Delisting
OKX will also delist the ZK/USDT margin trading pair, ceasing the borrowing feature on May 31, 2024, at 6:00 am UTC, and fully delisting it on June 3, 2024, at 9:00 am UTC. Margin trading and flexible loan services for the pair will be suspended, and open orders will be canceled. Users with borrowings or collateral in these pairs are advised to repay before the delisting times to avoid forced payment triggered by unpaid borrowings.
Risk Control and Discount Adjustments
To ensure successful delivery during the delisting, OKX will adjust its risk control parameters, including price limit rules. The highest and lowest price limits will be calculated based on specific formulas within defined time frames before delivery. For instance, 48 hours before delivery, the highest and lowest price limits will be set at 2% and 5%, respectively, based on the index value.
Moreover, OKX will adjust discount rates for margin trading. Previously, ZK had discount rates of 0.5 for tiers up to $50,000 USD and 0 for amounts above that. Post-adjustment, the discount rate for ZK will be set at 0 across all tiers.
These changes aim to balance market risks by converting different currencies in cross-margin accounts into their USD value, with adjusted discount rates reflecting the market liquidity of each currency.
Image source: Shutterstock
