In a strategic move to enhance market liquidity and elevate the overall user experience, OKX has announced the delisting of several perpetual futures and margin trading pairs involving FITFI and BLOCK. This update outlines all critical timelines, risk management adjustments, and actionable steps users must take ahead of the delisting events.
Perpetual Futures Delisting Schedule
OKX will officially delist the following perpetual futures contracts on August 22, 2024, at 8:00 am UTC:
- FITFIUSDT Perpetual Futures
- BLOCKUSDT Perpetual Futures
After this time, trading for these pairs will be terminated, and all pending orders in the order book will be automatically canceled. Traders are strongly advised to review their open positions and take appropriate action before the deadline.
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Final Settlement and Delivery Process
All open positions in the affected perpetual contracts will be settled using the arithmetic average price of the corresponding OKX index, calculated between 7:00 am and 8:00 am UTC on the delisting day.
In the event of abnormal index price behavior during this one-hour window, OKX reserves the right to adjust the final delivery price to a fair and reasonable level to ensure equitable settlement for all users.
Additionally, the funding rate at 8:00 am UTC will be set to 0%, meaning no funding fees will be charged or credited during the final billing cycle.
Risk Management Recommendations
Given the potential for heightened market volatility in the hours leading up to delisting, users are encouraged to:
- Reduce leverage exposure
- Close positions proactively
- Avoid last-minute trading decisions under pressure
Holding large positions close to delisting increases liquidation risk due to tightening price bands and reduced liquidity.
Post-Delisting Asset Transfer Restrictions
For risk mitigation purposes, users holding perpetual futures positions valued at over $10,000 USD at the time of delivery will face temporary restrictions:
- Asset withdrawal from trading accounts will be disabled
- Restriction duration: 30 minutes after delisting
Normal asset transfer functionality will resume automatically after this brief cooling period. Historical order records and billing data will remain accessible via the Report Center on the OKX platform for users needing to download or archive transaction history.
Adjustments to Risk Control Parameters
To ensure smooth and secure delivery of perpetual contracts, OKX has implemented temporary changes to its price limit rules.
Price Limit Calculation Overview
Price limits help prevent extreme slippage and manipulation by defining acceptable trading ranges based on the underlying index price.
Standard Price Limit Formula:
Within 10 minutes of contract generation:
- Highest Price Limit = Index × (1 + X)
- Lowest Price Limit = Index × (1 – X)
After 10 minutes:
- Highest Price Limit = Min[Max(Index, Index × (1 + Y) + Average premium over past 10 minutes), Index × (1 + Z)]
- Lowest Price Limit = Max[Min(Index, Index × (1 – Y) + Average premium over past 10 minutes), Index × (1 – Z)]
Temporary Adjustments Before Delivery
| Time Before Delivery | X | Y | Z |
|---|---|---|---|
| 48 hours before | 2% | 2% | 5% |
| 30 minutes before | 1% | 1% | 2% |
Note: If significant deviations between contract and index prices occur, OKX may further adjust these limits based on real-time market conditions.
These tighter bands are designed to stabilize pricing as the contracts approach termination and reduce systemic risk during settlement.
Margin Trading Pair Delisting Details
In parallel with perpetual futures removal, OKX will also delist margin trading support for FITFI/USDT and BLOCK/USDT. The timeline includes two key phases:
| Trading Pair | Cease Borrowing Time | Delisting Window |
|---|---|---|
| FITFI/USDT | August 14, 2024, 6:00 am UTC | August 20, 2024, 7:00–9:00 am UTC |
| BLOCK/USDT | August 14, 2024, 6:00 am UTC | August 20, 2024, 9:00–11:00 am UTC |
During the delisting window (approximately one hour per pair), OKX will:
- Suspend margin trading and flexible loan services
- Cancel all active margin orders
- Disable new borrowing functions
Users with outstanding loans or collateral tied to these assets must repay debts and withdraw funds before their respective deadlines. Failure to do so may trigger forced repayment mechanisms, which could result in unexpected liquidations or losses.
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Discount Rate Adjustments for Cross-Margin Accounts
As part of broader risk controls, OKX has updated discount rates applied to FITFI and BLOCK within multi-currency cross-margin accounts.
Updated Discount Rate Structure
| Asset Tier (USD Value) | Previous Discount Rate | New Discount Rate |
|---|---|---|
| $0 – $50,000 | 50% | 0% |
| Over $50,000 | — | 0% |
This means that both FITFI and BLOCK will no longer provide any margin value in cross-margin mode. Their USD-denominated worth will be treated as zero when calculating total available margin.
This adjustment reflects lower market liquidity and increased volatility associated with these tokens. By applying a 0% discount rate, OKX aims to protect users from over-leveraging risks stemming from less stable collateral assets.
In cross-margin trading, various cryptocurrencies are converted into USD equivalents and used collectively as margin. However, due to varying liquidity levels, certain assets are discounted to reflect their risk profile accurately.
Frequently Asked Questions (FAQ)
Q: Why is OKX delisting FITFI and BLOCK trading pairs?
A: The delisting supports improved market liquidity and user experience. It allows OKX to focus on higher-quality, more liquid assets that meet evolving trading demands.
Q: What happens if I don’t close my perpetual position before delisting?
A: Your position will be automatically settled at the arithmetic average index price between 7:00 am and 8:00 am UTC on August 22, 2024. No action is required, but it’s best to manage your position proactively.
Q: Can I still access my trade history after delisting?
A: Yes. All order history and billing records remain available through the Report Center on the OKX website.
Q: Will I be charged funding fees at delisting time?
A: No. The funding rate is set to 0% at 8:00 am UTC on August 22, so no funding fees will be applied during that cycle.
Q: What should I do if I have an open loan in FITFI or BLOCK?
A: Repay your loan before the delisting window (August 20). Unpaid balances may trigger forced repayment procedures.
Q: Why were discount rates reduced to 0%?
A: Lower liquidity and higher volatility in FITFI and BLOCK make them riskier as collateral. A 0% discount rate ensures safer margin calculations in cross-margin accounts.
Final Reminders
Traders holding positions or loans in FITFI or BLOCK should act promptly:
- Close open trades
- Repay borrowed amounts
- Withdraw collateral if needed
- Download historical data before systems finalize changes
OKX remains committed to maintaining a secure, transparent, and efficient trading environment. These updates reflect ongoing efforts to align platform offerings with global market standards and user safety.
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