The cryptocurrency derivatives market is constantly evolving, and exchanges must adapt to ensure optimal trading conditions. As part of this ongoing optimization, OKX will be delisting the SOLUSD delivery contracts due to insufficient market liquidity. This decision aims to mitigate potential risks and enhance user experience by focusing on more actively traded instruments.
This article provides a comprehensive overview of the delisting process, key timelines, risk management adjustments, and what users need to do before the final settlement. Whether you're currently holding positions or reviewing historical data, this guide ensures you stay informed every step of the way.
Why Is the SOLUSD Delivery Contract Being Delisted?
Low liquidity in the SOLUSD delivery contract market has led to wider spreads, increased slippage, and higher volatility—factors that can negatively impact trading performance and risk exposure. To maintain a healthy trading environment, OKX regularly evaluates contract performance and may retire underperforming products.
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By removing less liquid contracts like SOLUSD, OKX can allocate resources more efficiently toward improving high-demand products and introducing new trading opportunities with better depth and stability.
Key Delisting Timeline and Process
The official delisting of SOLUSD delivery contracts (including weekly, bi-weekly, quarterly, and next-quarter contracts) will occur on:
November 10, 2022, at 15:00 HKT
At this time:
- Trading for all SOLUSD delivery contracts will be suspended.
- All open orders will be automatically canceled.
- Open positions will be settled using the arithmetic average of the last traded prices one hour prior to delisting.
In cases where price manipulation or abnormal market behavior is detected during the final hour, OKX reserves the right to adjust the final settlement price to a fair and reasonable level based on market conditions.
Users are strongly advised to monitor their positions closely as price swings may intensify near the delisting window. Proactive risk management—such as reducing leverage or closing positions early—is highly recommended.
Risk Management During Delisting
Settlement and Position Handling
All outstanding positions will be automatically closed at the calculated settlement price. Users do not need to take manual action, but understanding the mechanism helps avoid surprises.
If any positions result in liquidation losses (auto-deleveraging events), the following compensation structure applies:
- The insurance fund will cover initial deficits.
- If the insurance fund is insufficient, the system will initiate auto-deleveraging, starting with users who have the highest profit margins.
This layered approach ensures fairness and minimizes systemic risk during critical market events.
Post-Delisting Account Restrictions
After settlement:
- Users with a position value exceeding $10,000 USD at the time of delisting will face temporary restrictions on asset transfers across their account.
- These restrictions last for 30 minutes, after which full functionality resumes automatically.
This measure prevents abuse during the settlement phase while ensuring smooth operations for the majority of users.
Adjustments to Risk Parameters Before Delisting
To stabilize pricing and prevent manipulation in the final hours, OKX implemented temporary changes to risk controls for SOLUSD delivery contracts.
1. Adjusted Price Limit Rules
Price limits help prevent extreme volatility by capping how high or low a contract can trade relative to the index price. The updated rules are as follows:
Final 48 Hours Before Delisting:
- X = 2%
- Y = 2%
- Z = 5%
Final 30 Minutes Before Delisting:
- X = 1%
- Y = 1%
- Z = 2%
Where:
For the first 10 minutes after contract generation:
- Max Price = Index × (1 + X)
- Min Price = Index × (1 – X)
After 10 minutes:
- Max Price = Min[Max(Index, Index × (1+Y) + avg premium over past 10 min), Index × (1+Z)]
- Min Price = Max[Min(Index, Index × (1–Y) + avg premium over past 10 min), Index × (1–Z)]
These dynamic limits tighten as delisting approaches, reducing opportunities for artificial price spikes.
Note: OKX may further adjust these parameters if unusual market activity occurs.
2. Tiered Position Grading Adjustments
To reduce systemic risk from large positions, OKX revised the tiered margin system effective November 10, 2022, at 00:30 HKT:
| Tier | Max Contracts (Before) | Max Contracts (After) | Maintenance Margin Rate | Initial Margin Rate | Max Leverage |
|---|---|---|---|---|---|
| 1 | 100 | 1 | 0.01 | 0.013 | 75x |
| 2 | 250 | 3 | 0.015 | 0.02 | 50x |
| 3 | 1,000 | 5 | 0.02 | 0.05 | 20x |
| 4 | 2,000 | 7 | 0.025 | 0.055 | 18.18x |
| 5 | 3,000 | 9 | 0.03 | 0.06 | 16.66x |
| 6+ | +1,000 per tier | +500 per tier | +0.5% per tier | +0.5% per tier | Tier-based |
These stricter limits discourage excessive concentration and promote balanced risk distribution across traders.
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Accessing Historical Data After Delisting
Even after the contract is removed from active trading:
- Historical orders and transaction records remain accessible.
- Users can download detailed logs via the desktop version of the Orders Center.
We recommend backing up relevant data promptly, especially if needed for tax reporting, audits, or personal record-keeping.
No changes have been made to data availability—your trading history stays secure and retrievable.
Frequently Asked Questions (FAQ)
Q: What happens to my open SOLUSD delivery contract position after delisting?
A: All open positions will be settled using the average price from the last hour before delisting. You’ll receive the final value based on that rate.
Q: Can I still trade SOLUSD after November 10, 2022?
A: While delivery contracts are being discontinued, other forms of SOL trading—including perpetual swaps, spot pairs, and options—may still be available. Check the platform for current offerings.
Q: Why was only SOLUSD affected and not other Solana-based contracts?
A: The decision was based solely on liquidity metrics and trading volume analysis specific to the SOLUSD pair. More active contracts remain supported.
Q: Will I lose money due to forced settlement?
A: Settlement occurs at a fair market-derived price. However, rapid price movements before delisting could affect outcomes. Managing exposure early reduces unexpected results.
Q: Are there plans to relist SOLUSD delivery contracts in the future?
A: Relisting depends on sustained improvements in liquidity and demand. OKX continuously monitors market conditions for potential reintroduction.
Q: How can I avoid transfer restrictions post-delisting?
A: Ensure your position value is below $10,000 USD before delisting if you plan to move assets immediately afterward.
Final Thoughts: Staying Ahead in a Dynamic Market
Markets change—and so do trading products. The delisting of the SOLUSD delivery contract reflects OKX’s commitment to maintaining a resilient, fair, and efficient trading ecosystem.
While change can bring uncertainty, it also opens doors to better tools, improved liquidity, and smarter risk frameworks. By staying informed and proactive, traders can navigate transitions smoothly and focus on long-term success.
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As always, OKX remains dedicated to delivering innovative solutions and superior service to help you thrive in the fast-paced world of digital assets.
Note: This notice applies only to SOLUSD delivery contracts. Other Solana-related products continue unaffected unless otherwise announced.