In a strategic move to enhance market liquidity and optimize the overall user experience, OKX has announced the delisting of SRM from several key trading and savings services. This includes the removal of SRM from perpetual contract trading, margin trading, and SRM Savings products. The changes are designed to maintain platform stability, reduce exposure to volatile assets, and ensure a more secure trading environment for users.
This article provides a comprehensive overview of the delisting schedule, risk management adjustments, and steps users should take to protect their positions and assets.
Perpetual Contract Trading Delisting
OKX will officially delist the SRMUSDT perpetual swap contract on November 14, 2022, at 08:00 AM UTC. After this time, all related trading activity will cease.
Key Details:
- All open orders on the SRMUSDT order book will be automatically canceled upon delisting.
- Open positions will be automatically settled using the arithmetic average price of the OKX index recorded during the one hour prior to delisting.
- In cases where the index price shows abnormal fluctuations in that final hour, OKX reserves the right to adjust the settlement price to a fair and reasonable level.
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Funding Rate Adjustment
To prevent unfair billing during the final hours:
- The funding rate for SRMUSDT perpetual swaps will be set to 0% at 08:00 AM UTC on the delisting day.
- No funding fees will be charged or collected during this final settlement period.
Post-Delisting Transfer Restrictions
For risk control purposes:
- Users holding SRMUSDT perpetual positions valued at over $10,000 USD at the time of settlement will face a 30-minute restriction on transferring assets out of their trading accounts.
- Normal withdrawal functionality will resume after this brief holding period.
All order history and billing records will remain accessible via the Report Center on the OKX web platform. Users are encouraged to download and back up their transaction data before or shortly after delisting.
Risk Parameter Adjustments Before Delisting
To ensure orderly trading and minimize volatility risks in the lead-up to delisting, OKX has implemented temporary adjustments to its price limit rules.
Price Limit Calculation Overview
The price limits are dynamically calculated based on the index price and market premium. Two phases of adjustment apply:
Phase 1: 48 Hours Before Delivery
- X (initial limit multiplier): 2%
- Y (adjustment sensitivity): 2%
- Z (maximum deviation cap): 5%
Phase 2: Final 30 Minutes Before Delivery
- X: 1%
- Y: 1%
- Z: 2%
These tighter limits help prevent extreme price swings and ensure fair settlement pricing. If significant deviations occur between the contract price and index, OKX may manually adjust limits based on real-time market conditions.
Margin Trading Changes for SRM
OKX is also phasing out SRM from its margin trading offerings in a structured timeline:
Key Milestones:
Borrowing Suspension
- Time: 15:00 (3:00 PM) UTC, November 13, 2022
- The ability to borrow SRM in margin trading pairs will be disabled.
Trading & Order Cancellation
- Time: 09:00 AM UTC, November 14, 2022
- All SRM-related margin trading pairs will be suspended.
- Any open limit or conditional orders involving SRM will be automatically canceled.
Forced Repayment Trigger
- Time: 09:00 AM UTC, November 14, 2022
- Users with outstanding SRM loans must repay them by this deadline.
- Failure to repay may result in forced liquidation or account penalties.
Special Deadline for SRM/BTC Borrowers
- Users who borrowed against the SRM/BTC pair must repay by 02:00 AM UTC, November 15, 2022.
⚠️ Important Note: Given the potential for sharp price movements around delisting, OKX strongly advises users to close all SRM positions early and repay loans ahead of schedule to avoid unexpected losses due to forced liquidation.
SRM Savings Program Suspension
Alongside trading changes, OKX will discontinue its SRM Savings product:
- Once borrowing is disabled, new subscriptions to SRM Savings will no longer be accepted.
- All existing savings positions will be automatically redeemed after margin trading is fully taken offline.
- Redeemed funds will be transferred directly to users’ funding accounts, ensuring seamless access.
This ensures that users retain full control over their assets without service interruptions during the transition.
Adjustment of Margin Discount Rates
As part of broader risk management measures, OKX has updated the discount rate applied to SRM when calculating collateral value in multi-currency cross-margin accounts.
Previous Discount Structure:
| Tier (USD Value Held) | Discount Rate |
|---|---|
| $0 – $250,000 | 80% |
| $250,000 – $500,000 | 70% |
| $500,000 – $1,000,000 | 50% |
| Over $1,000,000 | 0% |
New Discount Rate:
- SRM discount rate reduced to 0% across all tiers
This means SRM will no longer contribute any value toward margin collateral calculations. The change reflects reduced liquidity confidence and supports platform-wide risk mitigation.
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Frequently Asked Questions (FAQ)
Q1: Why is OKX delisting SRM from these services?
OKX is making these changes to improve market liquidity, reduce systemic risk, and enhance the overall trading experience. Assets with declining liquidity or high volatility are periodically reviewed for service adjustments.
Q2: What happens if I don’t close my SRM position before delisting?
If you hold an open perpetual or margin position past the deadlines, it will be automatically settled at the calculated average index price. You may incur losses if the settlement price differs significantly from your entry point.
Q3: Will I lose my funds if I don’t act?
No — your funds remain safe. However, failure to repay borrowed SRM may lead to forced liquidation of other assets in your account. Always monitor your obligations and act proactively.
Q4: Can I still hold SRM in my spot wallet?
Yes. The delisting only affects margin trading, perpetual contracts, and Savings products. You can continue to deposit, withdraw, and trade SRM in spot markets, unless otherwise announced.
Q5: How do I download my trade history?
Go to the Report Center on the OKX website, select the appropriate date range and product type (e.g., Perpetual Swaps), and export your data in CSV format.
Q6: Will SRM be completely removed from OKX?
Currently, only specific derivative and savings services are being discontinued. There is no announcement about removing SRM from spot trading at this time.
Final Thoughts
The delisting of SRM from margin and derivatives services marks a routine but important step in maintaining a healthy and resilient trading ecosystem on OKX. While such changes may require short-term adjustments from users, they ultimately support long-term platform stability and user protection.
Traders are urged to review their current positions, repay any outstanding loans, and consider alternative strategies for managing SRM holdings. Staying informed and proactive is key to navigating exchange updates successfully.
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