OKX to Delist ZK Margin Trading Pairs and Perpetual Futures to Enhance Liquidity

In a move aimed at enhancing market liquidity and user experience, OKX has announced its decision to delist several perpetual futures and margin trading pairs. The announcement was made on May 30, 2024, and includes specific details about the affected trading pairs and the timing of their delisting.

Perpetual Futures Trading

According to the announcement, the ZKUSDT perpetual futures will be delisted on June 4, 2024, at 8:00 am UTC. Consequently, all relevant trades will be terminated, and orders in the order book will be canceled. OKX will deliver all mentioned perpetual futures positions at the arithmetic average price of the corresponding OKX index one hour before the delisting. If the index price shows abnormalities in the hour preceding the delisting, OKX may adjust the final delivery price to a reasonable level.

The current funding rate at 8:00 am UTC on the day of delisting will be set to 0, meaning funding fees for this period will not be included in the billing record. To manage market risks, users are advised to reduce leverage multiples or close positions in advance. For those holding positions greater than $10,000 in value at the time of delivery, asset transfers out of their trading account will be restricted for 30 minutes post-delisting.

Margin Trading Adjustments

In addition to perpetual futures, OKX will also suspend margin trading and flexible loans for the ZK/USDT pair. The borrowing feature will cease on May 31, 2024, at 6:00 am UTC, and the pair will be fully delisted on June 3, 2024, at 9:00 am UTC. Users with borrowings or collateral in these pairs are advised to repay before the delisting times to avoid forced payments triggered by unpaid borrowings.

OKX cautions that prices may experience extreme fluctuations, and to avoid losses, it recommends users stop trading the affected pairs and close all underlying positions in advance.

Risk Control Adjustments

In preparation for the delisting, OKX has made several adjustments to its risk control parameters, including changes to the price limit rules. For example, the highest and lowest price limits within 10 minutes of contract generation are set to Index × (1 + X) and Index × (1 – X), respectively. These parameters are further adjusted 48 hours and 30 minutes before delivery to ensure smoother transitions.

Additionally, OKX has adjusted the discount rates for ZK. Previously, the discount rates were 0.5 for tiers ranging from $0 to $50,000 and 0 for amounts exceeding $50,000. Post-adjustment, the discount rate for ZK will be 0 across all tiers.

For more details, refer to the official OKX announcement.