To maintain market stability and ensure a positive trading environment, OKX periodically reviews and delists certain perpetual contracts and margin trading pairs. This announcement details the upcoming delisting of the ZKJ/USDT perpetual contract and margin trading pair, along with crucial risk management guidance for affected users.
Key Dates for the ZKJ Delisting
The delisting process involves a structured timeline for different products. All times are in UTC+8.
Perpetual Contract Delisting Schedule
- Contract Name: ZKJUSDT
- Delisting Time: April 30, 2025, at 4:00 PM
At the specified time, trading for this contract will cease, and all pending user orders will be automatically canceled. The settlement price will be determined by the arithmetic average of the OKX index price from the hour preceding the delisting. In the event of abnormal market manipulation affecting the index during this period, OKX reserves the right to adjust the final settlement price to a fair and reasonable level.
The final funding rate, calculated at 4:00 PM on the delisting day, will be set to 0. No funding fees will be charged or paid during the settlement process, and no additional settlement fees will be incurred.
Margin and Loan Service Delisting Schedule
- Trading Pair: ZKJ/USDT
- Borrowing Halt: April 28, 2025, at 11:10 AM
- Full Delisting Window: April 29, 2025, between 5:00 PM and 7:00 PM
OKX will suspend margin trading and flexible loan services for this pair at the stated times, canceling all related market orders. The process is expected to take approximately two hours. Users with outstanding borrowings or collateral in this pair must repay their loans before the delisting. Failure to do so will trigger an automatic system repayment.
Critical Risk Management Advice for Users
Market conditions can be highly volatile during a delisting event. To protect your assets, proactive risk management is essential.
- For Perpetual Contracts: It is strongly advised to reduce your actual leverage or close your positions in advance to avoid potential losses from significant price swings at settlement.
- For Margin Trading: Close your positions voluntarily before trading stops. Automatic system repayments during high volatility could result in unexpected losses.
- Post-Delisting Note: Users with a settled position value exceeding $10,000 in the delisted perpetual contract will have all asset transfers within their trading account temporarily restricted for 30 minutes before functionality is restored.
👉 Explore more strategies for managing delisting events
Adjustments to ZKJ Collateral Discount Rate
In the cross-margin mode, assets are converted to a USD value for use as collateral. A discount rate is applied to each cryptocurrency to balance market risks, accounting for differences in liquidity.
For ZKJ, the discount rate structure is being adjusted as part of the delisting process. The platform will gradually reduce the discount rate to 0. This adjustment means that the effective value of ZKJ as collateral will decrease, potentially increasing the maintenance margin ratio for any positions that use it.
Users holding positions with ZKJ as collateral must be vigilant. To prevent automatic liquidations triggered by these rule changes, promptly take action by closing positions, reducing leverage, or adding additional margin.
Historical order and bill records for the delisted perpetual contract will remain available for query after the event. Users wishing to keep a record should download their data from the desktop order center in a timely manner.
Frequently Asked Questions (FAQ)
Q: What happens to my open ZKJ perpetual contract position on April 30th?
A: At 4:00 PM UTC+8, all open positions will be automatically closed at the official settlement price, which is based on the OKX index average from the previous hour. All pending orders will be canceled.
Q: I have a ZKJ loan on margin. What should I do?
A: You must repay any outstanding ZKJ loans before the delisting window begins on April 29th. If you do not, the system will automatically execute a repayment, which could be unfavorable due to potential market volatility.
Q: Why is my account restricted after the contract settles?
A: A brief 30-minute transfer restriction is applied to all assets in the accounts of users whose settled position value was greater than $10,000. This is a standard security measure, and full functionality will return automatically afterward.
Q: What does a discount rate of 0 mean?
A: It means that ZKJ will effectively have no value as collateral within the cross-margin system. Any positions relying on it for margin will need additional support from other assets to avoid liquidation.
Q: Will I be charged any fees during the settlement?
A: No. The final funding rate is set to 0, and no settlement or funding fees are charged when your position is closed during this process.
Q: Can I still access my trade history after delisting?
A: Yes, your historical委托 and billing records will remain visible. However, for personal backup, it is recommended to download your order history from the desktop platform.
OKX remains committed to providing a secure and robust trading experience and will continue to enhance its product offerings and services.