To maintain market stability and ensure a positive user experience, OKX periodically reviews and delists certain perpetual contracts and margin trading pairs. The following delisting schedule outlines the specific changes for MSN.
Delisting Schedule for MSN Perpetual Contracts
The MSNUSDT perpetual contract will be delisted on August 6, 2024, between 4:00 PM and 5:00 PM (UTC+8).
Upon delisting, all open orders for this contract will be canceled. The settlement price will be determined by the arithmetic average of the OKX index price during the hour preceding the delisting. Should the index price be subject to abnormal manipulation during this period, the platform reserves the right to adjust the final settlement price to a reasonable level to ensure fairness.
The funding rate for the period ending at 4:00 PM on the delisting day will be set to 0. Consequently, no funding fees will be charged or recorded in billing statements during the final settlement. Additionally, no extra settlement fees will be applied.
Due to the potential for high market volatility before delisting, users are strongly advised to manage their risk by reducing leverage or closing positions in advance. If an insurance loss occurs at settlement, the Risk Reserve Fund will cover it initially. Should the fund be insufficient, an automatic deleveraging process will be initiated, starting with the most profitable accounts.
Following the delisting, users holding positions valued over $10,000 at the time of settlement will have all asset transfers in their trading accounts restricted for 30 minutes.
Historical order and billing records for this perpetual contract will remain accessible after delisting. Users wishing to back up their records should download them promptly from the desktop order center.
Adjusted Risk Control Parameters for Smooth Delisting
To facilitate an orderly delisting process, the price limit rules for the MSNUSDT perpetual contract will be adjusted as follows:
Price Limit Formula Adjustments:
| Period | Upper Price Limit | Lower Price Limit |
|---|---|---|
| First 10 minutes | Index × (1 + X) | Index × (1 – X) |
| After 10 minutes | Min[Max(Index, Index × (1 + Y) + 10-min premium), Index × (1 + Z)] | Max[Min(Index, Index × (1 – Y) + 10-min premium), Index × (1 – Z)] |
Parameter Changes Before Delisting:
| Time Before Settlement | X | Y | Z |
|---|---|---|---|
| 48 hours | 2% | 2% | 5% |
| 30 minutes | 1% | 1% | 2% |
Note: Should significant price deviations occur before these times, the platform may adjust these rules based on market conditions.
Delisting of MSN Margin Trading and Flexible Loan Services
The MSN/USDT margin trading pair and its associated flexible loan services will be delisted according to the following schedule:
- Borrowing Halted: July 30, 2024, at 2:00 PM (UTC+8)
- Full Delisting: August 5, 2024, between 3:00 PM and 5:00 PM (UTC+8)
OKX will suspend all margin trading and flexible loan services for this pair at the specified delisting time. All existing market orders will be canceled. The delisting process for each pair takes approximately one hour.
Crucial Action Required: Users with outstanding borrowings or collateral in these services must repay their loans before the delisting. Failure to do so will trigger an automatic system repayment.
Risk Warning: Given the potential for significant market fluctuations, users are strongly recommended to close their positions manually before trading stops to avoid potential losses from forced repayments.
MSN Collateral Discount Rate Adjustment
The collateral discount rate for MSN is being adjusted. This rate determines the value of an asset when used as cross-margin collateral, accounting for differences in market liquidity to balance risk.
MSN Discount Rate Change:
| Value Tier (USD) | Old Discount Rate | New Discount Rate |
|---|---|---|
| 0 – 50,000 | 0.5 | 0 |
| > 50,000 | 0 | 0 |
Effectively, the discounted value of MSN when used as margin collateral will be reduced to 0. For a deeper understanding of how these rates function within the cross-margin system, you can explore more on asset valuation.
Frequently Asked Questions (FAQ)
Q1: What happens to my open MSNUSDT perpetual contract position on August 6th?
A1: At the specified delisting time, your open position will be automatically settled. The final settlement price will be based on the average OKX index from the previous hour. All open orders will be canceled, and no funding fees will be charged for this final settlement.
Q2: I have an outstanding loan in MSN/USDT margin trading. What should I do?
A2: You must actively repay any borrowed MSN or USDT before the delisting time on August 5th. If you do not, the system will automatically execute a forced repayment, which could result in losses due to market volatility.
Q3: Why is the discount rate for MSN being set to 0?
A3: The discount rate is adjusted based on an asset's liquidity and market risk. A rate of 0 means MSN can no longer be used as collateral for cross-margin positions, reflecting a decision to mitigate associated market risks following its delisting.
Q4: Will I be able to access my trade history for these pairs after they are delisted?
A4: Yes, your historical order and billing records will remain available for review. However, we recommend downloading and saving any records you wish to keep for your own archives from the desktop order center.
Q5: What is automatic deleveraging, and when does it occur?
A5: Automatic deleveraging is a last-resort mechanism. It only occurs if the Risk Reserve Fund is insufficient to cover losses from a position liquidation during extreme events. It involves closing the positions of profitable traders to cover the deficit.
Q6: Where can I find official updates on future delistings or parameter changes?
A6: All official announcements are made through OKX's official website and announcement center. Always refer to these primary sources for the most accurate and timely information regarding platform changes.