Following an official migration request from SingularityNET, OKX will proceed with the delisting of specific AGIX trading pairs from its margin and perpetual futures markets. This article provides a detailed breakdown of the timeline and important user actions required.
Detailed Delisting Schedule
The delisting process will be carried out in phases to ensure an orderly closure of all positions.
Perpetual Futures Delisting
The AGIXUSDT perpetual swap contract will be officially delisted according to the following schedule:
| Perpetual Futures | Delisting Time (UTC+3) |
|---|---|
| AGIXUSDT | June 28, 2024, 11:00–12:00 |
Upon delisting, OKX will remove the perpetual futures pair from listing and all corresponding trading will cease. Any remaining open orders in the order book will be automatically canceled by the system.
The settlement for all remaining positions will be processed based on the arithmetic average of the corresponding OKX index price, recorded one hour before the delisting time.
It is important to note that if the index price shows abnormal deviations during the hour preceding the delisting, OKX reserves the right to adjust the final delivery price to a reasonable level to ensure a fair settlement for all users.
The funding rate for this contract will be set to 0 at 11:00 (UTC+3) on the delisting day. Consequently, no funding fee will be accrued or charged during this final period.
Key User Actions for Perpetual Futures
- Risk Management: Given the potential for significant market volatility preceding a delisting event, users are strongly advised to proactively manage their risk exposure. This can be done by reducing actual leverage or closing out positions well in advance of the scheduled time.
- Withdrawal Hold: For the first 30 minutes after the delisting, users with positions valued over $10,000 USD in the affected perpetual contracts at the time of settlement will have asset withdrawals from their trading account temporarily restricted. This is a standard risk control measure.
- Data Backup: Asset transfer functionality will be restored after this 30-minute window. Full order history and account statements will remain accessible after the delisting is complete. Users who wish to create a backup of their data can download it from the 'Report Center' on the OKX website.
Adjustments to Risk Control Parameters
To ensure the smooth settlement of the aforementioned perpetual futures during the delisting process, OKX is implementing the following temporary changes to its price limit rules.
Original Price Limit Calculation Rules:
| Period | Highest Price Limit | Lowest Price Limit |
|---|---|---|
| Within 10 mins of contract generation | Index × (1 + X) | Index × (1 – X) |
| 10 mins after contract generation | Min[Max(Index, Index × (1 + Y) + Average Premium of last 10 mins), Index × (1 + Z)] | Max[Min(Index, Index × (1 – Y) + Average Premium of last 10 mins), Index × (1 - Z)] |
Adjusted Parameters for AGIXUSDT:
| Time to Delivery | X | Y | Z |
|---|---|---|---|
| 48 hours before | 2% | 2% | 5% |
| 30 minutes before | 1% | 1% | 2% |
Please note that if a contract price deviation occurs before this time, the price limit will be adjusted according to prevailing market conditions.
Margin Trading Delisting
The schedule for the removal of the AGIX margin trading pair is as follows:
| Margin Trading Pair | Loan Function Halts (UTC+3) | Delisting Time (UTC+3) |
|---|---|---|
| AGIX/USDT | June 26, 2024, 11:00 | June 27, 2024, 12:00 |
OKX will suspend margin trading and flexible loan services for this pair at the specified delisting time. Any open margin orders will be canceled. The suspension process for each cryptocurrency pair will take approximately one hour.
Crucial Action Required: Users who have outstanding loans or collateral in the affected cryptocurrencies within the margin trading or flexible loan service must fully repay their debts before the delisting time. If outstanding loans remain unpaid at the time of delisting, a forced liquidation will be automatically initiated by the system.
⚠️ Warning: Expect potential strong price volatility. To avoid losses from forced liquidation, we highly recommend that you cease trading the above-listed pairs and close all positions in the underlying asset well in advance.
Discount Rate Adjustment
In conjunction with the delisting, the discount rate for AGIX will be adjusted.
| Asset | Before Adjustment | After Adjustment | ||
|---|---|---|---|---|
| Tier (USD) | Discount Rate | Tier (USD) | Discount Rate | |
| AGIX | 0–50,000 | 0.5 | 0 | 0 |
| > 50,000 | 0 |
Understanding Discount Rates
In cross-margin mode, the value of different currencies in a cross-margin account is converted into US dollars to be used as margin. Due to significant differences in the market liquidity of each currency, our platform calculates its actual value in US dollars using a specific discount rate. This mechanism helps to balance and mitigate market risks across different assets. 👉 Explore more about risk management strategies
Frequently Asked Questions
Q: Why is OKX delisting the AGIX trading pairs?
A: The delisting is being conducted in response to an official migration request from SingularityNET (AGIX). Exchanges often delist tokens during network upgrades or migrations to ensure user funds are protected throughout the process.
Q: What happens to my open AGIXUSDT perpetual futures position on June 28th?
A: Any positions still open during the 11:00-12:00 (UTC+3) settlement window will be automatically closed by OKX. The settlement price will be based on the average index price recorded one hour before delisting.
Q: I have an outstanding loan using AGIX as collateral on margin. What should I do?
A: You must repay your loan in full before the delisting time on June 27th at 12:00 (UTC+3). Failure to do so will result in the system initiating a forced liquidation of your collateral to cover the debt, potentially at an unfavorable price.
Q: Will I be able to trade AGIX on OKX after this?
A: This announcement specifically concerns the AGIXUSDT perpetual swap and the AGIX/USDT margin pair. Please check the OKX official website or app for the availability of other AGIX trading pairs or services.
Q: Where can I find my trade history after the pairs are delisted?
A: Your complete order history and account statements will remain available. You can download a backup of your data from the 'Report Center' on the OKX website at any time.
Q: What is a discount rate in cross-margin?
A: A discount rate is a factor applied to the value of an asset when it is used as collateral. It accounts for the asset's volatility and liquidity risk. A lower discount rate means the asset is considered riskier and will provide less borrowing power per unit held.