In a recent announcement, OKX revealed plans to delist RNDR margin trading pairs and perpetual futures. This strategic move aims to enhance market liquidity and optimize the overall user experience, according to OKX.
Details of the Delisting
The perpetual futures trading pair RNDR/USDT will be delisted on July 9, 2024, between 8:00 and 9:00 am UTC. As part of this process, OKX will terminate all related trades and cancel any open orders in the order book. The exchange plans to deliver all affected perpetual futures positions at the arithmetic average price of the OKX index one hour before the delisting.
If the index price shows abnormalities within the hour preceding the delisting, OKX reserves the right to adjust the final delivery price to a more reasonable level. Additionally, the funding rate at 8:00 am UTC on the day of delisting will be set to zero, meaning no funding fees will be included in the billing record for that period.
Risk Management and User Advisories
OKX advises users to manage their risk levels by reducing leverage multiples or closing positions in advance, given the potential for market fluctuations before the delisting. For those holding positions greater than $10,000 in value at the time of delivery, asset transfers out of their trading accounts will be restricted for 30 minutes post-delisting. After this period, normal transfer operations will resume, and order history and billing records will remain accessible.
Adjustments to Risk Control Parameters
To ensure a smooth delivery of the delisted perpetual futures, OKX will adjust its risk control parameters. The price limit rules will be modified as follows:
| Time | X | Y | Z |
|---|---|---|---|
| 48 hours before delivery | 2% | 2% | 5% |
| 30 minutes before delivery | 1% | 1% | 2% |
These adjustments will help mitigate risks and stabilize prices during the delisting process.
Margin Trading Adjustments
The margin trading pair RNDR/USDT will cease its borrowing feature on July 1, 2024, at 8:00 am UTC, followed by a full delisting on July 8, 2024, between 8:00 and 9:00 am UTC. OKX will suspend margin trading and flexible loans at the specified times, canceling all open orders. Users with outstanding borrowings or collateral in these pairs must repay before the delisting time to avoid forced repayment.
OKX also recommends users close all underlying positions in advance to avoid losses from potential price fluctuations.
Discount Rate Adjustments
In multi-currency cross margin mode, OKX will adjust the discount rates for RNDR. Previously, the discount rate was set at 0.5 for tiers up to $50,000 and 0 for higher tiers. Post-adjustment, the discount rates will be zero for all tiers.
For more detailed information, visit the official announcement on OKX.
Image source: Shutterstock
Credit: Source link
