The cryptocurrency market is dynamic, with platforms continuously adjusting their offerings to maintain risk control and ensure a high-quality trading experience. As part of this ongoing optimization, OKX has announced the upcoming delisting of KLAY token support across several financial products, including perpetual contracts, margin trading, and flexible savings services.
This article provides a comprehensive breakdown of the changes, explains the timeline, outlines risk implications for users, and offers actionable guidance to help traders navigate the transition smoothly.
Perpetual Contracts for KLAYUSDT to Be Delisted
OKX will officially discontinue the KLAYUSDT perpetual contract on:
October 25, 2025, between 4:00 PM and 5:00 PM (UTC+8)
At this time:
- All open trading positions will be automatically settled.
- Outstanding limit orders will be canceled.
- The final settlement price will be determined by the arithmetic average of the OKX index one hour before delisting.
👉 Stay ahead of market changes with real-time updates and advanced trading tools.
In cases where the index price shows signs of manipulation during this period, OKX reserves the right to adjust the final settlement price to a fair and reasonable level to protect user interests.
Key Settlement Details
- The funding rate at 4:00 PM on the delisting day will be set to 0%, meaning no funding fees will be charged or recorded.
- No additional fees — including delivery or transaction costs — will be applied during the forced settlement process.
- Users holding positions valued over $10,000 USD at the time of settlement will face temporary restrictions on asset transfers across their account. These restrictions will be lifted automatically after 30 minutes.
Historical order records and transaction bills for the delisted contract will remain accessible via the desktop version of the platform. Users are encouraged to export and back up their data promptly.
Risk Management Adjustments Before Delisting
To ensure an orderly wind-down of the KLAYUSDT perpetual contract, OKX has implemented temporary adjustments to its price capping mechanism.
Updated Price Limit Rules
Price limits help prevent extreme volatility and flash crashes during low-liquidity periods. The formula used to calculate these limits varies depending on the phase:
General Formula:
Within first 10 minutes after contract launch:
- Max Price:
Index × (1 + X) - Min Price:
Index × (1 – X)
- Max Price:
After first 10 minutes:
- Max Price:
Min[Max(Index, Index × (1 + Y) + avg premium over past 10 min), Index × (1 + Z)] - Min Price:
Max[Min(Index, Index × (1 – Y) + avg premium over past 10 min), Index × (1 – Z)]
- Max Price:
Adjusted Parameters for Wind-Down Phase
| Time Before Delisting | X | Y | Z |
|---|---|---|---|
| Final 48 hours | 2% | 2% | 5% |
| Final 30 minutes | 1% | 1% | 2% |
These tighter bands reduce slippage risks and discourage speculative behavior as liquidity dries up. Note that OKX may make further real-time adjustments if abnormal price deviations occur.
Margin Trading and Flexible Lending Services Affected
In addition to perpetual contracts, KLAY/USDT margin trading and flexible borrowing services are also being phased out.
Timeline for Margin & Lending Delisting
| Service | Stop Borrowing Time | Full Delisting Window |
|---|---|---|
| KLAY/USDT Margin Trading | October 18, 2025, 2:00 PM UTC+8 | October 24, 2025, 2:00–4:00 PM UTC+8 |
During the delisting window:
- Margin trading will be suspended.
- All open market orders will be canceled.
- The entire process is expected to take approximately one hour per pair.
Users who have borrowed KLAY or used it as collateral must repay their loans before the delisting begins. Failure to do so will trigger automatic repayment by the system, which could result in losses due to unfavorable market conditions.
🔔 Risk Warning: Given increased volatility around delisting events, OKX strongly advises users to manually close positions early to avoid unexpected liquidations or forced repayments.
KLAY Collateral Discount Rate Adjustment
As part of the broader deprecation process, OKX is gradually reducing the collateral discount rate for KLAY to zero in cross-margin accounts.
What Is a Collateral Discount Rate?
In a multi-currency margin system, different digital assets can serve as collateral. However, due to varying levels of liquidity and price stability, platforms apply a discount factor when calculating how much value each asset contributes toward margin requirements.
For example, a less stable or illiquid coin like KLAY might only count as 80% of its market value when securing a leveraged position.
Updated Discount Structure for KLAY
| Tier | Previous Max Amount (KLAY) | Previous Discount | New Max Amount (KLAY) | New Discount |
|---|---|---|---|---|
| 1 | 25,000 | 80% | 0 | 0% |
| 2 | 35,000 | 79% | — | — |
| 3 | 40,000 | 77% | — | — |
| 4+ | +25,000 per tier | –1% per tier | — | — |
This means KLAY will no longer function as usable collateral in cross-margin mode once fully phased out.
👉 Explore secure and flexible ways to manage your crypto portfolio with advanced margin tools.
As discount rates decline:
- The effective equity of users holding KLAY as collateral decreases.
- Maintenance margin requirements increase.
- Risk of forced liquidation rises significantly.
Traders relying on KLAY-backed positions should act proactively by:
- Reducing leverage,
- Adding alternative collateral,
- Or closing high-risk positions altogether.
Frequently Asked Questions (FAQ)
Q1: Why is OKX delisting KLAY perpetual and margin products?
A: To manage market risk and maintain platform stability, OKX periodically reviews and retires underperforming or low-liquidity trading pairs. This ensures optimal performance and user protection.
Q2: Will I lose money when my position is settled?
A: No direct fees are charged during settlement. However, market conditions at the time of automatic position closure may lead to gains or losses based on the final index price.
Q3: Can I still trade KLAY spot after these changes?
A: Yes. This announcement affects only perpetual contracts, margin trading, and lending services. Spot trading for KLAY may continue unless separately announced.
Q4: How do I check my current margin usage and collateral status?
A: Log into your OKX account, go to the "Assets" section, select "Trading Account," then review your margin details under "Cross Margin" or "Isolated Margin."
Q5: What happens if I don’t repay my borrowed KLAY before delisting?
A: The system will initiate forced repayment, selling other assets in your account if necessary. This may occur at unfavorable prices, leading to potential losses.
Q6: Where can I find historical order records after delisting?
A: You can access past orders and billing history through the desktop version of OKX, under the "Order History" or "Transaction Logs" sections.
Final Thoughts
The removal of KLAY from leveraged products reflects standard risk management practices in mature crypto exchanges. While such transitions can create short-term uncertainty, they ultimately contribute to a safer and more sustainable trading environment.
Traders should use this window to:
- Audit open positions,
- Repay outstanding debts,
- Reassess portfolio risk exposure,
- And consider alternative strategies on supported assets.
By staying informed and proactive, users can navigate delisting events smoothly and continue building resilient investment strategies in the evolving digital asset landscape.