In a strategic move to enhance market liquidity and improve the overall user experience, OKX has announced the upcoming delisting of several perpetual futures and margin trading pairs. This decision reflects the platform's ongoing commitment to maintaining a healthy, efficient trading environment by streamlining underperforming assets and optimizing risk management protocols.
The changes will take effect in early April 2025 and affect multiple cryptocurrency pairs across both derivatives and margin trading services. Traders are advised to review their current positions and take necessary actions before the specified deadlines to avoid forced liquidations or transfer restrictions.
Perpetual Futures Delistings
OKX will officially delist the following perpetual futures contracts on April 8, 2025, at 8:00 AM UTC:
- MAX/USDT
- KISHU/USDT
- 1INCH/USD
- GRT/USD
Once delisted, all active trades for these contracts will be terminated. Any open orders remaining in the order book will be automatically canceled. To ensure a fair settlement process, OKX will deliver all outstanding positions using the arithmetic average price of the corresponding OKX index, calculated over the one hour preceding delisting.
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Final Settlement & Funding Rate Details
The final settlement mechanism is designed to minimize volatility-related risks:
- If the index price shows abnormal behavior during the final hour, OKX reserves the right to adjust the delivery price to a reasonable and verifiable level.
- The funding rate at 8:00 AM UTC on the day of delisting will be set to 0%, meaning no funding fees will be charged or credited during that cycle.
Given the potential for sharp price swings in the lead-up to delisting, users are strongly encouraged to:
- Reduce leverage
- Close positions early
- Monitor account health closely
Post-Delisting Asset Transfer Rules
For risk control purposes, users holding positions valued at over $10,000 USD in any of the affected perpetual contracts at the time of delivery will face temporary transfer restrictions:
- Transfer lockout period: 30 minutes after delisting
- After this window, asset transfers will resume normally
- Order history and billing records remain accessible via the Report Center on OKX
Traders should download any required transaction data before or shortly after delisting for recordkeeping and tax reporting purposes.
Risk Control Parameter Adjustments
To support a smooth delisting process, OKX will dynamically adjust its price limit rules if significant deviations occur between contract prices and underlying indices. These real-time adjustments aim to prevent manipulation and ensure orderly trading until termination.
Margin Trading Pair Updates
Effective April 7, 2025, between 6:00 AM and 10:00 AM UTC, OKX will delist the following margin trading pairs:
| Trading Pair | Borrowing Ceased On | Full Delisting Window |
|---|---|---|
| MAX/USDT | April 1, 2025, 7:00 AM UTC | April 7, 2025, 6:00–10:00 AM UTC |
| SUSHI/USDC | April 1, 2025, 7:00 AM UTC | April 7, 2025, 6:00–10:00 AM UTC |
| SNX/USDC | April 1, 2025, 7:00 AM UTC | April 7, 2025, 6:00–10:00 AM UTC |
During this period:
- Margin trading and flexible loans for these pairs will be suspended
- Open margin orders will be canceled
- Each delisting process will take approximately two hours
Users with outstanding borrowings or collateral tied to these assets must repay debts before the delisting window begins. Failure to do so may trigger forced repayment mechanisms, including automatic liquidation of collateral.
⚠️ Risk Advisory: Market volatility can amplify risks during transition periods. We strongly recommend ceasing trades and closing all relevant positions well in advance to avoid unexpected losses.
Discount Rate Adjustment for MAX
As part of broader risk mitigation efforts, OKX is revising the collateral discount rate framework for certain low-liquidity tokens—starting with MAX.
Previous Discount Structure (Tier-Based)
| Tier | Max Collateral | Discount Rate |
|---|---|---|
| 1 | 20,000 | 0.8 |
| 2 | 32,000 | 0.78 |
| 3 | 52,000 | 0.77 |
| 4+ | +32,000 per tier | –0.01 per tier |
New Discount Rate (Post-Adjustment)
| Max Collateral | Discount Rate |
|---|---|
| 0 | 0 |
This means MAX will no longer be eligible as discounted collateral in multi-currency cross-margin accounts.
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Why Discount Rates Matter
In cross-margin trading, various cryptocurrencies are converted into USD value to serve as margin. However, due to varying levels of market depth, volatility, and liquidity, OKX applies discount rates to mitigate exposure to sudden price drops.
By gradually reducing the discount rate to zero for certain tokens like MAX, OKX ensures that only stable, liquid assets contribute meaningfully to margin calculations—thereby protecting users from cascading liquidations during turbulent markets.
🔍 User Impact: As discount rates decline, the effective value of collateral decreases. This increases the maintenance margin rate, raising the risk of liquidation if positions aren't adjusted proactively.
Traders using MAX or similar tokens as collateral should consider:
- Adding more stablecoin or high-tier collateral
- Reducing leverage
- Closing positions ahead of full devaluation
Frequently Asked Questions (FAQ)
Q: Why is OKX delisting these trading pairs?
A: Delistings help improve overall market quality by removing low-liquidity instruments that may pose higher risks to traders. This enhances platform stability and user experience.
Q: What happens to my open positions after delisting?
A: All open perpetual futures positions will be settled at the average index price one hour before delisting. For margin pairs, open orders are canceled and borrowers must repay before deadlines to avoid forced liquidation.
Q: Can I still access my trade history after delisting?
A: Yes. All order history and billing records remain available through the Report Center on OKX’s website.
Q: How does a zero discount rate affect my margin account?
A: It reduces the usable value of the token as collateral. If you’re using MAX in cross-margin mode, its contribution to your margin balance will drop to zero, increasing your liquidation risk.
Q: Will other tokens face similar discount adjustments?
A: OKX continuously monitors asset performance. Tokens with declining liquidity or increased volatility may undergo similar reviews and adjustments in the future.
Q: How can I prepare for these changes?
A: Review your portfolio, close or transfer affected positions early, repay margin loans on time, and use high-liquidity assets for collateral where possible.
Final Notes & Recommendations
The upcoming changes underscore OKX’s proactive approach to risk management and market health. While delistings can create short-term disruptions, they ultimately contribute to a safer, more sustainable trading ecosystem.
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To stay compliant and protect your capital:
- Monitor official announcements regularly
- Use stop-losses and take-profit orders strategically
- Diversify across high-performance assets
- Avoid over-leveraging near transition periods
By aligning with platform updates and managing exposure wisely, traders can continue navigating digital asset markets with confidence and control.