Cryptocurrency exchange OKX has announced its decision to delist the Fetch.ai (FET) margin trading pair and perpetual futures, in accordance with Fetch.ai’s official migration requirements, OKX said.
Details of the removal
The delisting will affect the FET/USDT margin trading pair and the FETUSDT perpetual futures. Perpetual futures trading will end on July 5, 2024, between 8:00 AM and 9:00 AM UTC. All relevant orders in the order book will be canceled after delisting.
OKX has assured that all perpetual futures positions will be delivered at the arithmetic average price of the corresponding OKX index during the hour prior to delisting. In the event of deviations in the index price, OKX may adjust the final delivery price to a reasonable level. The funding rate at 8:00 UTC on the day of deletion will be set to 0, which means that funding charges for this period will not be included in the billing file.
To manage potential market fluctuations before delisting, OKX advises users to reduce leverage multiples or pre-close positions. Users holding positions worth more than $10,000 at the time of delivery will face a temporary restriction on transferring assets from their trading accounts. This restriction will be lifted 30 minutes after delisting.
Adjustments to risk management
In preparation for the delisting, OKX will adjust risk management parameters, including price limit rules. The highest and lowest price limits are calculated based on specific formulas and adjusted to market conditions.
Suspension of margin trading
The FET/USDT margin trading pair will no longer support borrowing features on June 27, 2024, at 7:00 AM UTC, and the trading pair will be completely delisted on July 4, 2024, at 7:00 AM UTC. Users with outstanding loans or collateral in FET/USDT must arrange for repayment before the delisting time to avoid forced repayment.
OKX warns that prices may experience significant fluctuations and advises users to close all positions in advance to avoid losses due to forced redemption.
Adjustments to the discount percentage
OKX will also adjust the discount rates for FET. The discount rate for FET assets valued between 0 and $50,000 USD will be 0.5, while assets valued above $50,000 USD will have a discount rate of 0. Multi-currency cross-margin accounts will convert different currencies to their USD value, applying these discount rates to balance market risk.
For more details, users can visit the official OKX announcement here.
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