Cryptocurrency exchange OKX has announced its decision to delist the Fetch.ai (FET) margin trading pair and perpetual futures, in alignment with Fetch.ai’s official migration requirements, according to OKX.
Details of the Delisting
The delisting will affect the FET/USDT margin trading pair and the FETUSDT perpetual futures. The perpetual futures trading will be terminated on July 5, 2024, between 8:00 and 9:00 am UTC. All relevant orders in the order book will be canceled post-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 preceding the delisting. In case of any index price abnormalities, OKX may adjust the final delivery price to a reasonable level. The funding rate at 8:00 am UTC on the day of delisting will be set to 0, meaning funding fees for this period will not be included in the billing record.
To manage potential market fluctuations before the delisting, OKX advises users to reduce leverage multiples or close positions in advance. Users holding positions greater than $10,000 in value at the time of delivery will face a temporary restriction from transferring assets out of their trading accounts. This restriction will be lifted 30 minutes post-delisting.
Risk Control Adjustments
In preparation for the delisting, OKX will adjust its risk control parameters, including price limit rules. The highest and lowest price limits will be calculated based on specific formulas and adjusted according to market conditions.
Margin Trading Suspension
The FET/USDT margin trading pair will cease to support borrowing features on June 27, 2024, at 7:00 am UTC, and the trading pair will be fully delisted on July 4, 2024, at 7:00 am UTC. Users with outstanding borrowings or collateral in FET/USDT should ensure repayment before the delisting times to avoid forced repayment.
OKX warns that prices may experience significant fluctuations, advising users to close all positions in advance to avoid losses from forced repayment.
Discount Rate Adjustments
OKX will also adjust the discount rates for FET. The discount rate for FET assets valued between 0 to $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 into their USD value, applying these discount rates to balance market risks.
For further details, users can visit the official OKX announcement here.
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