Overview
OKX announces the delisting of GFT perpetual futures and margin trading pairs to enhance market liquidity and user experience. This strategic move affects GFTUSDT perpetual contracts and GFT/USDT margin pairs, with specific timelines for each action.
Key Changes & Timelines
1. Perpetual Futures Delisting
| Contract | Delisting Time (UTC) |
|---|---|
| GFTUSDT | December 3, 2024, 8:00 AM |
Actions Taken:
- All open orders canceled upon delisting.
- Positions settled using the arithmetic average of OKX index prices 1 hour pre-delisting.
- Funding rate set to 0 at delisting time.
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Risk Management Notes:
- Price limit rules adjusted 48 hours and 30 minutes pre-delisting (see table below).
- Asset transfers restricted for 30 minutes post-delisting if positions exceed $10,000 USD value.
| Time Before Delivery | X (Price Band) | Y (Dynamic Band) | Z (Max Deviation) |
|---|---|---|---|
| 48 hours | 2% | 2% | 5% |
| 30 minutes | 1% | 1% | 2% |
2. Margin Trading Adjustments
| Action | Effective Time (UTC) |
|---|---|
| Cease borrowing (GFT/USDT) | November 28, 2024, 4:30 AM |
| Full delisting | December 2, 2024, 6:00–8:00 AM |
Critical Steps for Users:
- Repay all borrowings before delisting to avoid forced repayment.
- Close positions early due to expected price volatility.
3. Collateral Discount Rate Changes
Previous Rates:
| Tier | Max GFT Collateral | Discount Rate |
|---|---|---|
| 1 | 120,000 | 0.80 |
New Rate:
- 0% discount applied post-delisting.
Risk Warnings
- Maintenance margin rates may rise during the transition.
- Users advised to add margin or reduce positions to prevent liquidations.
FAQs
Q: Why is OKX delisting GFT pairs?
A: To optimize market liquidity and improve platform-wide trading conditions.
Q: What happens to my open GFTUSDT perpetual futures positions?
A: They’ll be automatically settled at the index-based price 1 hour before delisting.
Q: Can I still borrow GFT/USDT after November 28?
A: No—borrowing ceases at 4:30 AM UTC that day.
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Conclusion
OKX recommends proactive risk management during this transition. For further details, refer to official announcements or contact support.