In a strategic move to enhance market efficiency and user experience, OKX has announced the upcoming delisting of certain trading instruments involving FITFI and BLOCK. This includes both perpetual futures and margin trading pairs denominated against USDT. The changes are part of OKX’s ongoing efforts to maintain high liquidity standards and ensure a safer, more reliable trading environment for all users.
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Perpetual Futures Delisting Details
OKX will officially delist the following perpetual futures contracts:
- FITFIUSDT
- BLOCKUSDT
The delisting will take effect on August 22, 2024, at 8:00 AM UTC. At this time:
- All open orders in these markets will be automatically canceled.
- Trading functionality for these pairs will be terminated.
Final Settlement Process
To ensure fair settlement, OKX will deliver all outstanding positions at the arithmetic average price of the corresponding OKX index between 7:00 AM and 8:00 AM UTC on the delisting day.
In the event of abnormal index pricing during this one-hour window, OKX reserves the right to adjust the final delivery price to a reasonable level to protect market integrity.
Additionally, the funding rate at 8:00 AM UTC on the delisting date will be set to 0%, meaning no funding fees will be charged or credited during that cycle.
Risk Management Recommendations
Market volatility often increases ahead of delisting events. Traders are strongly advised to:
- Reduce leverage exposure.
- Close positions in advance to avoid potential liquidation risks.
- Monitor account balances closely during the transition.
Post-Delisting Asset Transfer Restrictions
For risk mitigation purposes:
- Users holding positions valued at over $10,000 USD at the time of delivery will face a 30-minute restriction on asset withdrawals from their trading accounts.
- After this brief hold period, withdrawal functionality will resume normally.
All order history and billing records will remain accessible post-delisting. Users who wish to retain personal records can download their data via the Report Center on the OKX platform.
Adjustments to Risk Control Parameters
To support a smooth delisting process and prevent manipulation or extreme price swings, OKX has implemented temporary adjustments to its price limit mechanisms.
Price Limit Rule Overview
The price limit is calculated based on the index price and dynamic variables (X, Y, Z), which determine upper and lower bounds.
Standard Calculation Logic:
Within 10 minutes of contract generation:
- Highest:
Index × (1 + X) - Lowest:
Index × (1 – X)
- Highest:
After 10 minutes:
- Uses a more complex formula incorporating average premium and capped by Z values.
Temporary Adjustments Before Delivery
| Time Before Delivery | X | Y | Z |
|---|---|---|---|
| 48 hours | 2% | 2% | 5% |
| 30 minutes | 1% | 1% | 2% |
Note: If significant deviations occur between contract and index prices, OKX may further adjust limits based on real-time market conditions.
These tighter parameters help minimize slippage and ensure orderly trading during the final hours.
Margin Trading Pair Delisting Schedule
In parallel with perpetual futures, OKX is also phasing out margin trading support for two key pairs:
- FITFI/USDT
- BLOCK/USDT
Key Timeline
| Trading Pair | Borrowing Suspension | Delisting Window |
|---|---|---|
| FITFI/USDT | August 14, 2024, 6:00 AM UTC | August 20, 2024, 7:00–9:00 AM UTC |
| BLOCK/USDT | August 14, 2024, 6:00 AM UTC | August 20, 2024, 9:00–11:00 AM UTC |
Each delisting process will take approximately one hour. During this window:
- Margin trading and flexible loans will be suspended.
- All open margin orders will be canceled automatically.
Users with active borrowings or collateral tied to these assets must:
- Repay loans before the delisting window.
- Withdraw or reposition collateral as needed.
Failure to repay by the deadline will trigger a forced repayment, potentially resulting in losses due to unfavorable market conditions.
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Discount Rate Adjustment for Cross-Margin Accounts
As part of broader risk control measures, OKX has updated discount rates applicable in multi-currency cross-margin mode.
New Discount Policy
| Asset | Previous Tier (USD) | Previous Rate | New Tier (USD) | New Rate |
|---|---|---|---|---|
| FITFI, BLOCK | 0 – 50,000 | 0.5 | 0 | 0 |
| >50,000 | 0 |
This means that FITFI and BLOCK will no longer provide any margin value in cross-margin accounts. Their discount rate has been reduced to 0%, effectively removing them as eligible collateral.
Why Discount Rates Matter
In cross-margin trading, various cryptocurrencies are converted into USD equivalents to serve as margin. However, due to differences in liquidity, volatility, and market depth, not all assets contribute equally to margin strength.
Discount rates reflect the platform’s assessment of each asset’s reliability under stress conditions. Lower liquidity or higher volatility typically results in lower discount rates—or complete removal when risk outweighs utility.
This adjustment ensures that only stable, liquid assets back leveraged positions, reducing systemic risk across the platform.
Frequently Asked Questions (FAQ)
Q: Why is OKX delisting FITFI and BLOCK trading pairs?
A: The decision supports OKX’s commitment to maintaining high liquidity standards and improving overall market health. Assets with declining trading volume or liquidity may be reviewed for delisting to enhance user experience and platform stability.
Q: What happens if I don’t close my perpetual position before delisting?
A: All open positions will be automatically settled at the arithmetic average index price between 7:00 AM and 8:00 AM UTC on August 22, 2024. No action is required, but traders should be aware of potential price differences from market expectations.
Q: Can I still withdraw funds after my position is delivered?
A: Yes—after a brief 30-minute restriction for large positions (> $10,000), withdrawal functionality returns to normal. Smaller positions are not restricted.
Q: Will I be charged funding fees on the day of delisting?
A: No. The funding rate at 8:00 AM UTC on delisting day will be set to 0%, so no funding fee will be applied for that cycle.
Q: How do I download my trade history?
A: Navigate to the Report Center on the OKX website, select the relevant date range and product type (e.g., perpetual futures), then export your data in CSV format.
Q: What should I do if I have an open loan in FITFI or BLOCK?
A: You must repay your loan before the scheduled delisting window (August 20). Unpaid balances will trigger forced repayment, which may occur at unfavorable prices due to reduced liquidity.
Final Notes
OKX remains committed to delivering a secure, efficient, and transparent trading environment. The delisting of FITFI and BLOCK pairs reflects proactive risk management and alignment with evolving market dynamics.
Traders are encouraged to review their current positions, update risk settings, and consider alternative instruments with strong liquidity profiles.
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By staying informed and acting early, users can navigate these transitions smoothly and continue building resilient trading strategies on one of the world’s leading digital asset platforms.
Last updated: August 14, 2024