1. General Principles
OKX adheres to fairness, transparency, and risk management in margin, expired futures, and perpetual futures trading. These standards outline delisting protocols for tokens and contracts, ensuring platform integrity and user protection.
Key Definitions
- Margin Trading: Users collateralize assets to borrow funds for leveraged trading.
- Expired Futures: Contracts with fixed maturity dates settled at market price.
- Perpetual Futures: Contracts without expiry, using funding rates to anchor to spot prices.
Applicable Agreements:
2. Delisting Criteria for Expired and Perpetual Futures
2.1 Token Issuer Risks
Systemic Issues:
- Governance Changes: Unapproved shifts in management or business model.
- Fraud or Manipulation: Legal violations or price manipulation by the issuer.
- Security Vulnerabilities: Unmaintained code or social media presence.
Technical Issues:
- Hard forks, mainnet upgrades, or token replacements requiring temporary delisting.
2.2 Platform Risks
- Low Liquidity: Insufficient market depth for orderly trading.
- Index Instability: Underlying asset volatility affecting leveraged products.
👉 Learn more about OKX’s risk management
3. Margin Trading Delisting
3.1 Token Eligibility
Mirrors futures criteria:
- Governance: Unauthorized changes in issuer operations.
- Security: Code vulnerabilities or lack of updates.
3.2 Platform Actions
- Liquidity Adjustments: Reduced leverage ratios pre-delisting.
- Borrowing Suspension: Halted 1–3 days before delisting.
4. Handling Delisted Futures Contracts
4.1 Closing Mechanisms
- Perpetual Futures: Weighted average price over the last hour before delisting.
- Expired Futures: Settled at market price on maturity (or forced closure in emergencies).
4.2 User Protections
- Liquidation Fees: Waived during delisting.
- Fund Transfers: Restricted for large accounts (>10,000 USD) for 30 minutes post-delisting.
FAQ:
Q: How are positions closed during emergencies?
A: All open positions are settled at a calculated fair price.
Q: Can I trade a new contract after delisting?
A: No new contracts are created until the delisting process completes.
5. Margin Trading Delisting Process
5.1 Key Steps
- Leverage Adjustments: Reduced pre-delisting to mitigate risk.
- Forced Repayments: Loans repaid via USDT or discounted tokens.
5.2 User Notifications
- Advance Notice: 7-day announcement (shorter for emergencies).
- Position Backups: Available in Order Center post-delisting.
6. User Agreements and Disputes
- Governing Law: Seychelles jurisdiction.
- Dispute Resolution: Negotiation first, followed by Seychelles courts.
👉 Explore OKX’s trading policies
7. Additional Terms
- Language Preference: English versions prevail over translations.
- Dynamic Updates: Standards may evolve with platform changes.
Final Note: Delistings prioritize market stability and user equity. Always monitor announcements and close positions proactively.