OKX to Delist Fetch.ai (FET) Margin Trading Pair and Perpetual Futures

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.

Image
source:
Shutterstock