OKX Announces Delisting of Fetch.ai (FET) Margin Trading Pair and Perpetual Futures
OKX, a prominent cryptocurrency exchange, has made the decision to delist the Fetch.ai (FET) margin trading pair and perpetual futures. This move is in line with Fetch.ai’s official migration requirements. Here are the key details you need to know about this delisting:
Details of the Delisting
- The FET/USDT margin trading pair and FETUSDT perpetual futures will be affected by the delisting.
- Perpetual futures trading will cease on July 5, 2024, between 8:00 and 9:00 am UTC, with all relevant orders in the order book being canceled post-delisting.
- All perpetual futures positions will be delivered at the arithmetic average price of the corresponding OKX index prior to the delisting.
Assured Delivery of Positions
- In case of index price abnormalities, OKX may adjust the final delivery price to ensure fairness.
- The funding rate at 8:00 am UTC on the day of delisting will be set to 0, excluding funding fees for this period from the billing record.
For the smooth transition, it is essential to be aware of the following changes:
Risk Control Adjustments
- OKX will adapt its risk control parameters, including price limit rules, to manage potential market fluctuations effectively.
- Price limit rules will be adjusted based on specific formulas and market conditions to ensure stability.
Margin Trading Suspension
- Borrowing features for the FET/USDT margin trading pair will be disabled on June 27, 2024, at 7:00 am UTC.
- The trading pair will be completely delisted on July 4, 2024, at 7:00 am UTC.
Preparing for Delisting
- Users with outstanding borrowings or collateral in FET/USDT must repay them before the delisting dates to avoid forced repayment.
- Market prices may vary significantly, so it is advisable to close all positions beforehand to prevent losses.
Discount Rate Adjustments
- Discount rates for FET assets will be modified based on their USD value.
- Assets valued between 0 to $50,000 USD will have a discount rate of 0.5, while those above $50,000 USD will receive a 0 rate.
- Multi-currency cross margin accounts will convert different currencies to their USD value, applying the discount rates for risk balancing.
For more detailed information, please refer to the official announcement here.
Hot Take: Ensuring Smooth Migration for Fetch.ai (FET)
As OKX prepares to delist the FET margin trading pair and perpetual futures, it is crucial for users to take proactive steps to manage their positions effectively. By understanding the delisting schedule and making necessary adjustments, users can navigate this transition smoothly and mitigate any potential risks. Stay informed and proactive to safeguard your investments during this period of change in the crypto market.
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