OKX, AGIX margin trading pairs and perpetual futures delisting
Leading cryptocurrency exchange OKX announced the delisting of the AGIX/USDT margin trading pair and AGIXUSDT perpetual futures. According to OKX’s official statement, this decision is in line with SingularityNET’s official migration requirements.
Delisting Details
The delisting process takes place in two stages.
- Perpetual Futures Trading:
- pair: AGIXUSDT
- Delisting time: June 28, 2024, 8:00 AM to 9:00 AM (UTC)
- Margin trading pairs:
- pair: AGIX/USDT
- Loan stop feature: 8:00 AM UTC, June 26, 2024
- Delisting Time: June 27, 2024, 9:00 AM (UTC)
After delisting, all related transactions and orders in the order book will be cancelled. The exchange offers all AGIXUSDT perpetual futures positions at the arithmetic average price of the corresponding OKX index one hour before delisting. If anomalies appear in the index price during this period, OKX reserves the right to adjust the final delivery price to a reasonable level.
Risk Management and User Advisory
Considering the possibility of rapid market fluctuations before delisting, OKX advises users to manage their risk level by reducing the actual leverage multiple or closing positions in advance. Additionally, those holding positions worth more than $10,000 at the time of delivery will be subject to a 30-minute limit on transferring assets from their trading accounts. After this period, the asset transfer will take place normally.
Additionally, OKX has adjusted its risk control parameters, including price limit rules.
- 48 hours before delivery: Highest price limit: 2%, Lowest price limit: 2%, Z: 5%
- 30 minutes before delivery: Highest price limit: 1%, Lowest price limit: 1%, Z: 2%
These adjustments aim to ensure the successful provision of perpetual gifts during the delisting process.
Margin transaction adjustment
For margin trading, OKX will suspend margin trading and flexible lending features at the designated delisting time. Open orders for margin will be canceled, and users with leverage or collateral on delisting pairs will be required to repay before delisting time to avoid forced repayment.
OKX also adjusted its discount rate to AGIX.
- before: 0-50,000 USD level with 0.5% discount rate >50,000 USD level (0% discount rate)
- later: 0 USD tier with 0% discount
These discount rates reflect the platform’s strategy to balance market risk arising from significant differences in market liquidity for each currency.
conclusion
Users are advised to back up their data via the Report Center on the OKX website. The delisting of the AGIX/USDT margin trading pair and AGIXUSDT perpetual futures is an important step for OKX to comply with SingularityNET’s migration requirements.
For more details, please refer to OKX’s official announcement.
Image source: Shutterstock