Heads up, traders! If you’re active on OKX, there’s important news regarding upcoming changes to their offerings. The crypto exchange has announced the upcoming OKX delisting of several perpetual futures contracts. This is a crucial update for anyone holding positions or planning trades on specific pairs.
What’s Happening with OKX Futures?
According to an official announcement on the OKX website, the platform will be removing five specific perpetual futures pairs from its trading interface. This means these contracts will no longer be available for trading after a certain date and time. For users trading OKX futures on these particular assets, taking action is necessary.
The perpetual futures contracts slated for removal are:
- J/USDT Perpetual
- SWEAT/USDT Perpetual
- PUFFER/USDT Perpetual
- MOVR/USDT Perpetual
- SUNDOG/USDT Perpetual
The effective date and time for the OKX delisting is June 5th at 08:00 Coordinated Universal Time (UTC).
Why Do Exchanges Delist Perpetual Futures?
It’s not uncommon for crypto exchanges to review and update their listed assets and trading pairs. The decision to delist perpetual futures contracts can stem from various factors. While OKX’s announcement didn’t specify the exact reasons for each pair, common causes include:
- Low Liquidity: Contracts with insufficient trading volume can lead to poor price discovery and difficulty executing large orders without significant price impact.
- Performance Issues: The underlying asset or project may have performance concerns, lack of development, or declining market interest.
- Compliance & Regulatory Review: Exchanges constantly navigate evolving regulatory landscapes, which can sometimes necessitate the removal of certain assets or products.
- Risk Management: High volatility or other market risks associated with a specific asset might lead an exchange to delist its derivatives to protect users and the platform.
Staying informed about these potential factors is part of following crypto exchange news.
Action Required Due to Delisting Crypto
For traders holding positions or pending orders on any of the five affected delisting crypto pairs (J/USDT, SWEAT/USDT, PUFFER/USDT, MOVR/USDT, SUNDOG/USDT) on OKX, immediate action is advised. Here’s what you should consider:
- Close Positions: If you have any open long or short positions in these perpetual futures, you should close them before the delisting time on June 5th.
- Cancel Orders: Any pending limit or stop orders for these pairs should also be cancelled.
- Understand Auto-Settlement: OKX will likely auto-settle any remaining open positions and cancel all pending orders for these contracts at the delisting time. Auto-settlement occurs at the arithmetic average of the index price over a specified period before delisting. It’s best practice to manage your positions yourself to avoid unexpected settlement prices.
- Monitor the Announcement: Always refer to the official OKX announcement for the most precise details regarding the auto-settlement process and any other specific instructions.
Ignoring this announcement could result in your positions being closed automatically at a price determined by the exchange’s settlement mechanism, which may not be favorable.
Staying Updated on Crypto Exchange News
Announcements like the OKX delisting highlight the importance of regularly checking official communications from the exchanges you use. Subscribing to exchange newsletters, following their official social media channels, and regularly visiting their announcements page are good habits for staying ahead in the fast-moving crypto market. Being proactive based on crypto exchange news helps you manage your risk effectively.
Summary
OKX is delisting the J/USDT, SWEAT/USDT, PUFFER/USDT, MOVR/USDT, and SUNDOG/USDT perpetual futures contracts on June 5th at 08:00 UTC. Traders with open positions or pending orders on these specific OKX futures pairs must take action to close or cancel them before the deadline to avoid automatic settlement. This development is a key piece of recent crypto exchange news and underscores the need for traders to stay informed about platform changes.
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