To enhance market liquidity and optimize the overall trading experience, OKX regularly reviews and adjusts its listed trading products. As part of this process, the exchange will delist specific perpetual futures and margin trading pairs involving the GFT token.
This article provides a detailed overview of the delisting schedule, explains the settlement procedures, and outlines important risk management steps users should take.
GFT Perpetual Futures Delisting Details
The GFTUSDT perpetual futures contract will be officially delisted.
Delisting Time: December 3, 2024, at 8:00 am UTC.
At this time, all open trades for this contract will be terminated, and any remaining orders in the order book will be automatically canceled.
Settlement and Delivery Process
OKX will settle all open positions in the GFTUSDT perpetual contract at the time of delisting. The settlement price will be determined by the arithmetic average price of the corresponding OKX index calculated one hour before the delisting time.
It's important to note that if the index price exhibits abnormal volatility in the hour leading up to delisting, OKX reserves the right to adjust the final delivery price to a level deemed reasonable for a fair settlement.
The funding rate for the final billing cycle at 8:00 am UTC on the delisting day will be set to 0. Consequently, no funding fees will be accrued or paid for this period.
Key Considerations and Account Restrictions
The period immediately preceding a delisting can be characterized by high market volatility and unpredictable price swings. To protect your assets, it is strongly advised to actively manage your risk exposure. This can be done by reducing leverage multiples or closing out positions ahead of the scheduled delisting time.
Additionally, a temporary transfer restriction will be placed on trading accounts for 30 minutes following the delisting. This restriction will apply to any user who held a position valued greater than $10,000 USD in the affected perpetual contracts at the moment of delivery. After this 30-minute window, asset transfers will resume as normal.
All order history and billing records will remain accessible for review after the delisting. Users who wish to keep a record of their activity can 👉 download their transaction history reports from the report center on the OKX website.
Adjusted Risk Control Parameters
To ensure a smooth delivery process, OKX will implement temporary adjustments to the price limit rules for the contract in the 48 hours leading up to delisting.
The following parameters will be in effect:
| Time to Delivery | X | Y | Z |
|---|---|---|---|
| 48 hours before | 2% | 2% | 5% |
| 30 minutes before | 1% | 1% | 2% |
These measures are designed to curb excessive price volatility and maintain market stability during the critical final hours of trading.
GFT Margin Trading Delisting Schedule
The delisting process for the GFT/USDT margin trading pair will occur in two phases.
- Cease of Borrowing: The ability to borrow GFT or USDT for this pair will be disabled on November 28, 2024, at 4:30 am UTC.
- Full Delisting: The margin trading pair will be completely delisted between 6:00 am and 8:00 am UTC on December 2, 2024.
At the delisting time, margin trading and flexible loans for this pair will be suspended, and all open margin orders will be canceled. The process to suspend each pair may take approximately one hour to complete.
User Action Required: All users with outstanding borrowings or who have provided GFT as collateral must repay their loans in full before the delisting times. Failure to do so will result in the system triggering a forced repayment, which may occur at an unfavorable price.
Trading these pairs close to the delisting is highly risky due to the potential for extreme price fluctuations. To avoid potential losses from a forced liquidation, it is recommended that you cease trading these pairs and close all related positions well in advance.
Changes to GFT Collateral Discount Rate
In conjunction with the delisting, the collateral value of GFT tokens will be adjusted.
In cross-margin mode, cryptocurrencies are assigned a discount rate to convert their value into USD for use as margin. This mechanism helps the platform manage risk, especially for assets with lower liquidity.
Effective from the announcement, the discount rate for GFT tokens will be gradually reduced to 0. This means GFT will eventually hold no value as collateral on the platform.
Previously, the discount rate was tiered based on the amount held. The new structure is simple:
| Maximum Collateral (GFT) | Discount Rate |
|---|---|
| 0 | 0 |
Risk Warning: As the discount rate decreases to zero, the Maintenance Margin Requirement for users who are still using GFT as collateral will effectively increase. This significantly raises the risk of forced liquidation for those positions. Users must proactively manage this risk by closing positions, reducing exposure, or adding alternative forms of margin to their accounts.
Frequently Asked Questions
What happens to my open GFT perpetual futures position on December 3rd?
Your position will be automatically closed at the settlement price determined by OKX, which is based on the index average one hour before delisting. You will not be able to trade or hold this contract after 8:00 am UTC.
Can I still borrow funds for GFT margin trading after November 28th?
No. The borrowing feature for the GFT/USDT margin pair was disabled on November 28, 2024, at 4:30 am UTC. You can only repay existing loans until the full delisting on December 2nd.
Why is my account restricted from transfers after the futures delisting?
If you held a large position (over $10,000 USD) at settlement, a temporary 30-minute transfer restriction is placed on your account as a security measure during the final settlement process. Transfers will be enabled automatically after this short period.
What does a discount rate of 0% mean for my collateral?
It means that GFT tokens will no longer be considered as having any value for margin purposes. If you are using GFT as collateral, your borrowing power will drop and your risk of liquidation will increase dramatically unless you provide additional eligible collateral.
Where can I find my historical trade data after the delisting?
All your order history and billing records remain available. You can 👉 generate and download a comprehensive activity report from the report center within your OKX account at any time.
Should I be concerned about price volatility before the delisting?
Yes, assets scheduled for delisting often experience unusual and high volatility. It is a standard best practice to close out any exposure to such assets well before the official delisting times to avoid potential losses.