To maintain market stability and ensure a positive trading experience, our platform periodically reviews and delists certain perpetual contracts and leverage trading pairs. This announcement details the upcoming delisting schedule for FITFI and BLOCK instruments.
Delisting Schedule for Perpetual Contracts
The following USDT-margined perpetual contracts will be delisted according to the schedule below.
| Contract Name | Delisting Time (UTC+8) |
|---|---|
| FITFIUSDT | August 22, 2024, at 4:00 PM |
| BLOCKUSDT | August 22, 2024, at 4:00 PM |
At the specified delisting time, all trading for these contracts will cease. Any pending user orders will be automatically canceled. All open positions will be settled at the delivery price.
Determining the Delivery Price
The delivery price will be calculated as the arithmetic average of the platform's index price between 3:00 PM and 4:00 PM (UTC+8) on the day of delisting. Should the index price be subject to abnormal manipulation during this window, the platform reserves the right to adjust the final delivery price to a fair and reasonable level.
Funding Rates and Fees
The final funding rate, calculated at 4:00 PM on the delisting day, will be set to 0. Consequently, no funding fee will be recorded or charged for that period. The settlement process itself will not incur any additional fees or charges.
Important Risk Management Advice
Market volatility may increase significantly leading up to the delisting. Users are strongly advised to manage their risk exposure proactively by:
- Reducing their effective leverage.
- Closing positions ahead of the delisting time.
If an insurance fund loss (auto-deleveraging) occurs during settlement, the platform's risk reserve fund will be used first for coverage. If the fund is insufficient, the system will initiate an automatic deleveraging process, starting with the most profitable accounts.
Post-Settlement Account Restrictions
Following the settlement of these perpetual contracts, users with a settled position value greater than $10,000 will have all asset transfers within their trading account temporarily restricted. This restriction will be lifted automatically after 30 minutes.
Accessing Historical Records
Historical order and billing records for these delisted contracts will remain available for query after the delisting. Users wishing to backup this data should download their records promptly via the order center on the desktop platform.
Adjusted Price Limit Rules
To ensure a smooth delisting process, the price limit rules for the affected contracts will be adjusted as follows:
| Time to Settlement | X | Y | Z |
|---|---|---|---|
| 48 hours prior | 2% | 2% | 5% |
| 30 minutes prior | 1% | 1% | 2% |
Note: The platform may make further discretionary adjustments to these limits if significant price deviations occur before the scheduled changes.
Delisting of Leverage Trading and Flexible Loans
The following leverage trading pairs and their associated flexible loan services will be delisted.
| Leverage Pair | Loan Function Disabled (UTC+8) | Delisting Window (UTC+8) |
|---|---|---|
| FITFI/USDT | August 14, 2024, at 2:00 PM | August 20, 2024, 3:00 PM - 5:00 PM |
| BLOCK/USDT | August 14, 2024, at 2:00 PM | August 20, 2024, 5:00 PM - 7:00 PM |
The platform will suspend leverage trading and flexible loan services for these pairs at the times indicated. All market orders for these leverage pairs will be canceled. The delisting process for each pair is expected to take approximately one hour.
Crucial Action Required: Users who have borrowed or staked assets in these specific pairs must repay any outstanding loans before the delisting time. Failure to do so will result in the system initiating a forced repayment.
Risk Warning: Due to potential market volatility, users are strongly recommended to close their positions manually before trading stops to avoid potential losses that could occur during a system-forced repayment.
Adjustment to Coin Discount Rates
The discount rates for the following coins in cross margin mode will be adjusted to zero.
| Coin | Previous Discount Rate | New Discount Rate |
|---|---|---|
| FITFI | Up to 0.5 | 0 |
| BLOCK | Up to 0.5 | 0 |
Understanding Discount Rates
In cross margin mode, assets denominated in different currencies within a full-position account are collectively converted into a US dollar value to be used as margin. Because market liquidity varies significantly between coins, the platform applies a discount rate when calculating the actual US dollar value of each asset. This mechanism helps balance overall market risk. 👉 Learn more about managing margin and risk
Frequently Asked Questions (FAQ)
Q1: What happens to my open FITFIUSDT perpetual contract position at delisting?
A1: At 4:00 PM UTC+8 on August 22, your open position will be automatically closed (settled) at the calculated delivery price. No funding fee will be charged for the final period.
Q2: I have a borrowed BLOCK in my margin account. What should I do?
A2: You must actively repay any borrowed BLOCK or FITFI before the specified delisting times on August 20. If you do not, the system will automatically execute a forced repayment, which could result in a loss due to market volatility.
Q3: Why are the discount rates for FITFI and BLOCK being set to 0%?
A3: Setting the discount rate to 0% means these assets will no longer be counted as eligible margin collateral in cross margin mode. This is a standard risk management procedure taken when a coin is scheduled for delisting.
Q4: Will I be able to see my past trade history for these pairs after delisting?
A4: Yes, your historical order and billing records will remain accessible for review. However, we recommend you download a copy for your records from the desktop order center if you need to keep a backup.
Q5: What does the adjustment to the price limit rules mean for trading before delisting?
A5: The adjusted rules tighten the permitted price range in which the contract can trade as the delisting time approaches. This is done to prevent extreme price volatility and ensure a fair and orderly settlement process for all users.
Q6: My account was temporarily restricted after settlement. Is this normal?
A6: Yes. As a security and risk management measure, accounts with a settled position value exceeding $10,000 will have transfers restricted for 30 minutes after the automatic settlement is completed.
Our platform remains committed to providing a secure, reliable, and superior trading environment for all users. We appreciate your understanding and cooperation.