To mitigate market risks and ensure a superior trading experience, the OKX exchange periodically reviews and delists certain perpetual swap contracts and margin trading pairs. The following outlines the upcoming delisting schedule and procedures for MSN-related trading instruments.
MSN Perpetual Contract Delisting Details
The MSNUSDT perpetual swap contract will be officially delisted on August 6, 2024, between 4:00 PM and 5:00 PM (UTC+8).
Upon delisting, all open orders for this contract will be canceled. User positions will be settled automatically using the arithmetic average of the OKX index price recorded during the hour preceding the delisting.
Should the index price be subject to abnormal manipulation during this final hour, OKX reserves the right to adjust the final settlement price to a reasonable level to ensure fairness.
The funding rate for the period ending at 4:00 PM on the delisting day will be set to 0. Consequently, no funding fees will be recorded in user bills for that period. The settlement process itself will not incur any funding costs or additional settlement fees.
Risk Management Advice for Users
Given the potential for heightened market volatility prior to delisting, users are strongly advised to:
- Reduce their actual leverage倍数.
- Close positions proactively ahead of the scheduled delisting time.
In the event of an auto-deleveraging (ADL) scenario caused by insolvent losses at settlement, the platform's insurance fund will be utilized first. Should the fund be insufficient, profitable positions with high leverage may be subject to ADL to cover the deficit.
Post-Delisting Account Impact
Users holding positions valued over $10,000 USD at the time of settlement will experience a temporary restriction on all asset transfers within their trading account. This restriction is a security measure and will be lifted automatically 30 minutes after the delisting is complete.
Historical order and bill records for the delisted perpetual contract will remain accessible for querying. Users wishing to backup this data should download their records promptly from the order center on the desktop platform.
Adjusted Risk Parameters for Smooth Delisting
To facilitate an orderly delisting process, the price limit rules for the MSNUSDT perpetual contract will be adjusted as follows:
| Time to Settlement | X | Y | Z |
|---|---|---|---|
| 48 Hours Prior | 2% | 2% | 5% |
| 30 Minutes Prior | 1% | 1% | 2% |
Note: Should significant price deviations occur before these times, OKX may adjust these rules further based on prevailing market conditions.
MSN Margin Trading and Flexible Loan Delisting
The delisting schedule for MSN/USDT margin trading and flexible loan services is as follows:
- Borrowing Halt: The borrow function for MSN will be disabled on July 30, 2024, at 2:00 PM (UTC+8).
- Full Delisting: The MSN/USDT margin trading pair and flexible loan service will be fully delisted on August 5, 2024, between 3:00 PM and 5:00 PM (UTC+8).
The platform will cancel all existing market orders for this pair. The entire delisting process for each affected pair is estimated to take approximately one hour.
Crucial Action Required: Users who have outstanding loans or collateral in MSN for these services must repay their loans before the delisting time. Failure to do so will trigger an automatic system-initiated repayment, which could result in losses due to potential market volatility.
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MSN Discount Rate Adjustment
Concurrent with the delisting, the discount rate applied to MSN in cross-margin mode will be adjusted to zero.
| Currency | Adjustment Before | Adjustment After |
|---|---|---|
| MSN | Tier 1 (0 - 50,000 USD): 0.5 Tier 2 (> 50,000 USD): 0 | 0 |
Understanding Discount Rates
In cross-margin mode, assets denominated in various currencies are collectively折算 (converted) into a USD value to function as margin. To balance market risks stemming from differing liquidity levels among currencies, the platform applies a discount rate when calculating the actual USD value of each asset. Setting MSN's discount rate to zero effectively removes its value as collateral for margin purposes.
Frequently Asked Questions
What happens to my open MSNUSDT perpetual contract position on August 6th?
Your position will be automatically settled during the delisting window. All open orders will be canceled, and your position will be closed at the calculated settlement price based on the index average from the previous hour.
I have an outstanding MSN loan for margin trading. What should I do?
You must actively repay any borrowed MSN before the delisting time on August 5th. If you do not, the system will force a repayment, which could occur at an unfavorable market price and lead to losses.
Why is my account restricted from transfers after the delisting?
This is a temporary security measure applied only to users with substantial positions (over $10,000 USD value) at settlement. The restriction automatically lifts 30 minutes after the delisting process is completed to ensure a secure and orderly settlement for all parties.
Will I be able to see my past trades after the delisting?
Yes, your historical order and bill records for the delisted instruments will remain available for viewing within your account. However, it is recommended to download and backup any important records from the desktop order center.
What does a discount rate of zero mean for my MSN holdings?
It means that any MSN held in your cross-margin account will no longer contribute any value to your overall margin balance. Its USD value for collateral purposes is effectively zero.
OKX remains committed to providing a secure, innovative, and user-centric trading environment through continuous product optimization.