This announcement outlines the scheduled delisting of FET (Fetch.ai) leverage and perpetual contracts from the trading platform. The delisting is being conducted to comply with the token migration requirements set by the Fetch.ai project team.
All users holding FET-related leveraged positions or contracts are advised to review this information carefully and take necessary actions to manage their risk before the specified deadlines.
Detailed Delisting Schedule
The delisting process will be carried out in phases for different products. Please note the following timelines, all referenced in UTC+8.
Perpetual Contracts
The FETUSDT perpetual contract will be officially delisted.
- Delisting Time: July 5, 2024, between 4:00 PM and 5:00 PM.
At the time of delisting, all open orders for this contract will be automatically canceled. User positions will be settled at the delivery price, calculated as the arithmetic average of the index price during the hour preceding the delisting.
In the event that the index price is subject to abnormal manipulation in that final hour, the platform reserves the right to adjust the final delivery price to a reasonable and fair level.
Key Points for Users:
- The funding rate for the period ending at 4:00 PM on the delisting day will be set to 0.
- No funding fees will be charged or paid during the settlement process.
- No additional settlement fees will be incurred by users.
- Market volatility may be high prior to delisting. It is strongly recommended that users manage their risk by reducing leverage or closing positions early.
- Any incurred insurance fund losses will be covered first by the platform's risk reserve fund. If the fund is insufficient, an automatic deleveraging process will be triggered, starting with the most profitable positions in the market.
Post-Settlement Account Note: Users with a settled position value exceeding $10,000 will have all asset transfers within their trading account temporarily restricted for 30 minutes after settlement is complete. Functionality will then be restored automatically.
Historical order and bill records for this contract will remain available for query after delisting. Users wishing to download and back up their records should do so promptly via the desktop order center.
Leverage Trading and Flexible Loans
The FET/USDT leverage trading pair and associated flexible loan services will be delisted.
- Borrowing Halt Time: June 27, 2024, at 3:00 PM.
- Full Delisting Time: July 4, 2024, at 3:00 PM.
At the delisting time, leverage trading and flexible loan services for this pair will be suspended, and all market orders will be canceled. The process is expected to take approximately one hour.
Crucial Action Required: Users who have borrowed or pledged FET in these services must repay their loans before the delisting time. Failure to do so will result in the system initiating a forced repayment, which could lead to losses due to market conditions.
👉 Secure your assets and manage risk effectively
Adjustment to FET Discount Rate
In conjunction with the delisting, the discount rate applied to FET in cross-currency margin mode will be adjusted.
| Tier (USD) | Previous Discount Rate | New Discount Rate |
|---|---|---|
| $0 - $50,000 | 0.5 | 0 |
| > $50,000 | 0 | 0 |
What is a Discount Rate?
In cross-currency margin mode, assets in a full-position account are converted to a USD value to be used as collateral. Due to varying market liquidity among different cryptocurrencies, a discount rate is applied to this conversion to balance market risk. This adjustment means FET will no longer be valued as collateral.
Frequently Asked Questions
Why are FET contracts and leverage being delisted?
The delisting is a necessary action to comply with the official token migration or swap event initiated by the Fetch.ai project team. Exchanges must often suspend trading during these events to ensure a smooth transition for the new asset.
What happens to my open FET perpetual contract position?
Any open positions in the FETUSDT perpetual contract will be automatically settled during the delisting window. Your position will be closed at the calculated delivery price, and the final equity will be credited to your trading account.
I have a loan in FET for margin trading. What should I do?
You must actively repay any borrowed FET before the delisting time on July 4, 2024, at 3:00 PM (UTC+8). If you do not repay, the system will execute a forced repayment, which could result in a loss if the market price is unfavorable.
Can I still trade FET spot after this?
This announcement specifically concerns FET margin (leverage) products and perpetual contracts. Always check the official platform announcements for the latest information on spot trading availability for any token.
Where can I find my historical trade records after delisting?
Your historical order and bill records for these specific products will remain accessible for review on the desktop version of the platform. It is a good practice to download and save any records you need for your own accounting purposes.
How is the final settlement price for the perpetual contract determined?
The settlement price is the arithmetic average of the index price taken over the hour immediately before the delisting process begins (4:00 PM to 5:00 PM UTC+8 on July 5). The platform may adjust this price if market manipulation is detected.
The platform remains committed to providing a secure and reliable trading environment and will continue to strive to offer excellent products and services. Users are encouraged to stay informed by monitoring official channels for all future announcements.