In a move to mitigate market risk and enhance the overall user trading experience, the platform will be delisting SRM token's perpetual contracts, leverage trading pairs, and its savings product (Earn feature). This article details the complete delisting schedule and provides essential guidance for affected users.
Detailed Delisting Timeline and Procedures
The delisting process will be executed in a phased manner across different products. The following timeline outlines the key events.
Perpetual Contracts Delisting
The SRMUSDT perpetual contract will be officially delisted.
- Delisting Time: November 14, 2022, at 16:00 (HKT).
At the moment of delisting, all trading for this contract will cease. The platform will cancel all pending user orders. The final settlement price for all open positions will be determined by the arithmetic average of the OKX Index price from the hour preceding the delisting time.
Should the index price be subject to abnormal manipulation during this final hour, the platform reserves the right to adjust the final settlement price to a reasonable level to ensure a fair outcome.
- The funding rate for the period ending at 16:00 on the delisting day will be set to 0.
- No funding fees will be charged during the settlement of user positions.
- No additional settlement fees will be incurred by users.
Important Risk Warning: Market conditions can become highly volatile in the lead-up to a contract delisting. Users are strongly advised to proactively manage their risk by either reducing their effective leverage or closing their positions early to avoid potential losses.
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In the event of an auto-deleveraging (ADL) event due to extreme losses at settlement, the platform's Insurance Fund will be used first to cover deficits. If the Insurance Fund is insufficient, the system will initiate auto-deleveraging, starting with the most profitable traders in the market.
Following the delisting, users whose SRMUSDT perpetual contract position value exceeded $10,000 at settlement will have all asset transfers within their trading account temporarily restricted. This restriction will be lifted automatically after 30 minutes.
Historical order and bill records for the SRMUSDT perpetual contract will remain available for query after delisting. Users wishing to back up their records should promptly download them from the order center on the desktop platform.
Leverage Trading Delisting
The platform will remove SRM leverage trading pairs according to the following schedule:
- Borrowing Halt: The SRM borrowing function will be stopped on November 13, 2022, at 23:00 (HKT).
- Trading Halt: Leverage trading services for SRM will be suspended on November 14, 2022, at 17:00 (HKT). All existing market orders will be canceled at this time.
- Auto-Repayment (SRM/USDT): A system-mandated loan repayment will be triggered on November 14, 2022, at 17:00 (HKT). Users with outstanding loans on the SRM/USDT pair must repay their loans before this time to avoid automatic forced repayment by the system.
- Auto-Repayment (SRM/BTC): For users with loans on the SRM/BTC pair, the deadline for manual repayment is November 15, 2022, at 10:00 (HKT). Failure to repay by this deadline will result in a system-mandated forced repayment.
Due to the potential for significant market volatility, it is highly recommended that users close their positions themselves before trading stops to prevent potential losses from a system-initiated forced repayment.
Savings (Earn) Product Delisting
Following the halt of the borrowing function, subscriptions for SRM in the savings product (Earn) will be suspended. For users who currently hold SRM in this product, the system will automatically redeem all assets after the formal delisting of leverage trading. The redeemed assets will be distributed to your funding account.
Adjustment to Token Discount Rate
To align with the delisting and manage cross-margin risk, the discount rate for SRM will be adjusted to zero.
| Token | Tier (USD) | Discount Rate (Before) | Tier (USD) | Discount Rate (After) |
|---|---|---|---|---|
| SRM | 0 - 250,000 | 80% | 0 | 0% |
| 250,000 - 500,000 | 70% | |||
| 500,000 - 1,000,000 | 50% | |||
| > 1,000,000 | 0% |
What is a Token Discount Rate?
In cross-margin mode, assets in various tokens within a full-position margin account are collectively converted into a US dollar value to be used as collateral. Because market liquidity differs greatly between tokens, the platform applies a discount rate to each token's actual US dollar value during this calculation. This mechanism helps to balance overall market risk.
Frequently Asked Questions
What happens to my open SRM perpetual contract position at delisting?
All open positions will be automatically settled at the official delisting time. Your position will be closed at the settlement price, which is based on the index average from the hour before delisting. The resulting profit or loss will be credited or debited from your account.
Will I be charged any fees when my contract is settled?
No. The funding rate for the final period is set to zero, and no settlement or funding fees are charged when your position is closed during this event.
I have an SRM loan on leverage. What should I do?
You must manually repay your SRM loan before the specified deadlines (17:00 HKT on Nov 14 for SRM/USDT; 10:00 HKT on Nov 15 for SRM/BTC). If you do not, the system will automatically execute a forced repayment, which could result in a loss if market conditions are unfavorable.
What happens to my SRM in the savings (Earn) product?
You do not need to take any action. After leverage trading is formally delisted, the system will automatically redeem your SRM holdings from the savings product and transfer them to your funding account.
Why is the token discount rate for SRM being set to 0%?
Setting the discount rate to zero means SRM will no longer be calculated as usable collateral in cross-margin accounts. This is a standard risk management procedure following the announcement of a token's delisting from major trading products.
Can I still trade SRM on the platform after this?
This announcement specifically covers perpetual contracts, leverage trading, and the savings product. You should check the official platform announcements for information regarding SRM spot trading availability.
The platform remains committed to providing users with an excellent product suite and a high-quality service experience.