As part of its ongoing commitment to risk management and user protection, OKX has announced the upcoming delisting of certain WAVES trading pairs across its perpetual contract and margin trading services. This strategic move is designed to maintain platform stability, enhance trading quality, and align with evolving market conditions.
The changes will take effect in early February 2025, affecting both perpetual futures and leveraged spot trading involving the WAVES/USDT pair. Users are strongly encouraged to review the timeline, understand the implications, and adjust their positions accordingly to avoid unintended liquidations or restrictions.
Perpetual Contract Delisting Schedule
Starting from February 1, 2025, OKX will officially delist the WAVESUSDT perpetual contract. The process will begin at 4:00 PM UTC+8, with all related activities ceasing within a one-hour window.
During this period:
- Trading for the WAVESUSDT perpetual contract will be suspended.
- All open limit orders will be automatically canceled.
- Open positions will be settled using the arithmetic average of the OKX index price over the hour preceding delisting.
In cases where the index price shows signs of manipulation during that final hour, OKX reserves the right to adjust the settlement price to a fair and reasonable level based on market conditions.
Notably:
- The funding rate for the final cycle (at 4:00 PM) will be set to 0%, meaning no funding payment will be recorded or charged.
- No additional fees—such as delivery or settlement charges—will apply during the position closeout.
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Risk Management Measures During Delisting
Given the potential for increased volatility leading up to delisting, users are advised to:
- Reduce effective leverage
- Close positions proactively
- Avoid holding large exposures near the cutoff time
In the event of underwater positions (negative equity) after settlement:
- The Insurance Fund will first cover any losses.
- If the fund is insufficient, a Auto-Deleveraging System (ADL) will be triggered, starting with the most profitable traders.
Additionally, users who held positions valued over $10,000 USD at settlement will face temporary restrictions on all asset transfers across their trading accounts. This limitation lasts for 30 minutes post-delisting and is intended to prevent abuse during transitional periods.
Historical order records and transaction bills remain accessible after delisting. Users are encouraged to download these via the desktop Order Center if long-term archiving is needed.
Adjustments to Price Band Rules Before Delisting
To ensure orderly trading in the final hours, OKX will implement tighter price limits on the WAVESUSDT perpetual contract:
| Time Before Delisting | X (%) | Y (%) | Z (%) |
|---|---|---|---|
| Final 48 hours | 2 | 2 | 5 |
| Final 30 minutes | 1 | 1 | 2 |
Where:
For the first 10 minutes after contract launch:
- Max Price = Index × (1 + X)
- Min Price = Index × (1 – X)
After 10 minutes:
- Upper bound = Min[Max(Index, Index × (1 + Y) + avg premium), Index × (1 + Z)]
- Lower bound = Max[Min(Index, Index × (1 – Y) + avg premium), Index × (1 – Z)]
These dynamic bands help prevent extreme slippage and protect against flash crashes or artificial pumps during low-liquidity phases.
Note: OKX may further adjust these parameters if abnormal price behavior occurs prior to delisting.
Margin Trading and Flexible Loan Service Updates
The WAVES/USDT margin trading pair will also undergo phased discontinuation:
| Action | Date & Time (UTC+8) |
|---|---|
| Borrowing Disabled | January 26, 2025 – 2:00 PM |
| Full Delisting | February 2, 2025 – 2:00 PM |
After borrowing is disabled on January 26:
- Users can no longer open new leveraged positions.
- Existing loans must be repaid before full delisting.
On February 2 at 2:00 PM:
- All margin trading functions for WAVES/USDT will be suspended.
- Open market orders will be canceled.
- Any outstanding borrowings will trigger automatic repayment by the system.
⚠️ Important: Failure to repay manually may result in forced sales at unfavorable prices, especially during volatile markets. Users should monitor their loan balances closely and act early.
WAVES Collateral Discount Rate Adjustment
In parallel with delisting preparations, OKX has updated the collateral discount rate for WAVES in cross-margin accounts.
Previously, WAVES had tiered discount rates based on portfolio size:
- Up to $250K: 80%
- $250K–$500K: 70%
- $500K–$1M: 50%
- Over $1M: 0%
As of this announcement, the discount rate for WAVES has been set to 0% across all tiers.
What Is a Collateral Discount Rate?
In cross-margin mode, multiple cryptocurrencies can serve as collateral. However, due to differences in liquidity, volatility, and market depth, not all assets are valued equally when calculating usable margin.
A discount rate reflects how much of an asset’s nominal value can be used toward margin requirements. For example:
- A coin with a 70% discount rate means only 70% of its market value counts as effective collateral.
- A 0% rate, like WAVES now has, means it cannot be used as margin at all.
This change signals reduced confidence in WAVES’ near-term stability or liquidity on the platform and often precedes full delisting.
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Key Keywords Identified
To optimize visibility and relevance for search engines while maintaining natural readability, the following core keywords have been integrated throughout:
- WAVES perpetual contract
- OKX delisting announcement
- margin trading suspension
- collateral discount rate
- futures contract settlement
- auto-deleveraging system
- risk management policy
- leverage trading update
These terms reflect user search intent around platform changes, risk mitigation strategies, and asset-specific updates.
Frequently Asked Questions (FAQ)
Q: Why is OKX delisting WAVES perpetual and margin pairs?
A: Delistings occur due to factors like declining trading volume, liquidity concerns, or shifts in market demand. This allows OKX to focus resources on higher-performing assets and maintain a safer trading environment.
Q: Will I lose money if my position is automatically settled?
A: You won’t incur extra fees during settlement, but profit or loss depends on your entry price and the final index-based settlement value. It’s best to close manually to control timing and pricing.
Q: Can I still trade WAVES spot after these changes?
A: Yes. This announcement only affects perpetual contracts and margin trading. Spot trading for WAVES may continue unless separately announced.
Q: What happens if I don’t repay my WAVES loan before delisting?
A: The system will initiate forced repayment, which could involve selling other assets in your margin account at market price—potentially at a loss during high volatility.
Q: Why was the discount rate for WAVES set to zero?
A: A 0% discount rate indicates that WAVES is no longer considered reliable collateral due to liquidity or volatility risks. This protects the broader margin system from cascading liquidations.
Q: How can I check my past perpetual contract history?
A: Log in to the OKX desktop platform, go to Order Center > Perpetual Contracts, and download your historical data before or after delisting.
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Final Notes
OKX remains committed to delivering secure, transparent, and efficient trading experiences. Regular reviews of listed assets ensure that only viable, liquid markets remain active—protecting users from undue risk.
Traders holding WAVES-related derivatives or loans should act promptly: settle debts, close positions, and consider alternative instruments for exposure.
By staying informed and proactive, you can navigate platform updates smoothly and maintain control over your digital asset strategy.