As part of its ongoing commitment to risk management and user protection, OKX has announced the upcoming discontinuation of several perpetual contracts. This strategic move aims to maintain market stability and ensure a seamless trading experience for all users. Below is a comprehensive breakdown of the changes, timeline, and what traders need to know to prepare effectively.
Upcoming Contract Discontinuations
On June 27, 2025, at 4:00 PM (UTC+8), the following perpetual contracts will be taken offline:
- SANDUSD
- ALGOUSD
- TONUSD
Once these contracts are discontinued, all trading activities related to them will cease. This includes the automatic cancellation of any open orders associated with these pairs.
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Settlement Process and Delivery Price
Upon discontinuation, all open positions in the affected contracts will be settled using a standardized process:
- The arithmetic mean of the OKX Index during the one hour preceding the offline time will serve as the final delivery price.
- In cases where there is evidence of market manipulation or abnormal price fluctuations, OKX reserves the right to adjust the delivery price to a fair and reasonable level to protect user interests.
This mechanism ensures a transparent and equitable settlement process, minimizing the risk of unfair liquidations or pricing distortions during the final moments of trading.
Funding and Fee Structure
To reduce financial burden on traders during the transition:
- The funding fee rate at 4:00 PM on the day of discontinuation will be set to 0.
- As a result, no funding fees will be charged for that cycle, and this will not appear in billing records.
- Additionally, no delivery handling fees or other charges will apply when positions are closed through this process.
This zero-fee policy reflects OKX’s effort to support users during planned product adjustments without introducing unexpected costs.
Risk Management Recommendations
Given the potential for increased volatility as the discontinuation date approaches, users are strongly advised to take proactive steps:
- Reduce effective leverage to minimize exposure to sudden price swings.
- Consider closing positions early to avoid last-minute market movements.
- Monitor account balances closely, especially if holding large positions.
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Post-Settlement Account Restrictions
After the contracts are taken offline:
- Users who hold positions valued over $10,000 at the time of delivery will face temporary restrictions on transferring assets from their trading accounts.
- These restrictions will automatically lift 30 minutes after settlement, allowing full access to funds.
This measure is designed to prevent system strain and ensure accurate post-settlement reconciliation across the platform.
Accessing Historical Records
Even after the contracts are discontinued:
- All historical commission and billing records will remain accessible.
- Users can download transaction histories via the desktop order center for personal record-keeping or tax purposes.
It is recommended that traders back up relevant data promptly to avoid any future inconvenience.
Adjustments to Risk Control Parameters
To support a smooth wind-down process, OKX has implemented temporary modifications to risk control settings for the affected contracts:
Price Limit Rules
If significant deviations occur between the contract price and the index price, OKX may dynamically adjust price limits based on real-time market conditions. These adjustments help prevent extreme slippage and maintain orderly trading in the final hours.
Frequently Asked Questions (FAQ)
Q: What happens to my open orders when a perpetual contract is discontinued?
A: All pending orders for the affected contracts will be automatically canceled at the time of discontinuation. It's advisable to manually close or adjust orders before the deadline.
Q: Will I be charged any fees when my position is settled?
A: No. There will be no funding fees, delivery fees, or additional charges applied during the settlement process.
Q: How is the final settlement price determined?
A: The delivery price is calculated as the arithmetic average of the OKX Index over the one hour before discontinuation. OKX may intervene if irregularities are detected.
Q: Why are these contracts being discontinued?
A: OKX periodically reviews its product offerings to manage risk, improve liquidity, and enhance overall trading quality. This is part of routine platform optimization.
Q: Can I still view my past trades after the contract is removed?
A: Yes. Historical trade data, including commissions and settlements, remains available for download through the desktop platform.
Q: What should I do if I have a large position in one of these contracts?
A: Consider reducing your position size before the deadline. Note that accounts with positions exceeding $10,000 will have temporary withdrawal limits for 30 minutes post-settlement.
Commitment to Continuous Improvement
OKX remains dedicated to delivering secure, efficient, and user-centric trading solutions. By proactively managing product lifecycles and prioritizing risk mitigation, the platform continues to foster a resilient trading environment.
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Traders are encouraged to monitor official announcements regularly and take timely action when adjustments are announced. With clear communication, transparent processes, and robust infrastructure, OKX supports informed decision-making across all levels of engagement.