As part of its ongoing commitment to enhancing market liquidity and improving user experience, OKX has announced the delisting of several trading instruments involving the WSM/USDT pair. This includes both perpetual futures contracts and margin trading pairs, with specific timelines and procedural adjustments outlined for a smooth transition. Traders are advised to take necessary actions ahead of the scheduled dates to avoid forced liquidations or transfer restrictions.
This update is critical for active traders using WSM in leveraged positions, margin accounts, or cross-currency portfolios. Below is a comprehensive breakdown of the changes, timelines, risk control adjustments, and key recommendations.
Perpetual Futures Delisting Schedule
OKX will officially delist the WSMUSDT perpetual futures contract on February 6, 2024, between 8:00 am and 9:00 am UTC. After this window, all trading activity for this contract will cease.
Key Details:
- All open orders in the order book will be automatically canceled upon delisting.
- Open positions will be automatically delivered at the arithmetic average price of the OKX index over the one hour preceding delisting.
- If the index price shows abnormal behavior during that final hour, OKX reserves the right to adjust the final delivery price to a fair and reasonable level.
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Funding Rate Adjustment
On the day of delisting, the funding rate at 8:00 am UTC will be set to 0%. As a result, no funding fees will be charged or credited during this cycle. This measure aims to prevent unfair cost imbalances during the final settlement phase.
Risk Management Recommendations
Market volatility often increases significantly before contract expiration. To minimize risk:
- Consider closing positions early.
- Reduce leverage levels to avoid margin pressure.
- Monitor your account equity closely in the final hours.
Additionally, users holding positions valued at over $10,000 USD at the time of delivery will face a 30-minute withdrawal freeze immediately after delisting. This restriction ensures orderly settlement and prevents systemic risks during high-traffic periods.
After the 30-minute hold, asset transfers will resume normally. All historical order records and billing statements remain accessible via the Report Center on the OKX platform for data backup purposes.
Adjustments to Risk Control Parameters
To maintain market stability during the delisting process, OKX has temporarily modified its price limit rules for the WSMUSDT perpetual futures contract.
Price Limit Calculation Overview
The price limits are dynamically calculated based on the underlying index and recent premium averages:
Within 10 minutes of contract generation:
- Highest price limit = Index × (1 + X)
- Lowest price limit = Index × (1 – X)
After 10 minutes:
- More complex formulas apply, incorporating Y and Z parameters to adjust for market conditions and average premiums.
Temporary Parameter Adjustments
| Time Before Delivery | X | Y | Z |
|---|---|---|---|
| 48 hours | 2% | 2% | 5% |
| 30 minutes | 1% | 1% | 2% |
Note: These values may be further adjusted if significant price deviations occur prior to delivery.
These tighter limits help prevent extreme price swings and protect traders from sudden slippage or manipulation during the wind-down phase.
Margin Trading Pair Delisting
In parallel with futures delisting, OKX will also remove WSM/USDT from its margin trading offerings.
Timeline Summary
| Feature | Date & Time (UTC) |
|---|---|
| Cease borrowing for WSM/USDT | February 1, 2024, 6:00 am |
| Full delisting of WSM/USDT margin pair | February 6, 2024, 9:00 am |
What This Means for Users
- The ability to borrow WSM or USDT against this pair will end on February 1.
- By February 6 at 9:00 am UTC, all margin trading functionality—including opening new positions—will be disabled.
- Any open orders in margin mode will be canceled.
- The process will take approximately one hour per trading pair.
Users with outstanding loans or collateral tied to WSM must:
- Repay borrowed assets before the delisting deadline.
- Withdraw or reassign collateral as needed.
Failure to act may trigger an automatic forced repayment, which could lead to unexpected losses—especially in volatile markets.
Discount Rate Adjustment for WSM
As part of broader risk management, OKX has revised the discount rate applied to WSM when used in multi-currency cross margin accounts.
Why Discount Rates Matter
In cross-margin systems, various cryptocurrencies are converted into USD value to serve as margin. However, due to differences in liquidity and volatility, not all assets are treated equally. Lower liquidity assets receive a discount to reflect higher risk.
Updated Discount Structure for WSM
| Tier (USD Value) | Previous Discount Rate | New Discount Rate |
|---|---|---|
| $0 – $50,000 | 50% | 0% |
| Over $50,000 | 0% | 0% |
🔺 Key Change: The preferential 50% discount for holdings up to $50,000 has been removed entirely. Now, all WSM holdings contribute at 0% value toward cross-margin requirements.
This means WSM can no longer be used as effective collateral in multi-currency accounts, increasing the importance of managing exposure manually.
Frequently Asked Questions (FAQ)
Q1: What happens to my open WSMUSDT futures position after delisting?
Your position will be automatically settled at the average index price from the hour before delisting. No further action is required, but ensure you understand the settlement mechanism to avoid surprises.
Q2: Can I still trade WSM in spot markets?
Yes. This delisting applies only to perpetual futures and margin trading pairs. Spot trading for WSM/USDT may continue unless separately announced.
Q3: Will I lose money if I don’t close my position early?
Not necessarily—but failing to manage risk could lead to unfavorable exits due to volatility or forced delivery mechanics. Early closure gives you control over exit timing and pricing.
Q4: Why is OKX removing the discount rate for WSM?
Due to declining market liquidity and trading volume, WSM no longer meets the criteria for favorable risk-adjusted treatment in cross-margin systems. This aligns with OKX’s proactive risk management policies.
Q5: How do I back up my trading history?
Go to the Report Center on the OKX website and download your order history, billing records, and transaction logs before or after delisting. Data remains available post-delisting.
Q6: Is this a permanent change?
Unless reinstated by OKX in a future announcement, these delistings are permanent. Monitor official channels for any updates regarding relisting possibilities.
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Market evolution requires constant optimization. While delistings can impact active traders, they ultimately contribute to a healthier, more sustainable trading environment. By staying informed and proactive, users can navigate transitions smoothly and maintain control over their portfolios.
Whether you're managing leverage, adjusting collateral, or simply monitoring spot activity, tools like those offered by OKX provide clarity and security in dynamic markets.
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