OKX: Adjustment of FILUSDT Perpetual Swap Before and After the Filecoin Mainnet Launch
Dear valued customers,
Filecoin mainnet will launch on October 15, 2020 (UTC). The FILUSDT index rebalance and other trading rules of OKX’s FILUSDT perpetual swap contract before and after the mainnet launch are as follows:
1. Before the mainnet launch
Before the Filecoin mainnet launches and while there is no FIL mainnet token trading pairs on mainstream exchanges, the index will continue to use the following components:
|
Exchange |
Trading Pair |
Weight |
|
Gate.io |
FIL6/USDT（previously known FIL/USDT pair） |
33.3% |
|
Poloniex |
XFIL/USDT |
33.3% |
|
OKX |
FILUSDT perpetual swap |
33.3% |
2. After the mainnet launch
(1) Index components rebalance
After the Filecoin mainnet goes live, we will replace the existing components including FIL6, XFIL and FILUSDT perpetual swap with spot pairs from exchanges with robust FIL markets. As we strive to rebalance the index in a timely manner, the rebalance will NOT be announced again at that time, but users can obtain latest information on index component changes through the FILUSDT index page or index API.
(2) Price limit and funding rate rules adjustments
After the mainnet launches and the index components have stabilized, the price limit rule of FILUSDT perpetual swap will be adjusted as follow:
|
Before adjustment |
After adjustment |
|
Max. bid price=Min (Max（Index，Index*1.1+ price movement average within the last 10 mins），Index*1.2)；
Min.ask price= Min (Max（Index，Index*0.9+ price movement average within the last 10 mins），Index*0.8) |
Max. bid price=Min (Max（Index，Index*1.06+ price movement average within the last 10 mins），Index*1.15)；
Min.ask price = Min (Max（Index，Index*0.94+ price movement average within the last 10 mins），Index*0.85) |
The funding rate rules will be adjusted as follow:
|
Before adjustment |
After adjustment |
|
Funding rate=Clamp(MA((（Best Buy Price + Best Sell Price）／2-spot index price)／spot index price - Interest), -0.1%, 0.1%) |
Funding rate =Clamp(MA((（Best Buy Price + Best Sell Price）／2-spot index price)／spot index price - Interest), -0.75%, 0.75%) |
The adjustment of price limit and funding rate rules will be announced at a later time.
In addition, as the volatility of the currently illiquid FIL is relatively high, please take necessary risk management measures such as reducing positions, increasing margin and lowering the leverage to avoid potential risks caused by market volatility.
Thank you for your continued support and we assure you our best services at all times.
Regards,
OKX
October 11, 2020 (UTC)
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