OKX will delist SRM from margin trading, perpetual contracts and SRM Savings
Published on 13 Nov 20224 min read
In order to improve market liquidity and improve the overall user experience, OKX will delist perpetual contract trading and margin trading for SRM. The details are as follows：
1. Perpetual contract trading
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Perpetual swaps
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Delisting time
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SRMUSDT
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08:00AM (UTC) November 14, 2022
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OKX will delist these perpetual swaps and terminate the relevant trades. Relevant orders on the order book will also be canceled after the delisting.
OKX will deliver all the SRMUSDT perpetual swaps positions at the arithmetic average price of the corresponding OKX index timed at 1 hour prior to the delisting.
If the index price displays abnormalities in the hour preceding the delisting, OKX may adjust the final delivery price to a reasonable level for delivery.
The current funding rate at 8:00 am UTC on the day of delisting will be 0, thus the funding fees for this period will not be included in the billing record.
Considering that the market may fluctuate sharply before the delisting, please manage your risk level by reducing the actual leverage multiples or closing positions in advance.
Within the first 30 minutes after the delisting, if you hold positions greater than 10,000 USD in value in SRMUSDT perpetual contracts at the time of delivery, you will be restricted from transferring assets out of your trading account.
Asset transfers will return to normal after 30 minutes. Order history and billings records will still be available after the delisting. If you need to backup your data, you may download it via Report Center on OKX web.
In order to ensure successful delivery of SRMUSDT perpetual swaps during the delisting, the following adjustments are made to our risk control parameters:
1) Adjustment of price limit rules
How the limit price is calculated:
| Period | Highest Price Limit | Lowest Price Limit |
| Within 10 minutes of contract generation | Index *(1+X) | Index *(1-X) |
| 10 minutes after contract generation | Min[Max(Index, Index *(1+Y)+ Average premium over the 10 ten minutes), Index *(1+Z)] | Max[Min(Index, Index *(1-Y)+ Average premium over the past 10 minutes), Index *(1-Z)] |
Adjusted price limit rules:
| Time | X | Y | Z |
| 48 hours before delivery | 2% | 2% | 5% |
| 30 minutes before delivery | 1% | 1% | 2% |
Note: If there is a deviation from the contract price before then, the price limit will be adjusted according to market conditions.
2. Margin trading
OKX will:
1. Cease borrowing feature of SRM pairs in margin trading at 15 PM on Nov 13, 2022 (UTC).
2. Cease margin trading of SRM pairs and cancel all SRM pairs orders at 9 AM on Nov 14, 2022 (UTC).
3. Trigger forced repayment at 9 AM on Nov 14, 2022 (UTC). For users who have SRM borrowings, please make sure to repay by 9 AM on Nov 14, 2022 (UTC).
4. For users who have SRM borrowings from SRM/BTC, please make sure to repay by 2 AM on Nov 15, 2022 (UTC).
Please note: As SRM prices might experience extreme fluctuations, to avoid losses caused by forced repayment, we suggest you stop trading SRM pairs and close all your SRM positions in advance.
3. Savings
After the borrowing feature is closed, OKX will suspend the saving subscription of this crypto, and the system will automatically redeem all your assets and send them to your funding account after the margin trading is officially offline.
4. Adjustment of discount
| Asset | Before | After | ||
| Tier (USD) | Discount rate | Tier (USD) | Discount rate | |
| SRM | 0~250,000 | 0.8 | 0 | 0 |
| 250,000~500,000 | 0.7 | |||
| 500,000~1,000,000 | 0.5 | |||
| >1,000,000 | 0 | |||
Discount rates overview
In multi-currency cross margin mode, different currencies in cross margin accounts can be converted into their USD value and used as margin. Due to significant differences in market liquidity of each currency, our platform calculates the actual USD value of certain crypto based on a certain discount rate in order to balance market risks.
Regards,
OKX