OKX to delist ZK margin trading pair and perpetual future

According to Polyhedra Network’s official requirements, the ZK (Polyhedra Network) token will undergo a name change. As a prerequisite for this name change, OKX will delist its margin and perpetual futures trading.

Please note that spot trading for ZK pairs will not be affected. Any further adjustments will be announced promptly.

Schedule for the delisting of ZK (Polyhedra Network) margin and perpetual futures is as follows:

1. Perpetual futures trading

   Perpetual futures	Delisting time
   ZKUSDT	June 4, 2024, 8:00 am UTC

OKX will delist these perpetual futures and terminate the relevant trades. Relevant orders in the order book will also be canceled after the delisting.
OKX will deliver all the above-mentioned perpetual futures positions at the arithmetic average price of the corresponding OKX index timed 1 hour before 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, ‌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 the above-mentioned 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 billing records will still be available after the delisting. If you need to back up your data, you may download it ‌through the report center on the OKX website.
In order to ensure the successful delivery of the above-mentioned perpetual futures 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 minutes), Index × (1 + Z)]	Max[Min(Index, Index × (1 – Y) + Average premium over the past 10 minutes), Index × (1 – Z)]

Adjusted price limit rules:

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:

   Margin trading pairs	Cease borrowing feature	Delisting time
   ZK/USDT	May 31, 2024, 6:00 am UTC	June 3, 2024, 9:00 am UTC

OKX will suspend margin trading and flexible loan at the delisting times listed above and open orders for margin will be canceled. Each crypto pair will take around 1 hour to suspend. Users with borrowings or collateral of the above crypto pairs in margin trading and flexible loans should make sure to repay before the delisting times. A forced payment will be triggered if unpaid borrowings remain due by the delisting time.
Please note: Prices may experience extreme fluctuations. To avoid losses caused by forced repayment, we recommend you stop trading the pairs listed above and close all underlying positions in advance.

2. Adjustment of discount

   Asset	Before		After
   	Tier (USD)	Discount rate	Tier (USD)	Discount rate
   ZK	0-50,000	0.5	0	0
   	> 50,000	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 certain discount rates to balance market risks.
Learn more: https://www.okx.com/trade-market/discountrate

OKX team
May 30, 2024