OKX will delist WEMIX pairs from spot, margin trading, perpetual contracts and WEMIX Savings
Published on Dec 8, 20224 min read
To improve your overall user experience and the project's liquidity on OKX, according to OKX Token Delisting / Hiding Guideline and users' feedback, we will delist WEMIX crypto pairs. The details are as follows:
Spot trading
OKX will remove and cease spot trading of WEMIX pairs at 13:00 PM on Dec 8, 2022 (UTC), and all the WEMIX orders will be canceled.
Margin trading & Flexible loan
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Margin trading pairs
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Cease borrowing feature
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Delisting time
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WEMIX/USDT
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December 8, 2022, 9:00 AM UTC
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December 8, 2022, 10:00 AM UTC
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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 loan should make sure to repay before the delisting times. A forced payment will be triggered if unpaid borrowings remain due by the delisting times.
Margin adjustment has been stopped for WEMIX/USDT margin isolated position. Please close the position as soon as possible to avoid any loss by liquidation.
Please note: Prices may experience extreme fluctuations. To avoid losses caused by forced repayment, we recommend you stop trading pairs listed above and close all underlying positions in advance.
Perpetual contracts trading
In order to avoid potential problems caused by price fluctuations during WEMIX migration, OKX will delist the WEMIXUSDT perpetual swaps at 9:00 AM UTC on Dec 8, 2022, and trading for the pair will be stopped. Related orders on the order book will also be canceled after the delisting.
OKX will deliver all the WEMIXUSDT perpetual swap positions at the arithmetic average price of the corresponding OKX index one hour prior to the delisting.
If the index price display abnormalities in the hour preceding the delisting, OKX may adjust the final delivery price to a reasonable level at the time.
Considering that the market may fluctuate sharply before the contract delisting, users are advised to practice risk–control measures by reducing the actual leverage multiples or closing positions in advance.
Within 30 minutes after the delisting, users who hold positions greater than $10,000 in value in WEMIX/USDT perpetual contract at the time of delivery will also be restricted from transferring assets out of their Trading Account.
Restrictions on asset transfers will be lifted after 30 minutes. The historical orders and bills can still be queried after the delisting. If you need to back up your data, please download it promptly via the “Report Center” on the web interface.
In order to ensure the smooth delivery of WEMIX/USDT perpetual contract during the delisting, the following adjustments are made to the risk control parameter settings:
1) Adjustment of price limit rules
The calculation formula of the limit price:
| Period | Highest Price Limit | Lowest Price Limit |
| Within 10 minutes of contract generation | Index *(1+X) | Index *(1–X) |
| 10 minutes after the contract is generated | Min[Max(Index, Index *(1+Y)+ Average premium over the past ten minutes), Index *(1+Z)] | Max[Min(Index, Index *(1–Y)+ Average premium over the past ten minutes), Index *(1–Z)] |
Adjusted price limit rules:
| Time | X | Y | Z |
| 4:00 am UTC on Dec 8 (5 hours before delivery) | 2% | 2% | 5% |
| 8:30 am UTC on Dec 8 (30 minutes before delivery) | 1% | 1% | 2% |
Note: If there is a deviation from the contract price before then, it will be adjusted according to market conditions.
Adjustment of discount
| Time | Asset | Before | After | ||
| Tier (USD) | Discount rate | Tier (USD) | Discount rate | ||
| 10:00 am UTC on Dec 8 | WEMIX | 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 a certain discount rate in order to balance market risks.
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.
For any inquiries regarding this delisting, please feel free to contact us via the official OKX Telegram group or our Support Center.
OKX
Dec 8, 2022 (UTC)