In a strategic move to enhance market liquidity and deliver a superior trading experience, OKX has announced the upcoming delisting of several WAVES-related trading products. This includes both perpetual futures and margin trading pairs involving the WAVES/USDT pair. Traders are advised to take necessary actions ahead of the scheduled delisting times to avoid potential losses or restrictions.
This article provides a comprehensive overview of the changes, including key timelines, risk management adjustments, and steps users should take. We’ll also explore how these updates align with broader market optimization goals and what they mean for traders holding positions in affected instruments.
👉 Discover how top traders manage transitions during product delistings.
Perpetual Futures Delisting Schedule
The first major change involves the delisting of the WAVESUSDT perpetual futures contract, which will occur on February 1, 2024, between 8:00 and 9:00 AM UTC.
Once delisted:
- All open trades for this contract will be terminated.
- Pending orders in the order book will be automatically canceled.
- Open positions will be settled using the arithmetic average price of the OKX index calculated over the hour preceding delisting.
In cases where the index price shows abnormal behavior during that final hour, OKX reserves the right to adjust the final settlement price to a fair and reasonable level to ensure equitable delivery for all users.
Additionally:
- The funding rate at 8:00 AM UTC on delisting day will be set to 0%, meaning no funding fee will be charged or paid during that cycle.
- To mitigate post-delisting volatility risks, users holding positions valued above $10,000 USD at settlement time will face a 30-minute withdrawal freeze from their trading accounts immediately after delisting. Asset transfers resume normally after this window.
Historical data—including order history and billing records—will remain accessible via the Report Center on the OKX platform. Users are encouraged to download any required documentation before or shortly after the delisting.
Enhanced Risk Control: Price Limit Adjustments
To ensure orderly trading and prevent extreme price deviations before delisting, OKX has implemented temporary adjustments to its price limit mechanism:
| Time Before Delivery | X (%) | Y (%) | Z (%) |
|---|---|---|---|
| 48 hours | 2 | 2 | 5 |
| 30 minutes | 1 | 1 | 2 |
These parameters define how price bands are calculated during different phases:
For the first 10 minutes after contract creation:
- Upper Limit = Index × (1 + X)
- Lower Limit = Index × (1 – X)
After 10 minutes:
- More complex formulas apply, incorporating average premiums and dynamic caps based on Y and Z values.
These tighter limits as delivery approaches help reduce manipulation risks and maintain market integrity during the wind-down phase.
Margin Trading Changes for WAVES/USDT
OKX is also phasing out margin trading support for the WAVES/USDT pair. The timeline is as follows:
- January 26, 2024, 6:00 AM UTC: The borrowing function for WAVES/USDT will be disabled.
- February 2, 2024, 6:00 AM UTC: Full delisting of the margin pair.
During this transition:
- Margin and flexible loan services for WAVES will be suspended.
- Open margin orders will be canceled.
- The process may take up to one hour per trading pair.
⚠️ Users with outstanding loans or collateral in WAVES must repay debts before the final delisting time. Failure to do so will trigger forced repayment mechanisms, potentially resulting in liquidation or penalties.
Given the potential for sharp price swings in the lead-up to delisting, OKX strongly recommends closing all related positions early and settling liabilities proactively.
👉 Learn how to optimize your margin strategy before major platform updates.
Discount Rate Adjustment for WAVES
As part of its risk management framework, OKX applies discount rates to assets used as collateral in cross-margin accounts. These rates reflect an asset’s liquidity and volatility profile.
With the delisting decision, the discount rate for WAVES has been revised as follows:
| Previous Tier (USD) | Previous Discount Rate | New Discount Rate |
|---|---|---|
| 0–250,000 | 0.8 | 0 |
| 250,000–500,000 | 0.7 | |
| 500,000–1,000,000 | 0.5 | |
| >1,000,000 | 0 |
This means that WAVES will no longer provide any discount benefit when used as margin collateral—effectively reducing its utility in leveraged strategies on the platform.
This change underscores OKX’s commitment to maintaining robust risk controls, especially as certain assets approach reduced availability or trading support.
Why Is OKX Making These Changes?
These actions are not isolated incidents but part of a broader initiative to:
- Improve market depth and liquidity
- Streamline product offerings
- Enhance user safety and platform stability
By removing underperforming or low-liquidity pairs, OKX ensures that remaining markets benefit from tighter spreads, faster executions, and more reliable pricing—key factors for active traders and institutional participants alike.
Moreover, periodic reviews allow OKX to adapt to evolving market conditions, regulatory landscapes, and user demand patterns.
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Frequently Asked Questions (FAQ)
Q: What happens to my open WAVESUSDT perpetual futures position after delisting?
A: Your position will be automatically settled at the arithmetic average price of the OKX index over the hour before delisting. If index anomalies occur, OKX may adjust the final price fairly.
Q: Can I still borrow WAVES after January 26?
A: No. The borrowing feature for WAVES/USDT will be suspended starting January 26, 2024, at 6:00 AM UTC.
Q: Will I lose access to my historical trade data after delisting?
A: No. All order history and billing records remain available through the Report Center on OKX’s website.
Q: Why was the discount rate for WAVES reduced to zero?
A: This adjustment reflects reduced liquidity and upcoming delisting. It helps manage systemic risk in cross-margin accounts.
Q: Am I allowed to withdraw funds immediately after perpetual futures delivery?
A: Users with positions over $10,000 USD at settlement will face a 30-minute withdrawal restriction. Normal access resumes afterward.
Q: How can I avoid forced repayment on margin loans?
A: Repay your WAVES-denominated loans before February 2, 2024, at 6:00 AM UTC. Also, close open positions early to minimize exposure.
Staying informed about platform changes like these is crucial for maintaining control over your crypto portfolio. Whether you're managing futures contracts or using leverage through margin trading, timely action can make a significant difference in protecting your capital.
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