The cryptocurrency trading landscape is continuously evolving, and platform adjustments are often necessary to align with project developments. In line with recent updates from Polyhedra Network, OKX will proceed with the delisting of ZK (Polyhedra Network) margin trading pairs and perpetual futures contracts. This change follows official requirements from Polyhedra Network regarding a token name update, which necessitates corresponding modifications on trading platforms.
Importantly, spot trading for ZK will remain unaffected. Users can continue to trade ZK/USDT and other spot pairs without interruption. Any future changes beyond this announcement will be communicated promptly through official channels.
Perpetual Futures Delisting Schedule
OKX will delist the ZKUSDT perpetual futures contract on June 4, 2024, at 8:00 am UTC. After this time, trading for this contract will no longer be available.
All open orders in the order book will be automatically canceled upon delisting. Additionally, all outstanding positions will be delivered using the arithmetic average price of the OKX index calculated over the hour preceding delisting (i.e., from 7:00 am to 8:00 am UTC).
Final Delivery Price and Funding Rate
To ensure fair settlement:
- If the index price shows abnormal fluctuations during the final hour, OKX reserves the right to adjust the delivery price to a reasonable and representative level.
- The funding rate at 8:00 am UTC on June 4 will be set to 0%, meaning no funding fees will be charged or collected during that cycle.
Traders should remain aware that market volatility often increases near delisting times. To minimize risk, consider reducing leverage or closing positions early.
Post-Delisting Asset Transfer Restrictions
For risk management purposes:
- Users holding positions valued at over $10,000 at the time of delivery will face a 30-minute restriction on transferring assets out of their trading accounts immediately after delisting.
- After this period, all transfer functions will resume normally.
- Order history and billing records will remain accessible post-delisting. Users are encouraged to download relevant data via the Report Center on the OKX website for personal records.
Risk Parameter Adjustments Before Delisting
To maintain market stability and ensure smooth delivery, OKX will implement temporary adjustments to its risk control mechanisms, particularly concerning price limits.
Updated Price Limit Rules
Price limits help prevent extreme price deviations and protect traders from flash crashes or manipulation.
Standard Price Limit Calculation:
First 10 minutes after contract creation:
- Upper limit: Index × (1 + X)
- Lower limit: Index × (1 – X)
After 10 minutes:
- Upper limit: Min[Max(Index, Index × (1 + Y) + Average premium over past 10 min), Index × (1 + Z)]
- Lower limit: Max[Min(Index, Index × (1 – Y) + Average premium over past 10 min), Index × (1 – Z)]
Adjusted Parameters:
| Time Before Delivery | X | Y | Z |
|---|---|---|---|
| 48 hours | 2% | 2% | 5% |
| 30 minutes | 1% | 1% | 2% |
Note: These thresholds may be further adjusted if significant market deviations occur.
These tighter limits aim to reduce volatility as the contract approaches termination, ensuring a more orderly settlement process.
Margin Trading Delisting Timeline
In addition to perpetual futures, OKX will also delist ZK margin trading pairs.
| Trading Pair | Cease Borrowing | Delisting Time |
|---|---|---|
| ZK/USDT | May 31, 2024, 6:00 am UTC | June 3, 2024, 9:00 am UTC |
At the specified delisting time:
- Margin trading and flexible loan services for ZK/USDT will be suspended.
- Open margin orders will be canceled.
- The suspension process may take up to one hour per trading pair.
Action Required for Margin Users
Users who have:
- Borrowed ZK or USDT in margin or flexible loan accounts
- Used ZK as collateral
Must repay all outstanding debts before June 3, 2024, 9:00 am UTC. Failure to do so will trigger forced repayment by the system.
Given potential price swings, it's strongly advised to close positions and settle loans in advance to avoid unexpected losses.
Adjustment of Discount Rates for ZK
As part of ongoing risk management, OKX has updated the discount rate applied to ZK within multi-currency cross-margin accounts.
In cross-margin mode, various cryptocurrencies are converted into USD value and used as margin. However, due to differences in liquidity and volatility, not all assets are treated equally—some are discounted to reflect higher risk.
New Discount Rate Structure for ZK
| Tier (USD Value) | Previous Discount Rate | New Discount Rate |
|---|---|---|
| 0–50,000 | 0.5 | 0 |
| >50,000 | 0 | 0 |
This means ZK will no longer provide any margin discount, effectively reducing its utility as collateral in leveraged positions. This change reflects current market conditions and prepares the system for the upcoming delisting.
For more details on how discount rates work across supported assets, refer to OKX’s official documentation.
Frequently Asked Questions (FAQ)
Q: Will I still be able to trade ZK after the delisting?
A: Yes, but only in spot markets. The delisting applies exclusively to margin trading pairs and perpetual futures. Spot trading for ZK/USDT and other spot pairs remains active.
Q: What happens to my open perpetual futures position on June 4?
A: All open positions will be automatically delivered at the arithmetic average price of the OKX index from 7:00 am to 8:00 am UTC. No action is required on your part, but you should monitor your exposure beforehand.
Q: Can I still borrow ZK or use it as collateral after May 31?
A: No. Borrowing functionality for ZK will cease on May 31 at 6:00 am UTC, and full delisting occurs on June 3. You must repay any loans before then to avoid forced liquidation.
Q: Why is the discount rate for ZK being removed?
A: The removal aligns with reduced liquidity expectations ahead of the token name change and delisting. It ensures consistent risk modeling across the platform.
Q: How can I download my trade history?
A: Go to the Report Center on the OKX website and export your order history, billing records, or transaction logs before or after delisting—data remains accessible.
Q: Is this delisting related to security concerns?
A: No. This adjustment is driven solely by Polyhedra Network’s official request for a token rebranding. It does not reflect any security issue with ZK or OKX’s platform integrity.
Final Notes
Market adaptations like these highlight the importance of staying informed and responsive in fast-moving crypto environments. While delistings can impact trading strategies, they also present opportunities to reassess portfolio allocations and refine risk management practices.
By proactively managing positions, understanding timeline milestones, and leveraging platform resources, users can navigate transitions smoothly and maintain control over their digital asset activities.