The cryptocurrency market is constantly evolving, and exchanges must adapt to maintain stability, security, and optimal trading conditions. As part of this ongoing optimization, OKX has announced the planned delisting of certain WAVES-related trading products. This article provides a comprehensive overview of the changes affecting WAVES/USDT perpetual contracts, leverage trading, and flexible savings services, along with key dates, risk management policies, and what users need to do before these services are discontinued.
Perpetual Futures Contracts: Key Delisting Details
Starting with derivatives trading, OKX will officially delist the WAVESUSDT perpetual contract on February 1, 2024, between 4:00 PM and 5:00 PM (UTC+8). This action includes several important operational updates:
- Trading for the WAVESUSDT perpetual contract will be suspended at the start of the delisting window.
- All open orders will be automatically canceled.
- User positions will be settled using the arithmetic average of the OKX index price over the hour preceding delisting.
- If index manipulation or abnormal pricing is detected during this period, OKX reserves the right to adjust the final settlement price to a fair market level.
Settlement & Fee Policy
To ensure a smooth transition:
- The funding rate for the cycle ending at 4:00 PM on delisting day will be set to 0%, and no funding fee will appear in user billing records.
- No additional fees—such as delivery or settlement charges—will apply during position liquidation.
👉 Discover how to manage your futures portfolio ahead of contract changes.
This means users won’t face unexpected costs during the closure process, but proactive risk management remains crucial due to potential volatility in the lead-up to delisting.
Risk Mitigation Measures
In anticipation of market fluctuations:
- Users are strongly advised to reduce leverage or close positions early.
- In cases of liquidation losses (underwater accounts), the Insurance Fund will cover initial deficits.
- If losses exceed Insurance Fund capacity, Auto-Deleveraging (ADL) will begin with the most profitable traders.
Additionally:
- Users holding positions valued over $10,000 at settlement will have asset transfers temporarily restricted for 30 minutes post-delivery.
- Historical order records and transaction bills remain accessible after delisting. Users are encouraged to download data via the desktop Order Center for personal backup.
Adjustments to Price Limit Rules
To prevent extreme price swings before delisting, OKX has updated its price capping mechanism for the WAVESUSDT perpetual contract:
Price Limit Formula Overview
For contracts more than 10 minutes old, the limits are calculated as:
- Upper Limit:
Min[Max(Index, Index × (1 + Y) + Avg Premium over last 10 min), Index × (1 + Z)] - Lower Limit:
Max[Min(Index, Index × (1 – Y) + Avg Premium over last 10 min), Index × (1 – Z)]
Temporary Parameter Adjustments
| Time Before Delisting | X (%) | Y (%) | Z (%) |
|---|---|---|---|
| 48 hours | 2 | 2 | 5 |
| 30 minutes | 1 | 1 | 2 |
These tighter bounds help stabilize trading during the wind-down phase. Note that OKX may further adjust parameters if unusual market behavior occurs.
Leverage Trading & Flexible Lending Termination
In parallel with futures delisting, OKX is phasing out margin and lending support for the WAVES/USDT pair:
| Service | Action | Timing (UTC+8) |
|---|---|---|
| Flexible Lending (Borrow) | Borrowing disabled | January 26, 2024, 2:00 PM |
| Leverage Trading | Full delisting & order removal | February 2, 2024, 2:00 PM |
Each delisting process takes approximately one hour. During this time:
- Open margin orders will be canceled.
- Any outstanding borrowed WAVES or USDT must be repaid before the deadline.
⚠️ Critical Reminder: Failure to repay borrowed assets will trigger automatic repayment by the system, which could result in losses due to unfavorable market prices at execution.
👉 Learn how cross-margin accounts can help manage borrowing risks effectively.
We recommend users monitor their loan balances and repay early to avoid forced execution during volatile periods.
WAVES Collateral Discount Rate Adjustment
A significant update impacting risk modeling involves the collateral discount rate for WAVES in cross-margin accounts.
What Is a Collateral Discount Rate?
In multi-currency margin systems, digital assets are converted into USD equivalents to serve as collateral. However, due to differences in liquidity and volatility, platforms apply a discount factor to reflect realizable value under stress conditions.
Updated WAVES Discount Schedule
| Position Size (USD) | Previous Discount Rate | New Discount Rate |
|---|---|---|
| $0 – $250,000 | 80% | 0% |
| $250,000 – $500,000 | 70% | — |
| $500,000 – $1,000,000 | 50% | — |
| Over $1,000,000 | 0% | — |
🔺 Key Change: The new policy sets the discount rate for WAVES to 0% across all tiers, meaning WAVES will no longer contribute usable equity in cross-margin accounts.
This reflects a strategic de-risking move by OKX, likely due to reduced market depth or increased volatility in the WAVES ecosystem.
Frequently Asked Questions (FAQ)
Q: Why is OKX delisting WAVES perpetual and margin products?
A: Exchanges regularly review asset listings based on liquidity, trading volume, and risk profiles. Delisting helps maintain platform stability and protects users from illiquid or volatile markets.
Q: Will I lose money when my position is settled?
A: Settlement uses a fair index-based price. While no extra fees apply, market movement before delisting may impact P&L. It’s best to close manually if you want control over exit timing.
Q: Can I still trade WAVES spot after these changes?
A: Yes. This notice only affects perpetual contracts, leverage trading, and flexible lending. Spot trading for WAVES may continue unless separately announced.
Q: What happens if I don’t repay my borrowed WAVES before delisting?
A: The system will initiate automatic repayment using your available balance. If insufficient funds exist, your holdings may be sold at market price—potentially at a loss during high volatility.
Q: How can I check my current margin position and borrowings?
A: Log in to your OKX account, go to the Assets section, then select Trading Account > Margin to view active loans and exposure.
Q: Where can I find historical trade data after delisting?
A: All past orders and billing records remain accessible through the desktop version of OKX under Order History or Billing Records. Download them early for safekeeping.
👉 Stay ahead of listing changes with real-time market alerts and portfolio tools.
By understanding these updates, traders can take timely action to protect their capital and adapt strategies accordingly. Whether you're managing leveraged positions or using crypto as collateral, staying informed is key to navigating exchange-driven changes safely and efficiently.
OKX remains committed to delivering secure, transparent, and user-focused trading experiences—balancing innovation with responsible risk management in dynamic market conditions.