OKX to Delist CRVUSD, THETAUSD, and Other Perpetual and Margin Trading Pairs

In a recent announcement, OKX revealed upcoming changes to its derivatives and margin trading offerings as part of its ongoing risk management strategy. The exchange will be delisting several perpetual contracts and margin trading pairs to maintain platform stability and enhance user experience amid evolving market conditions.

This update affects both perpetual futures traders and margin users, with specific timelines and procedural details provided for a smooth transition. Below is a comprehensive overview of the changes, including key dates, operational impacts, and actionable steps users should take.

Perpetual Contracts to Be Delisted

OKX will be discontinuing trading for the following USDⓈ-margined perpetual contracts:

• CRVUSD
• THETAUSD
• MANAUSD

All three contracts will be officially delisted on May 26, 2025, at 4:00 PM UTC+8.

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What Happens at Delisting?

At the specified time:

• Trading will be suspended.
• All open orders will be automatically canceled.
• Open positions will be settled using the arithmetic average of the OKX index price from one hour prior to delisting.
• The final funding rate for the delisting period will be set to 0, meaning no funding fees will be charged or recorded.
• No additional fees—such as delivery or settlement fees—will apply during this process.

In cases where the index price shows signs of manipulation or abnormal volatility in the final hour, OKX reserves the right to adjust the settlement price to a fair and reasonable level.

Risk Management Advisory

Market volatility often increases in the hours leading up to a contract's delisting. Traders are strongly advised to:

• Reduce leverage exposure.
• Close positions proactively to avoid unexpected liquidations.
• Monitor account health and ensure sufficient margin coverage.

After settlement, users holding positions valued over 10,000 USDT at the time of delisting will face a temporary restriction on asset transfers across their account. This limitation lasts for 30 minutes post-settlement, after which normal functionality resumes.

Historical order records and transaction bills for these contracts will remain accessible via the desktop Order Center, allowing users to download and archive their data as needed.

Adjustments to Margin Trading and Flexible Lending

In parallel, OKX is phasing out support for several USDT-margined margin trading pairs and their associated flexible lending services. The following pairs will be affected:

During each delisting window (approximately 2 hours), OKX will:

• Suspend margin trading.
• Disable borrowing functionality.
• Cancel all outstanding market orders.

Users with active loans or collateralized positions in these pairs must repay borrowed assets before the delisting window begins. Failure to do so will trigger an automated repayment process, which may result in unfavorable pricing due to market slippage or volatility.

Understanding the Coin Discount Rate Adjustment

As part of its broader risk framework, OKX is also adjusting coin discount rates within its cross-margin account model.

What Is a Coin Discount Rate?

In cross-margin mode, multiple cryptocurrencies can serve as collateral by being converted into USD value. However, due to differences in liquidity, volatility, and market depth, each asset is assigned a discount rate—a multiplier less than 100% that reduces its effective value when used as margin.

For example:

• A coin with a 70% discount rate contributes only 70 cents of margin value for every $1 it’s worth in spot markets.

This mechanism protects the system from sudden price drops or illiquidity events.

Why Is the Discount Rate Being Adjusted?

Due to recent market fluctuations and the upcoming delistings, OKX will gradually reduce the discount rates of affected coins to 0%. Once this happens:

• The coin can no longer be used as collateral.
• Users relying on it for margin support may see an increase in their maintenance margin requirements.
• This could lead to forced liquidations if positions aren’t adjusted.

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Frequently Asked Questions (FAQ)

Q1: Why is OKX delisting these contracts and pairs?

OKX regularly reviews its product lineup to manage risk, improve liquidity concentration, and ensure a high-quality trading experience. Low trading volume, high volatility, or declining market relevance are common factors in such decisions.

Q2: Can I still access my trading history after delisting?

Yes. All historical orders, fills, and funding records for delisted perpetual contracts will remain available through the desktop version of the Order Center. Users are encouraged to export data before or shortly after delisting.

Q3: What should I do if I have an open loan in a delisted pair?

You must repay any borrowed assets before the delisting window begins. If not, the system will automatically repay the loan using your available balance, potentially at unfavorable rates during volatile conditions.

Q4: Will I be charged fees during contract settlement?

No. There are no fees associated with the delisting process—this includes funding fees for the final period (set to zero) and any settlement or delivery charges.

Q5: How does the coin discount rate affect my position?

A lower discount rate reduces the collateral value of a token. If it drops to 0%, that asset no longer counts toward your margin balance, increasing your effective leverage and liquidation risk.

Q6: Can I transfer assets immediately after a contract is delisted?

Most users can. However, those with delisted perpetual positions valued over 10,000 USDT will face a 30-minute transfer lockout after settlement to ensure system stability.

Final Thoughts

These updates reflect OKX’s proactive approach to platform safety and user protection. By streamlining its offerings and adjusting risk parameters, the exchange aims to foster a more resilient trading environment.

Traders should act promptly—especially those holding positions or loans in affected pairs—to avoid unintended consequences such as forced liquidations or automatic repayments.

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Staying informed and responsive to exchange announcements is crucial in today’s fast-moving crypto markets. Whether you're engaged in perpetual futures or leveraged spot trading, understanding these operational shifts empowers better decision-making and stronger risk control.