OKX, one of the world's leading cryptocurrency exchanges, has announced plans to delist the KLAY/USDT trading pair as part of its ongoing efforts to manage market risks and provide users with a better trading experience.

Permanent Contract Delisting Details

Contract Name: KLAY/USDT. Delisting Time: October 25, 2024, between 19:00 and 20:00.

Impact on Commerce and Users

When the KLAY/USDT perpetual contract is delisted, all trading will be suspended and pending orders will be cancelled. The final settlement price will be calculated using the arithmetic mean of the EUR/EX index price for the hour prior to delisting. If unusual price manipulation is detected, the platform reserves the right to adjust the settlement price to a reasonable level. The funding rate for the day of delisting at 19:00 will be 0%, meaning that users will not see any funding fees on their bills.

Risk Mitigation Recommendations for Users

OKX recommends users to reduce leverage or close positions before delisting to reduce potential risks as the market may be volatile. If losses occur during delisting, the risk reserve will primarily cover the losses. However, if the reserve is insufficient, the system will automatically reduce profitable positions, starting with those that provide the highest profit. At the time of delivery, users with positions over $10,000 will have asset transfers from their trading accounts restricted for 30 minutes. After this period, normal operations will resume.

OKX continues to take steps to manage market risks, emphasizing user safety and enhancing trading experiences. Those dealing with KLAY/USDT are advised to stay informed of changes and act accordingly.