To improve your overall user experience and the project's liquidity on OKX, according to OKX Token Delisting / Hiding Guideline and users' feedback, we will delist TORN crypto pairs. The details are as follows:
1. Spot trading
OKX will remove and cease spot trading of TORN pairs at 10 AM on Sep 27, 2022 (UTC), and all the TORN orders will be canceled.
2. Margin trading
OKX has ceased borrowing feature of TORN pairs in margin trading at 9 AM on Sep 21, 2022 (UTC).
OKX will:
1. cease margin trading of TORN pairs and cancel all TORN pairs orders at 2 AM on Sep 27, 2022 (UTC).
2. trigger forced repayment at 2 AM on Sep 27, 2022 (UTC). For users who have TORN borrowings, please make sure to repay by 2 AM on Sep 27, 2022 (UTC).
Please note: As TORN prices might experience extreme fluctuations, to avoid losses caused by forced repayment, we suggest you stop trading TORN pairs and close all your TORN positions in advance.
3. Perpetual contracts trading
In order to avoid potential problems caused by price fluctuations during TORN migration, OKX will delist the TORNUSDT perpetual swaps at 8:00 AM UTC on Sep 26, 2022, and trading for the pair will be stopped. Related orders on the order book will also be canceled after the delisting.
OKX will deliver all the TORNUSDT perpetual swap positions at the arithmetic average price of the corresponding OKX index one hour prior to the delisting.
If the index price display abnormalities in the hour preceding the delisting, OKX may adjust the final delivery price to a reasonable level at the time.
The current funding rate at 8:00 AM UTC on the day of delisting will be 0 (funding fees for this period will not appear in the billing record).
Considering that the market may fluctuate sharply before the contract delisting, users are advised to practice risk–control measures by reducing the actual leverage multiples or closing positions in advance.
Within 30 minutes after the delisting, users who hold positions greater than $10,000 in value in TORNUSDT perpetual contract at the time of delivery will also be restricted from transferring assets out of their Trading Account.
Restrictions on asset transfers will be lifted after 30 minutes. The historical orders and bills can still be queried after the delisting. If you need to back up your data, please download it promptly via the “Report Center” on the web interface.
In order to ensure the smooth delivery of TORNUSDT perpetual contract during the delisting, the following adjustments are made to the risk control parameter settings:
1) Adjustment of price limit rules
The calculation formula of the limit price:
|
Period
|
Highest Price Limit
|
Lowest Price Limit
|
|
Within 10 minutes of contract generation
|
Index *(1+X)
|
Index *(1–X)
|
|
10 minutes after the contract is generated
|
Min[Max(Index, Index *(1+Y)+ Average premium over the past ten minutes), Index *(1+Z)]
|
Max[Min(Index, Index *(1–Y)+ Average premium over the past ten minutes), Index *(1–Z)]
|
Adjusted price limit rules:
|
Time
|
X
|
Y
|
Z
|
|
8:00 am UTC on Sep 24 (48 hours before delivery)
|
2%
|
2%
|
5%
|
|
7:30 am UTC on Sep 26 (30 minutes before delivery)
|
1%
|
1%
|
2%
|
Note: If there is a deviation from the contract price before then, it will be adjusted according to market conditions.
4. Savings
After the borrowing feature is closed, OKX will suspend the saving subscription of this crypto, and the system will automatically redeem all your assets and send them to your funding account after the margin trading is officially offline.
For any inquiries regarding this delisting, please feel free to contact us via the official
OKX Telegram group or our
Support Center.
OKX
Sep 21, 2022 (UTC)
