To comply with the token migration requirements from the Fetch.ai (FET) project team, a major exchange will be delisting FET's leveraged trading and perpetual contract services. This guide provides a detailed overview of the delisting schedule, important user actions, and key considerations for managing your positions during this transition.
Key Dates and Timeline Overview
The delisting process is structured to ensure a smooth transition for all users. The following timeline outlines the critical milestones.
Perpetual Contract Delisting Schedule
The FETUSDT perpetual contract will be officially delisted on July 5, 2024, between 4:00 PM and 5:00 PM (UTC+8).
At the moment of delisting, all open orders for this contract will be automatically canceled. All remaining user positions will be settled (closed) at the delivery price. This price is calculated as the arithmetic average of the exchange's FET index price over the hour immediately preceding the delisting time.
To ensure a fair process, if the index price is subject to abnormal manipulation in that final hour, the platform reserves the right to adjust the final delivery price to a reasonable and fair market level.
No funding fees will be charged on the final settlement date, and the platform will not levy any additional settlement or delisting fees on users.
Leverage Trading and Flexible Loan Delisting
For the FET/USDT margin trading pair, the schedule is as follows:
- Borrowing Halted: June 27, 2024, at 3:00 PM (UTC+8)
- Full Delisting: July 4, 2024, at 3:00 PM (UTC+8)
At the delisting time, margin trading and flexible loan services for this pair will be suspended, and all related market orders will be canceled. The process is expected to take approximately one hour.
Crucial Action Required: If you have an active loan or are using FET as collateral in flexible loans, you must repay the borrowed assets before the delisting time. Failure to do so will result in the system initiating a forced repayment, which could lead to losses due to market volatility.
Risk Management and User Preparedness
Given the potential for increased market volatility around a delisting event, proactive risk management is essential.
- Reduce Leverage: Consider lowering your leverage倍数 to minimize potential liquidation risks.
- Pre-emptive Closing: The safest approach is to close your positions voluntarily before the official delisting times.
- Understand Settlement: For perpetual contracts, be aware that your position will be automatically settled at the calculated delivery price.
In the unlikely event of an auto-deleveraging (ADL) event at settlement—where losses exceed the insurance fund—the system will automatically reduce the positions of profitable traders in descending order of profitability to cover the deficit.
Post-Settlement Account Notes
Following the settlement of perpetual contracts, users with a settled position value greater than $10,000 will have all asset transfers within their trading account temporarily restricted for 30 minutes. This is a standard security measure, and full functionality will be restored automatically afterward.
All historical order and bill records for the delisted perpetual contract will remain available for query after the delisting. If you wish to keep a permanent record, it is recommended to download your transaction history from the desktop order center promptly.
Adjustments to Contract Risk Parameters
To ensure an orderly wind-down of the perpetual contract, the following adjustments to the price limit rules will be made:
| Time to Settlement | X | Y | Z |
|---|---|---|---|
| 48 hours before | 2% | 2% | 5% |
| 30 minutes before | 1% | 1% | 2% |
These adjustments tighten the permissible trading price range relative to the index price as the delisting time approaches, helping to maintain market stability. The platform may make further discretionary adjustments if significant price deviations occur before these scheduled times.
FET Token Discount Rate Adjustment
In cross-margin mode, the value of different cryptocurrency assets in a full-position account is collectively折算 as US dollar value for use as margin. Due to varying market liquidity, a discount rate is applied to each token to calculate its actual USD value, balancing overall market risk.
Effective from the announcement date, the discount rate for FET tokens has been adjusted to 0% across all balance tiers, meaning it will no longer count as collateral value in cross-margin accounts. For a deeper understanding of how these mechanics work, you can 👉 explore advanced margin trading strategies.
Frequently Asked Questions
What happens to my open FET perpetual contract position on July 5th?
Your position will be automatically closed (settled) at the calculated delivery price, which is the average of the index price in the hour before delisting. All open orders will be canceled, and no funding fees will be charged.
I have a loan in FET on margin. What do I need to do?
You must actively repay any borrowed FET before the delisting time on July 4, 2024, at 3:00 PM (UTC+8). If you do not, the system will execute a forced repayment, which could result in a loss depending on the market price at that moment.
Why was the discount rate for FET set to 0%?
Following the announcement of the delisting, the token's eligibility as collateral is removed. Setting the discount rate to 0% means it effectively holds no value for margin calculations in cross-mode accounts, reflecting its soon-to-be-delisted status.
Can I still trade FET spot after the leverage and perpetual contracts are delisted?
This announcement specifically covers leveraged products (perpetual contracts and margin trading). You should check the official exchange announcements for any information regarding FET spot trading.
Where can I find my historical trade records after delisting?
Your historical order and bill records for the delisted products will remain visible in your account. For a permanent backup, you should download your records from the desktop order center before they are potentially archived.
How can I stay informed about similar announcements in the future?
It is always best to regularly check the official announcements section of your exchange and ensure your notification settings are enabled for important service updates. To ensure you're always prepared, 👉 view real-time platform updates and tools.