OKX US to sell USD trading bot positions if users miss Sept 30 deadline
OKX US plans to cancel open orders and trading bots left on affected greenback trading pairs when it retires these order books on Sept. 30. Positions in Grid and Smart Portfolio bots on the affected pairs may also be bought, the trade says, making inaction probably pricey for merchants utilizing these methods.
According to the US customer notice, the corresponding USDC pairs have been obtainable alongside the affected USD pairs since Sept. 23. Traders have till the migration to cancel open USD-pair orders, cease these bots and recreate them on the USDC pairs. Orders and bots created on the alternative pairs through the parallel window will preserve operating afterward.
What the deadline modifications
OKX US says the previous books will likely be retired between 3 and 4 a.m. (*30*) time on Sept. 30, equal to 7 to 8 a.m. UTC. All remaining orders and bots or automated trades on affected USD pairs will likely be canceled. OKX’s migration schedule says bots utilizing these pairs could shut progressively over that hour and the related USD pairs will likely be delisted at 8 a.m. UTC.
The cancellation has totally different penalties for the positions behind totally different bots. OKX says it should sell positions in Grid and Smart Portfolio bots. Positions managed by DCA, Recurring Buy and TWAP/Iceberg bots will likely be held after migration, though these bots will nonetheless shut. An automated sale could incur trading charges or slippage and produce a realized achieve or loss; the result is determined by a person’s holdings and execution.
The migration issues chosen USD trading pairs, not each greenback market on the trade. USDT-USD is exempt. OKX US says account balances, deposits and withdrawals are unaffected. The introduced gross sales concern the desired bot positions quite than a broad sale of shoppers’ funds.
The change additionally doesn’t eradicate greenback funding for the consolidated guide. OKX US says users will nonetheless find a way to place orders with USD, which is able to mechanically convert to USDC to entry the brand new liquidity. That distinction issues for merchants who assume a greenback stability itself have to be exchanged upfront: the motion required underneath the discover is to transfer affected open orders and bots to the corresponding USDC pairs.
For an affected dealer, ready till after the window means shedding the present USD-pair order or bot quite than having it transferred mechanically. Moving it through the parallel interval preserves management over when it stops and the way any Grid or Smart Portfolio place is dealt with earlier than OKX’s scheduled closure.
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