On 13 November 2022 at 20:00 UTC, we will delist our perpetual swap contracts linked to FTT: FTTUSD and FTTUSDT. The contracts will be settled early at 20:00 UTC on 13 November 2022 ( “Tsettle”), according to the standard practice described in our Exchange Guide.
The decision to delist these contracts has been made due to reduction in spot trading of the underlying pairs which impacts the index prices required to maintain swaps trading.
The timeline for the delisting process will be as follows:
The contracts will trade as normal until 12:00 UTC on 13 November 2022 (“Tstart”).
At Tstart1 12:00 UTC on 13 November 2022:
- The Funding Rate, F0, will be calculated as normal using prices from the previous eight hours
- After Tstart, the Funding Rate will no longer be calculated and the next Funding Rate set to 0
- The relevant Contract Specification pages will display early settlement information
At Tsettle 20:00 UTC on 13 November 2022:
- The relevant contracts will expire, all trading will cease, and all open orders will be canceled
Funding, calculated using F0,will be exchanged (longs pay shorts if F0 > 0 and shorts pay longs if F0<0)
- All open positions in the relevant contracts will be closed out using the relevant Settlement Prices
- No fees will be charged for settlement
- Once a contract has expired, the lifetime profit and loss of that contract will be added to the user’s Bitcoin balance, and this contract will no longer appear on the Positions section
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