OKX has announced important updates regarding the spot trading schedule and pre-market futures delivery for the DOGS (Dogs) token. These changes are due to an adjustment in the token's issuance timeline. All users involved with DOGS trading are advised to carefully review the new timetable and key details provided below.
Revised DOGS Trading Timeline
To ensure a smooth trading experience, OKX has set the following schedule for DOGS-related activities. All times are in Coordinated Universal Time (UTC).
- Deposits Open: August 14, 2024, at 9:00 am.
- Call Auction: August 26, 2024, from 11:00 am to 12:00 pm.
- Spot Trading Begins: DOGS/USDT trading will start on August 26, 2024, at 12:00 pm.
- Withdrawals Open: August 27, 2024, at 10:00 am.
Adhering to this updated schedule is crucial for planning your trading activities effectively.
Understanding the DOGS Token
DOGS is a digital asset inspired by Spotty, the mascot created by TON founder Pavel Durov for the Telegram community. It embodies the unique spirit and culture of its ecosystem.
- Asset Name: Dogs
- Ticker: DOGS
- Total Supply: 550,000,000,000 tokens
Pre-Market Futures Delivery Details
The USDT-margined pre-market futures for DOGS are scheduled for delivery. This process converts futures contracts into the actual spot asset ahead of the official listing.
Key Delivery Timing
The delivery for DOGS pre-market futures is set for 4:00 am UTC on August 26, 2024. It is important to note that these contracts are typically delivered 24 hours before the asset lists on the spot market. Any further changes to the listing time will result in a corresponding adjustment to the delivery time. Always stay informed of the latest updates through official announcements.
How the Delivery Price is Determined
The final delivery price is a critical component of the settlement process.
- Actual Delivery Price: This is calculated as the arithmetic average of the index price taken every 200 milliseconds over the final hour leading up to the delivery time.
- Index Price Source: The index price is derived from the latest pre-market trading price on OKX. The exchange reserves the right to include price data from other major trading platforms in its index calculation to ensure fairness and accuracy.
- Estimated Price: Users can monitor the rolling average index price, also calculated every 200 milliseconds, during the hour before delivery as an estimate.
Important Position Limits Before Delivery
To mitigate risk during the volatile delivery period, trading restrictions are implemented in the final hour.
- Users cannot open new positions or increase existing ones.
Users can only place orders to reduce or close their positions.
- Hedge Mode: Users can place closing orders.
- One-Way Mode: Users can place reduce-only orders or reverse orders, provided the quantity does not exceed their current position. 👉 Explore more strategies for managing positions in volatile markets.
Traders are strongly advised to review any pending orders carefully before this period begins.
Settlement Fees and Price Limits
- Settlement Fee: A 1% fee will be applied upon delivery. This rate is subject to change, and users will be notified of any adjustments via official announcements.
Price Limits: To maintain market stability, pre-market contracts have built-in price limits that tighten as delivery approaches.
After Contract Generation:
- Maximum Buy Order: 115% of the average mid-price from the past hour.
- Minimum Sell Order: 85% of the average mid-price from the past hour.
Within 60 Minutes of Delivery:
- Maximum Buy Order: 105% of the average mid-price from the past hour.
- Minimum Sell Order: 95% of the average mid-price from the past hour.
The mid-price is calculated as (Best Bid Price + Best Ask Price) / 2, with limits updating every minute.
Post-Delivery Process and Restrictions
At the delivery time, OKX will automatically settle all futures contracts and cancel any remaining orders on the order book. In the event of abnormal price movements in the hour before delivery, OKX may adjust the final delivery price to a reasonable and fair level.
A temporary transfer restriction will be placed on accounts holding DOGSUSDT futures positions valued over $10,000 at the time of delivery. This restriction, which prevents moving assets out of the trading account, lasts for 30 minutes after delivery concludes. All order history and billing records remain accessible and can be downloaded for record-keeping from the Report Center on the OKX website.
Critical Risk Management Advice
The pre-market trading environment is highly speculative. Prices are determined by market activity and may not reflect the fair market value of the asset once spot trading begins. The period leading up to delivery can experience extreme volatility.
Users must actively monitor market conditions, implement robust risk control measures, and consider reducing leverage or closing positions in advance to manage exposure. Trading digital assets involves significant risk, including the potential loss of your entire investment.
Frequently Asked Questions
What is the new DOGS spot trading start time?
DOGS/USDT spot trading will begin at 12:00 pm UTC on August 26, 2024. This follows a call auction period that starts at 11:00 am the same day.
How is the final delivery price for pre-market futures calculated?
The actual delivery price is the average of the index price, sampled every 200 milliseconds, over the hour immediately preceding the delivery time. The index price is based on the latest pre-market trading data on OKX.
Why can't I increase my position right before delivery?
To protect users from the extreme volatility often seen just before delivery, OKX restricts trading to reduce-only orders in the final hour. This helps mitigate the risk of large, unexpected losses during settlement.
What happens if I hold a large position at delivery?
If your DOGSUSDT futures position is valued over $10,000 at the moment of delivery, your ability to transfer assets out of your trading account will be temporarily suspended for 30 minutes. Your funds are safe, and this is a standard risk-management cool-down period.
Where can I find my trade history after delivery?
All your order history and billing records remain available on the OKX platform after the delivery is complete. You can access and download this data at any time from the Report Center on the OKX website.
Is the pre-market price a good indicator of the future spot price?
Not necessarily. Pre-market trading is highly speculative and driven by sentiment. The price discovered there may differ significantly from the price once spot trading begins, so it should not be relied upon as a sole indicator of fair value.