Delisting
GX Exchange may delist perpetual or spot markets when an asset no longer meets listing criteria. The delisting process is designed to give traders adequate notice and a fair exit.
Delisting Criteria
A market may be flagged for delisting when:
- Liquidity collapse: The underlying asset’s spot liquidity drops below the minimum threshold required for reliable oracle pricing (fewer than 3 exchanges with sufficient volume)
- Oracle degradation: Oracle sources become unavailable or unreliable for the asset
- Regulatory action: Legal or regulatory developments require removal of the asset
- Project failure: The underlying project ceases operations, is compromised, or abandons development
- Governance decision: A governance proposal to delist is approved by validator vote
Delisting Process
Phase 1: Announcement (7 days)
- The market is flagged for delisting with a target date
- An announcement is published via the API, WebSocket feed, and UI
- No restrictions on trading during this phase
- New position opening remains available
Phase 2: Reduce-Only (3 days)
- The market enters reduce-only mode: only orders that decrease existing positions are accepted
- No new positions can be opened
- Existing limit orders that would increase positions are cancelled
- Market makers should begin withdrawing liquidity
Phase 3: Settlement (1 day)
- All remaining open orders are cancelled
- Open positions are settled at the final mark price (determined by the oracle at the settlement timestamp)
- PnL is realized and credited/debited to account collateral
- Funding payments are finalized
Phase 4: Removal
- The order book is removed from the matching engine
- Historical data remains available via the API and node data output
- The market ticker is reserved to prevent reuse confusion
Emergency Delisting
In exceptional circumstances (oracle compromise, critical vulnerability, regulatory emergency), the delisting process may be accelerated:
- The announcement period may be shortened or skipped
- The market may immediately enter reduce-only or settlement mode
- Emergency actions are communicated through all available channels
Position Handling
| Phase | Open New Position | Increase Position | Reduce Position | Close Position |
|---|---|---|---|---|
| Announcement | Yes | Yes | Yes | Yes |
| Reduce-Only | No | No | Yes | Yes |
| Settlement | No | No | No | Auto-closed |
Funding During Delisting
- Funding continues normally during the announcement phase
- Funding continues during the reduce-only phase
- A final funding settlement occurs at the beginning of the settlement phase
- No funding accrues after settlement
Spot Market Delisting
For spot markets, the delisting process follows the same phases. During settlement:
- All open orders are cancelled
- Token holders retain their balances (tokens are not forcibly sold)
- The spot order book is removed, but tokens can still be transferred between accounts
- A dust conversion sweep may be triggered for micro-balances