The cryptocurrency derivatives market is constantly evolving, and exchanges periodically adjust their offerings to ensure user safety and market stability. XT has announced upcoming changes to its U.S. dollar-margined perpetual contracts, specifically involving NCUSDT and PRAIUSDT. These adjustments are part of broader risk management strategies aimed at protecting traders during volatile market conditions.
This article outlines the timeline, implications, and recommended actions for users holding positions in these contracts. We'll also explore why exchanges delist certain trading pairs, how traders can respond proactively, and what this means for the broader crypto futures landscape.
Upcoming Delisting Timeline
XT has set a clear schedule for the removal of NCUSDT and PRAIUSDT perpetual contracts:
- July 3, 2025, 15:00 (UTC+8):
Users will no longer be able to open new positions in NCUSDT or PRAIUSDT U-margined perpetual contracts. Additionally, API trading interfaces for these pairs will be disabled at this time. - July 5, 2025, 11:00 (UTC+8):
All remaining open positions will undergo automatic liquidation. After this point, both trading pairs will be fully removed from the platform.
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It is strongly advised that traders manually close their positions before July 5, 11:00 UTC+8 to avoid potential losses due to forced settlement. Automatic liquidation may result in less favorable exit prices, especially if market volatility increases near the deadline.
Why Are These Contracts Being Removed?
Exchanges like XT regularly evaluate the performance and risk profile of listed derivatives. The decision to delist NCUSDT and PRAIUSDT perpetual contracts likely stems from several factors:
- Low trading volume: Contracts with limited liquidity can lead to slippage and price manipulation risks.
- High volatility or instability: Underlying assets showing erratic behavior may pose systemic risks to leveraged products.
- Risk mitigation: In uncertain market conditions, reducing exposure to less stable pairs helps protect users from sudden liquidations.
By proactively removing these contracts, XT aims to maintain a safer trading environment and uphold its commitment to user protection.
Temporary Risk Controls Before Delisting
Prior to full removal, XT may implement temporary protective measures without further notice. These include:
- Adjusting maximum leverage levels and position size limits
- Modifying maintenance margin requirements
- Altering funding rates — including base rate, premium index, and fee caps
- Changing funding settlement frequency
These dynamic adjustments are designed to prevent excessive speculation and reduce the likelihood of cascading liquidations during the wind-down phase.
What Should Traders Do Now?
If you currently hold positions in NCUSDT or PRAIUSDT perpetual contracts, here’s what you should do:
- Review your open positions immediately
Log into your XT account and assess your current exposure. Determine whether closing manually offers better pricing than waiting for automatic liquidation. - Plan your exit strategy
Consider market conditions and timing. Exiting early can help avoid congestion and slippage as other traders rush to close positions. - Withdraw or reallocate funds
After closing your position, consider transferring funds to more liquid contracts or stable investment options. - Monitor official announcements
While re-listing plans are not confirmed, XT may reintroduce these pairs under revised terms in the future.
Understanding U-Margined Perpetual Contracts
U-margined (or USDⓈ-margined) perpetual contracts are futures instruments settled in stablecoins like USDT. They allow traders to speculate on price movements using leverage without an expiry date.
Key features:
- Profits and losses are denominated in USDT
- Funding rates are exchanged periodically between long and short positions
- High leverage increases both profit potential and liquidation risk
When such contracts are delisted, it disrupts ongoing strategies — making advance planning essential.
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These terms reflect common queries users might enter when seeking information about upcoming changes on XT or similar platforms.
Frequently Asked Questions (FAQ)
Q: What happens if I don’t close my NCUSDT or PRAIUSDT position before July 5?
A: If you don’t manually close your position by July 5, 2025, 11:00 (UTC+8), it will be automatically liquidated by the system. This could result in suboptimal pricing and potential losses.
Q: Can I still trade these contracts after July 3?
A: No new positions can be opened after July 3, 15:00 (UTC+8). However, existing positions can remain open until the automatic liquidation on July 5.
Q: Will the API be available during the wind-down period?
A: No. The API interface for NCUSDT and PRAIUSDT perpetual contracts will be disabled starting July 3, 15:00 (UTC+8).
Q: Is there a chance these contracts will return?
A: XT has stated that re-listing will be announced separately if applicable. There is no confirmed timeline or guarantee of return at this stage.
Q: Why did XT not give more notice?
A: While two days' notice may seem short, exchanges often act swiftly when managing risk in fast-moving markets. This timeframe allows users to exit while minimizing prolonged uncertainty.
Q: Are other trading pairs affected?
A: As of now, only NCUSDT and PRAIUSDT U-margined perpetual contracts are impacted. No other pairs have been announced for removal.
Final Thoughts
The delisting of NCUSDT and PRAIUSDT perpetual contracts underscores the importance of staying informed about exchange policy changes. Risk management isn't just about stop-losses and leverage — it also involves monitoring which instruments remain available for trading.
Traders must remain agile, especially in the fast-paced world of crypto derivatives. By acting early and understanding platform announcements, you can protect your capital and adapt to changing market conditions effectively.
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