Summary
This proposal seeks to wind down and move the following 21 markets to final settlement:
IO‑USD
PI‑USD
W‑USD
MOVE‑USD
USUAL‑USD
SPX‑USD
MANA‑USD
2Z‑USD
SNX‑USD
GRT‑USD
MORPHO‑USD
EUR‑USD
BLAST‑USD
TSLAX‑USD
ZK‑USD
VVV‑USD
AXL‑USD
STX‑USD
MNT‑USD
CRO‑USD
ETHFI‑USD
These markets fail liquidity-tests (a tiny market order of $100 incurred > 5% slippage) and they also show almost no trading volume in August.
Rationale
The selected markets exhibit weak market activity and limited effective liquidity. All 21 markets failed the liquidity‑test, where a $100 market order incurred more than 5% slippage, indicating insufficient depth for safe trading.
Additionally, most markets had minimal cumulative volume in August, with several showing near‑zero open interest and persistently wide bid‑ask spreads.
Market details:
- IO‑USD: $0.00 August cumulative volume, $0.00 open interest, 7.17% bid‑ask spread
- PI‑USD: $5.28 August cumulative volume, $0.93 open interest, 6.12% bid‑ask spread
- EUR‑USD: $5,059.26 August cumulative volume, $3,194.77 open interest, 1.40% bid‑ask spread
- TSLAX‑USD: $7,570.63 August cumulative volume, $21.12 open interest, 1.00% bid‑ask spread
- VVV‑USD: $11,501.20 August cumulative volume, $0.00 open interest, 5.19% bid‑ask spread
- W‑USD: $5.55 August cumulative volume, $5,007.19 open interest, 5.32% bid‑ask spread
- MOVE‑USD: $164.06 August cumulative volume, $71.21 open interest, 12.08% bid‑ask spread
- USUAL‑USD: $194.18 August cumulative volume, $2,237.73 open interest, 5.22% bid‑ask spread
- SPX‑USD: $311.72 August cumulative volume, $1,498.69 open interest, 8.12% bid‑ask spread
- MANA‑USD: $484.60 August cumulative volume, $347.30 open interest, 5.50% bid‑ask spread
- ZZ‑USD: $720.86 August cumulative volume, $748.77 open interest, 12.02% bid‑ask spread
- SNX‑USD: $1,799.09 August cumulative volume, $10,680.08 open interest, 4.58% bid‑ask spread
- GRT‑USD: $2,018.89 August cumulative volume, $5,592.49 open interest, 9.84% bid‑ask spread
- MORPHO‑USD: $2,715.45 August cumulative volume, $1,065.38 open interest, 5.36% bid‑ask spread
- BLAST‑USD: $5,960.33 August cumulative volume, $982.28 open interest, 11.56% bid‑ask spread
- ZK‑USD: $7,599.08 August cumulative volume, $15,588.70 open interest, 7.55% bid‑ask spread
- AXL‑USD: $12,004.90 August cumulative volume, $10,465.04 open interest, 7.49% bid‑ask spread
- STX‑USD: $34,623.70 August cumulative volume, $3,677.43 open interest, 4.91% bid‑ask spread
- MNT‑USD: $45,824.70 August cumulative volume, $14,415.67 open interest, 3.40% bid‑ask spread
- CRO‑USD: $71,394.10 August cumulative volume, $10,333.60 open interest, 3.75% bid‑ask spread
- ETHFI‑USD: $72,886.10 August cumulative volume, $12,591.18 open interest, 5.62% bid‑ask spread
Markets with low trading activity, limited open interest, and persistently wide spreads do not provide meaningful execution quality and reduce overall market efficiency.
Further data insights
Volume charts:
Open interest last 4-weeks:
Motivation
Delisting these markets will:
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Improve overall market quality and trading experience
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Reduce operational and oracle overhead
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Keep the product offering focused on active markets
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Maintain a cleaner and more capital-efficient trading environment
Technical Implementation
The proposal will:
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Disable the affected markets
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Transition all listed pairs to
STATUS_FINAL_SETTLEMENT -
Disable associated price feeds
Timeline
This proposal follows the scheduled delisting process:
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Friday, August 28, 2026: Forum post
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Tuesday, September 1, 2026: On-chain vote
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Friday, September 4, 2026: Markets delisted
We welcome community feedback prior to submitting this proposal for an on-chain governance vote.