Summary
This proposal seeks to wind down and move the following 5 markets to final settlement:
ARKM‑USD
SHIB‑USD
WOO‑USD
XPL‑USD
ZRO‑USD
These markets fail liquidity‑tests (a tiny market order of $100 incurred ~30% slippage) and they also show extremely low trading activity throughout September.
Rationale
The selected markets exhibit weak market activity and limited effective liquidity. All 5 markets failed the liquidity‑test, where a $100 market order incurred slippage approaching 30%, indicating insufficient depth for safe trading.
Additionally, most markets had minimal daily volume during the evaluation period. Only SHIB‑USD showed a single‑day spike (~$87k), while all other markets remained below $25k daily. Open interest levels were also low, with only SHIB‑USD and ZRO‑USD showing OI above $25k.
Market details:
- ARKM‑USD: Median 24h volume: $0 Median OI: $5,620 Median spread: 0.89%
- WOO‑USD: Median 24h volume: $0 Median OI: $611 Median spread: 0.99%
- ZRO‑USD: Median 24h volume: $6 Median OI: $19,113 Median spread: 1.00%
- XPL‑USD: Median 24h volume: $10 Median OI: $7,509 Median spread: 0.90%
- SHIB‑USD: Median 24h volume: $12,444 Median OI: $18,712 Median spread: 1.21%
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 weeks:
Motivation
Delisting these markets will:
-
Improve overall market quality and trading experience
-
Reduce operational and oracle overhead
-
Keep the product offering focused on active markets
-
Maintain a cleaner and more capital-efficient trading environment
Technical Implementation
The proposal will:
-
Disable the affected markets
-
Transition all listed pairs to
STATUS_FINAL_SETTLEMENT -
Disable associated price feeds
Timeline
This proposal follows the scheduled delisting process:
-
Friday, September 25, 2026: Forum post
-
Tuesday, September 29, 2026: On-chain vote
-
Friday, October 2, 2026: Markets delisted
We welcome community feedback prior to submitting this proposal for an on-chain governance vote.