--- title: "Crypto listing and delisting effects: an OKX price study" language: en type: empirical canonical: "https://whycoinmoves.com/en/research/exchange-listing-and-delisting-price-reactions" published: 2026-10-20 reviewed: 2026-10-20 --- # Crypto listing and delisting effects: an OKX price study Study crypto listing and delisting effects with OKX announcement coverage and a 43-row spot price panel. Timing uncertainty and missing markets limit conclusions. WhyCoinMoves Research · 2026-10-20 Observation / evidence scope: 2023-03/2026-10-01 ## Exploratory OKX spot price differences from BTC around perpetual-listing notices; percentage points | Hourly observation | Asset–notice rows N | Distinct URLs | P25 (pp) | Median (pp) | P75 (pp) | | --- | --- | --- | --- | --- | --- | | Approx. 1h / 约 1 小时 | 43 | 38 | −0.7890 | +0.4632 | +2.6103 | | 24h / 24 小时 | 43 | 38 | −6.7257 | +0.1360 | +5.2939 | ## Listing is not one event A new spot market, a perpetual contract launch and adding a quote pair change different forms of access. A token may already trade elsewhere when a venue announces it. The archive category called new listings also includes instruments outside ordinary crypto spot trading. Its raw category total should not be read as a count of new spot coins. We recounted stored announcement–asset records without using private trade selections or trade results. Of 317 perpetual-listing rows across 253 URLs, 50 fall on the migration-date cluster. Of the 267 remaining rows, 132 have any cached prices, including 61 OKX spot series; requiring complete BTC-matched windows further reduces the published panel. One announcement can mention several assets: the 155 spot-delisting rows come from just 53 URLs. These observations can share a publication time and market environment, so treating all rows as independent would overstate the evidence. ## An exploratory same-venue spot comparison For perpetual-listing notices with an existing OKX spot series, complete prices and matching OKX BTC/USDT, 43 asset–announcement rows across 38 URLs remain. Over the approximately one-hour observation the median difference from BTC is +0.4632 percentage points; the middle half ranges from −0.7890 to +2.6103 points. Over the 24-hour observation it is +0.1360 points, with a middle-half range of −6.7257 to +5.2939 points. The wider dispersion matters more than a simple claim that every listing lifts prices. The panel uses archived API publication metadata, excluding the known migration-date cluster. Hourly closes are aligned from the last hourly close at or before that metadata time, with matching BTC observations and no filled gaps. Therefore the intervals start before the exact notice time and are not precise announcement-to-price reactions. Each row has equal weight; the quartiles use interpolation. The price archive stops on 23 September 2026 for this comparison. Original publication times have not all been independently recovered, so this panel is exploratory. ## Why the delisting comparison remains incomplete Among the remaining delisting rows, only 36 have any cached price source: 35 Binance spot and one Binance perpetual. None has a usable OKX source in this cache. That is not a statement that these assets never traded on OKX; it is a limitation of the saved fallback collection. Combining these prices with the OKX spot listing panel would confound the event type with venue and instrument. Unavailable prices are particularly consequential for delistings. A market may disappear, become difficult to access or survive only on another venue. Keeping only easy-to-price survivors can change the result. Missing observations should remain in the coverage account instead of being silently removed from the denominator. ## Announcement, opening and removal are separate clocks The notice timestamp, deposit opening, first trade and final trading deadline answer different questions. An opening print can be affected by price discovery and thin liquidity; a delisting deadline can change access before an asset stops trading globally. This hourly archive does not establish a five-minute response, a time to peak or a reliable profit opportunity. ## Do exchange listings always pump crypto prices? No universal effect is established. The exploratory panel concerns existing OKX spot prices around perpetual-listing notices and shows a wide range of differences from BTC. It is not a study of every new spot listing or a guide to buying announcements. ## Can delisting price impact be compared directly with listing returns? Only with comparable event definitions, timestamps, venues and instruments. Here the delisting cache mainly uses another venue, while the published price panel uses OKX spot. Missing markets and repeated assets within one notice also limit comparison. ## Limitations Single saved OKX corpus, incomplete price coverage and unverified original publication times. The spot panel concerns perpetual-listing notices, not new spot listings. No causal estimate, independent-event significance test, execution-cost analysis or profitability claim is made. ## Sources and data access - [OKX announcement centre]() - [OKX historical candle documentation]() - [Binance public data documentation]() Aggregate data only; raw archives are not redistributed. Source fingerprints identify the files used, not independent verification. [JSON]() ## Related live archives - [BTC]() - [ETH]() - [SOL]() - [DOGE]() - [Exchanges]() ## Live prior 30-day hourly baseline — separate from the historical study Only the current watch list is shown, up to 12 assets. Missing or stale estimates remain unavailable. Venue and quote currency are kept separate; beta needs matching BTC data. Hourly statistics are not minute-move probabilities. Cutoff (UTC): 20/10/2026, 16:11 | Asset | Source | Bars / expected | Median \|r\| (%) | P99 \|r\| (%) | BTC Beta | Matched N | Last close (UTC+8) | Status | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | BTC | OKX · USDT | 719/720 | 0.1470 | 1.2330 | 1.0000 | 718 | 20/10/2026, 15:00 | Ready | | SOL | OKX · USDT | 720/720 | 0.2810 | 2.0501 | 1.4198 | 718 | 20/10/2026, 16:00 | Ready | | SUI | OKX · USDT | 719/720 | 0.5272 | 3.6107 | 2.0159 | 718 | 20/10/2026, 15:00 | Ready | | DOGE | OKX · USDT | 720/720 | 0.3218 | 2.2931 | 1.5503 | 718 | 20/10/2026, 16:00 | Ready | | ETH | OKX · USDT | 719/720 | 0.1933 | 1.4709 | 1.1272 | 718 | 20/10/2026, 15:00 | Ready | | XRP | OKX · USDT | 720/720 | 0.2671 | 2.3892 | 1.4388 | 718 | 20/10/2026, 16:00 | Ready | | PEARL | — | 0/720 | — | — | — | 0 | Not available | Unavailable: incomplete or stale | | AERO | — | 0/720 | — | — | — | 0 | Not available | Unavailable: incomplete or stale | | WLD | OKX · USDT | 481/720 | — | — | — | 480 | 20/10/2026, 15:00 | Unavailable: incomplete or stale | | NEAR | OKX · USDT | 719/720 | 0.7879 | 4.6857 | 2.1736 | 718 | 20/10/2026, 15:00 | Ready | | CARDS | OKX · USDT | 720/720 | 1.0459 | 8.7874 | 1.6101 | 718 | 20/10/2026, 16:00 | Ready | | QTC | — | 0/720 | — | — | — | 0 | Not available | Unavailable: incomplete or stale | [Research]() [Methods and limitations]()