{"slug":"exchange-listing-and-delisting-price-reactions","reviewed":"2026-10-20","observationPeriod":"2023-03/2026-10-01","kind":"empirical","sourceFingerprints":[{"label":"OKX announcement census snapshot","sha256":"74d97568546162832366474a4d412535a136dc0fc1cb82fcb7ca48b564182045"},{"label":"Archived announcement–asset records","sha256":"b836738ab89ceede3669e1330c902be67afff32e8efc11e4312d4d4b4cac41b1"},{"label":"Archived event-window price source cache","sha256":"c4964c3509333029166fb6922e8d69e5812fb70942d2d154a178f7688ee1b2b1"},{"label":"BTC OKX spot USDT hourly archive","sha256":"0c0f771524ac6ee31682afebee3e206ccc4293f082108d2f808bb164d63e28ab"}],"title":["Crypto listing and delisting effects: an OKX price study","交易所上币与下架会怎样影响币价？OKX 历史样本"],"summary":["Study crypto listing and delisting effects with OKX announcement coverage and a 43-row spot price panel. Timing uncertainty and missing markets limit conclusions.","用 OKX 公告归档和 43 条现货观察研究上币、下架效应；列出相对 BTC 分布，并说明时间不确定性及缺失市场的限制。"],"relatedCoins":["bitcoin","ethereum","solana","dogecoin"],"relatedTopics":["listing"],"table":{"caption":["Exploratory OKX spot price differences from BTC around perpetual-listing notices; percentage points","永续上新公告附近的 OKX 现货相对 BTC 差值；单位为百分点"],"columns":[["Hourly observation","小时观察"],["Asset–notice rows N","币种—公告记录 N"],["Distinct URLs","不同 URL"],["P25 (pp)","P25（百分点）"],["Median (pp)","中位数（百分点）"],["P75 (pp)","P75（百分点）"]],"rows":[["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"]]},"figures":[],"methods":[{"heading":["Listing is not one event","“上币”不是同一种事件"],"paragraphs":[["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.","新增现货市场、上线永续合约和增加计价交易对，改变的是不同形式的交易入口。交易所公告时，代币可能早已在其他地方交易。归档的“新上线”分类还含有普通加密现货以外的产品，分类总数不能直接当作新现货币数量。"],["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.","本文重新清点保存的公告—币种记录，没有使用私有交易筛选或交易收益。317 条永续上新记录对应 253 个 URL，其中 50 条位于迁移集中日。剩余 267 条中，132 条有任一缓存价格，包含 61 条 OKX 现货序列；进一步要求完整 BTC 配对窗口后，才得到表中样本。一条公告可能涉及多个币种：155 条现货下架记录只对应 53 个 URL。这些观测可能共享发布时间与市场环境，全部当成独立事件会夸大证据。"]]},{"heading":["An exploratory same-venue spot comparison","同交易所现货的探索性比较"],"paragraphs":[["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.","对已有 OKX 现货序列、价格完整且能配对 OKX BTC/USDT 的永续上新公告，保留 43 条币种—公告记录，对应 38 个 URL。约一小时观察中，相对 BTC 差值中位数为 +0.4632 个百分点，中间一半位于 −0.7890 至 +2.6103；24 小时观察的中位数为 +0.1360，中间一半位于 −6.7257 至 +5.2939。分散程度说明，不能将上新概括为每次都推高价格。"],["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.","该样本采用归档 API 发布时间，排除已知迁移集中日。行情从不晚于元数据时间的最后一个小时收盘起观察，配对同期 BTC，并排除缺口。因此观察起点早于精确公告时点，不是精确的公告后反应。每条记录等权，四分位数采用插值；该比较的价格归档截至 2026 年 9 月 23 日。尚未逐篇独立恢复原始发布时间，因此仅属探索性结果。"]]},{"heading":["Why the delisting comparison remains incomplete","为什么下架比较仍不完整"],"paragraphs":[["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.","剩余下架记录中，仅 36 条有任一缓存价格来源：35 条 Binance 现货、1 条 Binance 永续。该缓存没有可用的 OKX 来源。这不表示这些资产从未在 OKX 交易，而是保存的回退采集覆盖有限。把它们与 OKX 现货上新组直接合并，会将事件类别与交易所、产品类型混在一起。"],["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.","下架研究尤其需要重视价格缺失：市场可能消失、难以访问，或只在其他交易所存续。只保留容易取价的幸存资产，可能改变结论。缺失观测应留在覆盖统计中，而不是从分母里悄悄消失。"]]},{"heading":["Announcement, opening and removal are separate clocks","公告、开盘与停止交易属于不同时间"],"paragraphs":[["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.","公告发布时间、开放充值、首笔交易和停止交易期限回答不同问题。开盘价会受价格发现与稀薄流动性影响，下架期限也可能先改变局部交易入口，而非全球停止交易。现有小时归档不能确定五分钟反应、见顶时间或可靠获利机会。"]]},{"heading":["Do exchange listings always pump crypto prices?","交易所上币一定会拉升币价吗？"],"paragraphs":[["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.","本文没有确立普遍效应。探索样本观察永续上新公告附近已有的 OKX 现货价格，相对 BTC 差值分散；它不是全部新现货上市研究，也不是公告买入指南。"]]},{"heading":["Can delisting price impact be compared directly with listing returns?","下架冲击可以直接和上币收益比较吗？"],"paragraphs":[["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.","需要先保证事件定义、时间戳、交易所和产品可比。这里的下架缓存主要来自另一交易所，公布的行情表则采用 OKX 现货；缺失市场及同条公告内多个币种也限制比较。"]]}],"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.","单份 OKX 保存全集，价格覆盖不完整，原始发布时间尚未全部核验。现货探索样本围绕永续上新公告，不是新现货上市研究。本文没有因果估计、独立事件显著性检验、执行成本分析或盈利结论。"],"sources":[{"title":["OKX announcement centre","OKX 公告中心"],"url":"https://www.okx.com/help/section/announcements-latest-announcements"},{"title":["OKX historical candle documentation","OKX 历史 K 线文档"],"url":"https://www.okx.com/docs-v5/en/#rest-api-market-data-get-candlesticks-history"},{"title":["Binance public data documentation","Binance 公开数据文档"],"url":"https://github.com/binance/binance-public-data"}]}