OKX launches X-Perps for Magnificent 7, SPY, QQQ and commodities

OKX has launched X-Perps in Europe, offering crypto-settled perpetual futures linked to the Magnificent 7, the S&P 500 and Nasdaq-100 ETFs (SPY and QQQ), and commodity benchmarks including gold, silver and oil. The company announced the products on Tuesday through its OKX Europe entity and made them available to retail customers with up to 10x leverage.

The new X-Perps markets let European users trade perpetual contracts that settle in crypto and track equity and commodity underlyings. OKX said the contracts use the same margin pool as customers’ crypto holdings, allowing clients to hold margin and derivatives positions within a single account administered by its European unit.

OKX describes X-Perps as regulated derivatives that combine leveraged trading with a funding-rate mechanism intended to keep contract prices close to underlying spot levels. The firm first introduced the X-Perps format in April for cryptocurrency-linked contracts, including Bitcoin, Ether, Solana and XRP, and has since expanded the lineup to include equity- and commodity-linked instruments.

Other exchanges have introduced similar products for non-U.S. customers, offering tokenized equity perpetuals, stock perpetual futures and expanded access to U.S.-listed stocks and ETFs. OKX said its European rollout aims to let traders hold equity- and commodity-linked derivatives in one regulated account rather than using a MiFID II-regulated broker for stocks and an offshore crypto platform for perpetual futures.

European regulators are reviewing how existing securities and derivatives rules apply to hybrid products that combine crypto and traditional financial exposure. The European Securities and Markets Authority has issued guidance that leveraged crypto-linked derivatives could fall under rules for contracts for difference, which impose limits on leverage, require margin close-out protections and mandate clear risk disclosures. National regulators and EU authorities are assessing investor protection requirements ahead of the Markets in Crypto-Assets (MiCA) regime coming into full effect on July 1, 2026. Firms that do not obtain required authorisation will be required to stop offering services to EU clients.

Erald Ghoos, chief executive of OKX Europe, reported that X-Perps volumes in Europe have risen more than 447% since May 1 and that activity is predominantly driven by new clients who previously traded U.S. equity-linked derivatives on offshore or unlicensed platforms.

OKX said the launch extends its X-Perps product set beyond crypto underlyings to provide European retail traders with direct exposure to selected U.S. equities, major ETFs and key commodities through perpetual, crypto-settled contracts.