OKX has launched X‑Perps, a new suite of five‑year crypto derivatives that are fully regulated under Europe’s MiFID framework. The product is available to eligible retail and institutional traders across the European Economic Area (EEA) through the exchange’s Malta‑based licensed entity.
X‑Perps give traders up to 10x leverage and follow MiFID II rules for investment firms. Each contract behaves like a long‑dated futures product but uses a funding‑rate mechanism to keep prices anchored to the underlying spot market.
OKX Europe CEO Erald Ghoos says derivatives remain “at the core of crypto markets” and that X‑Perps brings the firm’s global derivatives infrastructure inside a fully regulated European wrapper.
How X‑Perps Work for European Traders
X‑Perps contracts currently cover a basket of major and high‑volume coins, including BTC, ETH, SOL, XRP, ADA, DOGE, PEPE, LTC, PUMP, and SUI. Traders can take directional or volatility positions with capital‑efficient margining and 10x leverage.
The products run inside OKX’s unified margin account, which supports real‑time, multi‑asset, and multicurrency collateral. Users can post EUR, USD, and selected crypto assets as collateral without converting them first, and the system continuously recalculates margin in real time.
X-Perps uses a funding rate structure akin to a perpetual futures contract to maintain contract prices near spot. Funding payments between longs and shorts help drive derivatives prices back from spot when they stray, giving skilled traders the chance to profit from arbitrage possibilities.
Built Around Risk Controls and Investor Safeguards
OKX stresses that X‑Perps sit inside a stricter risk and suitability framework than many offshore derivatives products. European customers must pass an appropriateness assessment before trading, demonstrating knowledge of leverage, liquidations, and derivatives risks under MiFID rules.
The platform applies negative balance protection and continuous exposure monitoring, so clients cannot lose more than the value of their accounts. OKX Exchange also uses its Proof‑of‑Reserves and asset verification frameworks to show, it says, that customer assets are fully backed.
Alongside the launch, OKX is expanding multilingual education content for European users, including margin calculators, guides to funding rates, and scenario tools that show how positions behave under stress.
The X‑Perps rollout is part of a broader European strategy where OKX has built a three‑layer regulatory stack. The company holds a MiCA license for crypto services, a MiFID II license for derivatives, and a payment institution license in Malta for stablecoin and fiat services, all of which are passported across the EEA.
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