OKX has launched X-Perps, a Europe-specific regulated crypto derivatives product available to both retail and institutional traders across all 30 European Economic Area (EEA) countries through its Malta-based MiFID business.
The offering follows OKX’s March 2025 acquisition of a MiFID-licensed entity in Malta, which enabled the exchange to extend derivatives trading under MiFID rules across the EEA. X-Perps was designed to comply with the Markets in Financial Instruments Directive (MiFID II) and to provide a regulated onshore alternative to offshore derivatives venues.
Product features and listings
X-Perps are structured as five-year expiry futures contracts that support multi-asset collateral — including euros, U.S. dollars and a range of cryptocurrencies — and offer up to 10x leverage. At launch the platform lists pairs for major tokens such as Bitcoin (BTC), Ether (ETH) and XRP, alongside several memecoins including Dogecoin (DOGE) and Pepe (PEPE). OKX says it will add more trading pairs and consider additional high-demand products for both retail and institutional users as the regulated derivatives platform evolves.
Why the structure differs from perpetuals
The product’s long-dated futures format reflects MiFID II constraints: perpetual swap-like products would be treated as contracts for difference (CFDs) under the regime, so OKX chose a five-year futures design to remain compliant. OKX Europe CEO Erald Ghoos has argued that this structural approach is necessary for bringing regulated derivatives trading onshore under European rules.
Market context and strategy
OKX has grown into a major derivatives venue. Per CoinGlass data, OKX was the second-largest crypto derivatives exchange in Q1 2026, with about $2.19 trillion in quarterly volume versus Binance’s $4.9 trillion. Ghoos has noted that a large share of crypto derivatives volume still occurs offshore — he estimated as much as 95% — and expects some of that activity to migrate back to regulated onshore markets as alternatives like X-Perps gain traction by combining compliance with deep liquidity.
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