According to OKX's September 10 announcement, the exchange has introduced pre-IPO X-Perps tied to OpenAI and Anthropic alongside 100 tokenized stock markets for eligible European traders. The contracts allow traders to open long or short positions at any time with up to 10x leverage, giving European customers exposure to two closely followed private technology companies without placing their names on a shareholder register. OpenAI trades under the PF_OPENAIXUSD symbol, while OKX excludes customers in the U.S., European Economic Area, Canada, Australia and New Zealand from these products entirely. The contracts are cash-settled and provide price exposure without shares, voting rights, dividends or ownership in either company.
As reported by OKX, the contracts offer maximum leverage of up to 10x globally, significantly higher than Kraken's 5x maximum. The exchange provides 24/7 trading access with each market opening with liquidity intended to support larger trades. Unlike traditional private-market investments, the X-Perps are derivatives through which traders speculate on the direction of a referenced company's implied value. OKX warns that customers trading X-Perps could lose part or all of their invested funds, particularly when leveraged positions move against them. The products are integrated with OKX's existing platform, allowing users to apply the platform's order types, automated strategies and margin balance across supported products without maintaining a separate brokerage account.
According to OKX's announcement, the exchange has opened 100 tokenized stock and exchange-traded fund markets, including products linked to SpaceX, Google, Nvidia, and Palantir, as well as the SPY and QQQ ETFs. Stock tokens can be used as collateral for X-Perps or withdrawn to self-custody wallets, with supported tokens able to operate inside OKX's dollar-cost averaging and Grid trading bots. The tokenized positions trade around the clock but carry no direct ownership or shareholder voting rights. OKX did not provide trading-volume figures or initial implied valuations assigned to OpenAI and Anthropic in its announcement.
As reported by OKX, the products are unavailable in the U.S., EEA, Canada, Australia and New Zealand, with only professional clients able to access them in the United Kingdom. Payward Digital Solutions offers the products from Bermuda under Bermuda Monetary Authority licensing. OKX Europe CEO Erald Ghoos noted that X-Perps volume in Europe has grown fourfold since MiCA's transition period ended in July, with the company intending to give European users enough liquidity to trade larger positions without requiring them to move to an unregulated venue. The launch follows Kraken's similar pre-IPO perpetuals and Coinbase's private-company perpetuals for eligible users outside the U.S., with Hyperliquid Labs reportedly in talks with Kraken's parent company about entering the US market.
