OKX has launched X-Perps, a regulated crypto derivatives product built specifically for the European market, extending its licensed offering across all 30 European Economic Area countries through its Malta-based MiFID entity. The supporting evidence appears in the cited X post.
The company said the platform is available to both retail and institutional traders and supports up to 10x leverage with multi-asset collateral including euros, US dollars, and crypto assets.
The launch follows OKX’s acquisition of a MiFID-licensed entity in Malta in March 2025, a move that unlocked the exchange‘s ability to offer compliant derivatives across the EEA under the Markets in Financial Instruments Directive.
At launch, X-Perps supports trading pairs for Bitcoin, Ether, and XRP, as well as memecoins including Dogecoin and Pepe.
Why Perpetuals Cannot Exist Under MiFID II
The product’s structure reflects a deliberate regulatory workaround. OKX Europe CEO Erald Ghoos explained that perpetual derivatives cannot exist under MiFID II because they would be classified as contracts for difference, a category subject to stricter restrictions.
Instead, OKX structured X-Perps as a five-year expiry futures contract to satisfy regional compliance requirements.
Ghoos noted on X that approximately 95% of crypto derivatives trading volume still occurs offshore. “I do believe that a lot of users will transition from offshore back to a fully regulated onshore environment,” he said, adding that X-Perps is intended to bridge that gap under a fully regulated exchange with strong liquidity.
OKX Ranked Second in Global Derivatives Volume in Q1 2026
The European rollout comes as OKX has grown into one of the largest derivatives venues globally. According to CoinGlass Q1 2026 market share data, OKX ranked second among all crypto derivatives exchanges in the first quarter of 2026, recording a cumulative quarterly trading volume of $2.19 trillion. Binance led the field with $4.9 trillion over the same period.
OKX said it plans to expand X-Perps with additional trading pairs and new products tailored to retail and institutional demand as it builds out what the company described as a fully featured regulated European derivatives platform. The company did not disclose a timeline for those additions.
The launch places OKX among a limited group of exchanges actively pursuing full regulatory compliance in Europe rather than operating through offshore structures.
With MiFID providing a passporting mechanism across all EEA member states, OKX’s Malta license allows it to serve users in countries spanning the bloc without requiring separate national approvals for each jurisdiction.
Not Financial Advice: This article is for informational purposes only. Crypto investments are highly volatile. Always do your own research.
