OKX launches X-Perps, MiFID-regulated crypto derivatives in Europe

Crypto exchange OKX said Wednesday it is launching a Europe-specific cryptocurrency derivatives platform called X-Perps.

The company said the new derivatives product is available to retail and institutional traders across the European Economic Area (EEA).

OKX said the platform is purpose-built in compliance with the Markets in Financial Instruments Directive (MiFID), a European Union regulatory framework governing financial instruments such as securities and derivatives.

The launch comes just over a year after OKX secured a MiFID II license in March 2025, which allowed the exchange to expand its derivatives trading across the EU.

Platform features multi-asset collateral and up to 10x leverage

OKX said X-Perps offers five-year expiry crypto derivatives with up to 10x leverage and supports multi-asset collateral, including euros, US dollars and crypto assets.

At launch, the platform offers pairs for numerous crypto assets, including major coins such as Bitcoin (BTC), Ether (ETH) and $XRP ($XRP), as well as memecoins such as Dogecoin (DOGE) and Pepe (PEPE).

“OKX will be rolling out more pairs and exploring high-demand products for retail and institutional traders as it builds out its fully featured, regulated European derivatives platform,” the company said in an announcement shared with Cointelegraph.

A structurally different product designed for Europe

OKXs launch of X-Perps comes as the exchange has emerged as a major player in derivatives trading.

According to CoinGlass, OKX ranked as the second-largest exchange in crypto derivatives in the first quarter of 2026, after Binance, with a cumulative quarterly trading volume of $2.19 trillion, versus Binances $4.9 trillion.

The three largest crypto derivatives platforms by cumulative volumes in Q1 2026. Source: CoinGlass

A spokesperson for OKX told Cointelegraph that X-Perps is specifically structured to comply with MiFID requirements and will differ from products offered under other regulatory frameworks.

OKX Europe CEO Erald Ghoos said derivatives sit at the core of crypto markets, which continue to dominate overall trading activity, totaling $18.6 trillion compared with $1.9 trillion in spot trading in the past quarter.

“With X-Perps, were extending our proven, high-performance derivatives offering into a regulated European framework, giving both institutions and retail traders access at scale,” Ghoos noted.