In a significant move for the cryptocurrency trading landscape, OKX has announced the addition of perpetual contracts for three prominent American stocks—Robinhood, Tesla, and MicroStrategy. The new trading options will become available on February 25, 2026, accessible through the platform’s web interface, mobile application, and API.
Perpetual contracts distinguish themselves from standard stock futures primarily by their lack of an expiration date. While traditional futures require positions to be closed or rolled over after a set date, perpetual contracts allow traders to maintain their positions indefinitely. This mechanism keeps the contract price closely aligned with the underlying asset’s price through a unique funding structure. Traders holding long or short positions will periodically exchange payments based on the contract’s price relative to the stock’s index price.
The selection of Robinhood, Tesla, and MicroStrategy as underlying assets is notable due to their high volatility and established links to the cryptocurrency market. Robinhood has enhanced its focus on cryptocurrencies, emerging as a leading platform for retail crypto trading in the United States. Tesla, under the leadership of Elon Musk, has maintained a historical connection with Bitcoin, even holding it on its balance sheet at one point, thus embodying the convergence of technology and cryptocurrency. MicroStrategy adds another layer of complexity; the firm has effectively transitioned into a corporate Bitcoin fund, trading at a premium to the value of the Bitcoin on its balance sheet, with its stock movements historically closely correlated to Bitcoin’s price but exhibiting greater volatility.
Interestingly, the maximum leverage for these new contracts will be capped at 5x, which is considerably lower than the risk levels typically associated with crypto derivatives on OKX, some of which offer leverage of up to 100x or more. This conservative approach aims to mitigate the risk of forced liquidations that can occur in volatile stocks like Tesla and MicroStrategy, particularly during significant intraday price swings. The 5x leverage aims to create a more manageable risk environment, appealing not only to aggressive speculators but also to traders interested in directional strategies with controlled risk.
However, this limited leverage could deter traders accustomed to the flexibility of higher leverage in the cryptocurrency markets. OKX aims to position itself competitively against traditional brokers that offer margin trading on stocks with leverage ratios of 2-4x, leveraging advantages like rapid execution, 24/7 availability, and elimination of traditional financial clearing hurdles.
The regulatory implications of offering stock-related products on a cryptocurrency exchange pose potential challenges. Historically, OKX has deferred the launch of on-chain perpetual contracts for regulatory reasons. To manage compliance risks effectively, limiting leverage and imposing geographic restrictions are standard practices in the introduction of such products. At present, there has been no public commentary from major regulatory bodies regarding this specific launch, but traders are advised to verify their account’s geographic restrictions and complete any necessary verifications beforehand, as the availability of these products may vary by jurisdiction.
Before trading begins, essential contract specifications, including index price sources, funding frequency, fee structures, and margin requirements, have yet to be disclosed. These factors will critically influence the cost of holding positions and liquidation thresholds. Traders intending to utilize these new instruments should stay attuned to OKX’s forthcoming documentation and make adjustments to their position sizes in accordance with the stipulated initial and maintenance margin requirements. Given that the initial trading session will likely experience heightened volatility, strategic consideration of entry points will be crucial for successful trading.
