OKX has announced the launch of a Europe-specific crypto derivatives product named X-Perps, marking a significant expansion of its regulated offerings within the European Economic Area (EEA). This initiative is facilitated through OKX’s Malta-based operations, which are compliant with the Markets in Financial Instruments Directive (MiFID), a crucial regulatory framework established by the European Union for financial instruments.
The new derivatives product is accessible to both retail and institutional traders across all 30 EEA countries. OKX indicated that X-Perps provides features such as multi-asset collateral and the potential for traders to utilize up to 10x leverage. In addition to allowing trading in major cryptocurrencies like Bitcoin (BTC), Ether (ETH), and XRP, the platform includes popular memecoins like Dogecoin (DOGE) and Pepe (PEPE).
The introduction of this product follows OKX’s strategic move in March 2025 when it acquired a MiFID-licensed entity in Malta. This acquisition has enabled the exchange to broaden its derivatives trading efforts throughout the EEA. According to the company, X-Perps consists of five-year expiry crypto derivatives and represents a structurally different approach tailored specifically for the European market.
During a recent discussion at Paris Blockchain Week, OKX Europe CEO Erald Ghoos emphasized that perpetual derivatives could not be offered under MiFID II, as they would typically be classified as contracts for difference (CFDs). To comply with these regulations, the exchange has structured X-Perps as a futures contract with a five-year expiration.
Ghoos highlighted the current state of crypto derivatives trading, noting that approximately 95% of this activity still occurs in offshore markets. He expressed confidence that many users would transition back to a fully regulated onshore environment, particularly with the introduction of X-Perps, which aims to provide a high level of liquidity and regulatory security.
OKX has also indicated plans to expand its offerings further, stating that it will explore additional trading pairs and high-demand products as part of its commitment to build a comprehensive and fully regulated derivatives platform for European traders. The exchange’s recent developments solidify its position as a key player in the cryptocurrency derivatives market, where it has already achieved considerable success, ranking as the second-largest exchange in this sector in early 2026, following Binance.
