OKX expands stock and commodity X-Perps for Europe retail traders

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OKX expands X-Perps in Europe

Highlights

OKX launched new X-Perps contracts for European retail traders, offering leveraged exposure to Magnificent 7, SPY, QQQ, gold, silver, and oil futures.
X-Perps trading volumes in Europe surged over 447% since May 1, primarily driven by clients shifting from unlicensed U.S. equity-derivatives platforms.
European regulators are evaluating stricter oversight and investor protections for leveraged crypto-linked derivatives ahead of full MiCA implementation on July 1, 2026.

New contracts widen regulated product offering

As reported by Cointelegraph, OKX said in a Tuesday release that it is rolling out new X-Perps markets for European retail customers, covering futures linked to the Magnificent 7, SPY, QQQ and major commodity benchmarks.

The exchange said the new lineup lets users trade contracts tied to leading U.S. technology stocks, alongside index-based exposure to the S&P 500 and Nasdaq-100 through SPY and QQQ. The products also offer access to gold, silver and oil with up to 10x leverage, using the same margin pool as customers' crypto holdings.

OKX describes X-Perps as a regulated derivatives product that combines leveraged trading with a funding-rate mechanism designed to track underlying spot prices. The platform launched the product in April with crypto-linked contracts including Bitcoin, Ether, Solana and XRP.

OKX Europe chief executive Erald Ghoos told Cointelegraph that X-Perps volumes in Europe have risen more than 447% since May 1 and are predominantly driven by new clients who previously traded U.S. equity-linked derivatives on offshore or unlicensed platforms.

European rules and competition intensify

Crypto exchanges are increasingly combining equities and derivatives trading on single retail platforms in Europe, where the overlap between MiFID II and the European Union's MiCA framework is reshaping how traditional and digital asset exposure is offered to investors.

Kraken rolled out regulated tokenized equity perpetual futures for non-U.S. clients in February, including products tied to the S&P 500, Nasdaq 100, the Magnificent 7 and gold through its xStocks framework. Coinbase followed in March with stock perpetual futures for non-U.S. users via Coinbase Advanced and Coinbase International Exchange, while Binance expanded equities-linked products earlier in June with commission-free trading in U.S.-listed stocks and exchange-traded funds for non-U.S. users.

Regulators are also examining how existing securities and derivatives rules apply to crypto-linked investment products. The European Securities and Markets Authority warned in February that leveraged crypto-linked derivatives may fall under existing EU CFD rules, which impose limits on leverage, margin close-out protections and risk warnings.

European authorities are reviewing how investor protection rules apply to perpetual derivatives and tokenized stock products ahead of the EU's full MiCA framework implementation on July 1, 2026. Crypto asset service providers that do not obtain authorization will be required to stop serving EU clients.

In our earlier article on silver futures, we noted that COMEX silver dropped nearly 9% over a week as futures-market positioning drove the move and speculative long liquidation accelerated. We also highlighted key technical levels, with silver hovering near its 200-day SMA and the $67 area acting as pivotal support, while sentiment and rising U.S. Treasury yields added pressure despite solid industrial demand.

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