Key Highlights
- European traders on OKX can now access pre-IPO perpetual futures for OpenAI and Anthropic
- Contracts offer up to 10x leverage for both long and short positions without share ownership
- The exchange simultaneously introduced 100 tokenized equities and ETFs, featuring Nvidia, Google, and Palantir
- Tokenized equities enable 24/7 trading but provide no shareholder privileges or voting authority
- X-Perps trading volume in Europe has quadrupled following MiCA’s transition period conclusion in July
Digital asset platform OKX has introduced pre-IPO perpetual futures contracts for OpenAI and Anthropic, targeting eligible traders throughout European jurisdictions. These financial instruments enable speculation on the private market valuations of both artificial intelligence firms without requiring actual equity ownership.
Market participants can establish long or short positions using leverage up to 10 times their initial capital. These derivative contracts don’t represent actual equity stakes and provide no financial claims or ownership interests in the underlying companies.
Understanding the Product Structure
The exchange has branded these instruments as X-Perps. They follow the implied market valuations of OpenAI and Anthropic instead of any exchange-listed trading price.
Contract pricing may diverge from valuations established during private capital raises. OKX has cautioned that initial public offerings for these companies might face postponement, cancellation, or may never materialize.
Erald Ghoos, CEO of OKX Europe, explained that retail investors in Europe have historically faced barriers accessing these markets via conventional brokerage channels. He attributed the product launch to increasing appetite for the platform’s derivatives offerings.
“X-Perps volume in Europe has grown fourfold since MiCA’s transition period ended in July, and these markets are built for those same traders,” Ghoos said.
This isn’t a first-mover initiative for such products. Both Hyperliquid and Binance currently operate pre-IPO perpetual futures markets linked to OpenAI and Anthropic.
The exchange emphasized leverage risks, noting that traders face potential losses of some or all invested capital when leveraged positions move unfavorably.
24-Hour Trading for 100 Tokenized Equities
Complementing the pre-IPO offerings, OKX unveiled 100 markets for tokenized stocks and exchange-traded funds. Available instruments include Google, Nvidia, Palantir, SpaceX, along with the SPY and QQQ ETFs.
These digital tokens support continuous trading regardless of traditional market operating hours. Order functionality encompasses limit, market, stop, time-weighted average price, and Iceberg execution methods.
Tokenized equities can serve as margin collateral for X-Perps trading within the same account structure. Users also have withdrawal capabilities to self-custody wallets, differentiating these products from conventional brokerage offerings.
Nevertheless, token ownership differs fundamentally from holding actual shares. Traders gain only price movement exposure, receiving no voting privileges or official shareholder designation.
This fundamental difference has sparked controversies previously. AMC Entertainment publicly challenged a Robinhood-issued token representing its equity. OpenAI voiced comparable objections in July 2025 when Robinhood launched tokens tied to the private entity without authorization.
OKX’s documentation explicitly clarifies that its tokenized stock products grant neither direct ownership nor any shareholder entitlements.
Within United States borders, the SEC continues evaluating how tokenized equity markets might function under existing securities regulations. Nasdaq secured SEC clearance in March for a restricted pilot program covering select Russell 1000 constituents, where tokenized and conventional shares maintain identical rights.
OKX’s European deployment operates under authorization from OKX Europe Markets Ltd., which holds regulatory approval from the Malta Financial Services Authority pursuant to Malta’s Investment Services Act.
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