What are X-Perps? A Guide for European Traders

X-Perps (Expiry Perps) are now live in Europe, giving EEA traders access to a powerful derivatives product on a regulated platform for the first time. Whether you are switching from another platform or exploring derivatives for the first time, this guide explains exactly what X-Perps are, how they work, and what you need to know before trading them on OKX.

In this guide, you will learn:

• What X-Perps are and how they work

• How X-Perps differ from spot trading

• Key concepts every trader needs to understand before opening a position

• How to get started on OKX

X-Perps (Expiry Perps) are leveraged derivatives contracts that let you trade on the price movements of crypto assets without owning the underlying coins. They are available exclusively to eligible traders, residing in one of the 30 EEA jurisdictions through OKX Europe Markets Limited, authorised and regulated by the Malta Financial Services Authority.

With X-Perps you can go long if you expect the price of an asset to rise, or go short if you expect it to fall. Positions can be opened and closed at any time during market hours, giving you flexibility to instantly act whenever the market moves.

X-Perps use a funding rate mechanism to keep the contract price closely aligned with the underlying spot market. They also have a fixed settlement date five years from the date the contract was issued, at which point open positions are cash settled. For the vast majority of traders who open and close positions within days, weeks, or months, this settlement date has no practical effect on how X-Perps trade day to day.

In spot trading, you buy or sell the actual asset. If you buy BTC on the spot market, you own BTC. Your gain or loss is determined solely by the change in BTC's price, and you can only profit if the price goes up.X-Perps work differently. You are trading a contract linked to an asset's price rather than the asset itself. This means:

• You can go long or short, giving you the ability to trade in both directions

• You can use leverage of up to 10x, meaning a smaller amount of margin controls a larger position

• You do not need to own the underlying asset to open a position

• Both gains and losses are amplified by the leverage you apply

Because of leverage, a relatively small price move can have a significant impact on your position, in either direction. Applying decent risk management is very important when trading X-Perps.

Leverage allows you to control a position that is larger than the margin you deposit. On X-Perps, you can trade with up to 10x leverage.

For example, with 10x leverage and 1,000 USDC in margin, you control a position worth 10,000 USDC. If the market moves 5% in your favour, your gain in the position is 500 USDC; a 50% return on your margin. However, if the market moves 5% against you, your loss is also 500 USDC; a 50% decrease in your margin.

Leverage amplifies both gains and losses equally. The higher the leverage, the faster losses can accumulate if the market moves against your position.

Margin is the collateral to open and maintain a position. X-Perps offer powerful margining capabilities including multi-asset margin. You can use BTC, ETH, SOL, USDC, USDG, or DOGE as margin, putting your existing crypto holdings to work without having to sell them.

Your margin level determines how much room your position has before it approaches liquidation. Monitoring your margin level is one of the most important habits of active traders. When trading X-Perps on OKX you have the option to choose between two different margin modes:

• Isolated: Each position gets its own fixed collateral. Limits losses to that position only.

• Selected: Margin and PnL are shared across positions. You may lose all your positions if liquidation occurs.

• When the contract price is trading above the spot price, the funding rate is typically positive. In this case, long positions pay short positions.

• When the contract price is trading below the spot price, the funding rate is typically negative. Short positions pay long positions.

The funding rate can add to, or reduce your net result depending on your position direction and how long you hold. If you hold a position across multiple funding intervals, the cumulative effect of funding payments can be meaningful.

If your margin falls below the required maintenance level, your position may be liquidated. This means your position closes automatically by the platform to prevent your account from going into a negative balance.

Liquidation can happen faster than expected during periods of high volatility, or if you are using high leverage. Setting a stop-loss before opening a position is one of the most effective ways to manage your risk.

X-Perps use a mark price, a calculated fair value price, for liquidation checks and unrealised PnL calculations. The mark price differs from the last traded price and is designed to reduce the impact of short-term price spikes on liquidation events.

Your unrealised PnL is calculated using the mark price, not the last traded price. This means your displayed PnL may differ slightly from what you would expect based on the chart price alone.

X-Perps have a fixed settlement date, five years from the date the contract was issued. At settlement, all open positions are cash settled at the settlement price. For traders who close their positions before the settlement date, which is the case for the vast majority of active traders, settlement has no direct impact on their trading.

At launch, X-Perps are available on OKX for the following assets:

BTC, ETH, SOL, DOGE, XRP, ADA, LTC, SUI, PEPE, PUMP

More markets will be added over time. Check the X-Perps trading page for the latest available markets.

X-Perps are available to eligible traders in the EEA, which includes all 30 European Economic Area countries. To access X-Perps you must:

• Have a verified OKX account with completed KYC (Identity verification)

• Complete an appropriateness assessment, which OKX uses to ensure you understand the risks involved in leveraged derivatives trading

• Be 18+ and reside in one of the supported EEA countries

Both retail and professional clients can trade X-Perps.

On desktop:

1. Log in to your OKX account

2. Click "Trade" in the navigation bar

3. Select "Unlock X-Perps"

4. Complete the appropriateness assessment

5. Once approved, X-Perps are accessible from the Trade menu at any time

On mobile:

1. Open the OKX app and tap the menu

2. Tap "X-Perps": this takes you to Exchange mode

3. Complete the appropriateness assessment

4. Once approved, X-Perps are accessible from the menu at any time

Trading in financial instruments involves a significant risk of loss and may not be suitable for all investors. If you invest in X-Perps or other derivatives you may lose some or all of the money you invest. X-Perps are leveraged instruments; leverage can amplify both gains and losses. The value of investments and any income derived from them can go down as well as up, and you may not recover the amount originally invested. Past performance is not a reliable indicator of future results. You should carefully consider your investment objectives, level of experience, and risk appetite before engaging in any trading activity.

OKX Europe Markets Ltd ("OEM"), which is authorised and regulated by the Malta Financial Services Authority (MFSA) under the Investment Services Act (Chapter 370 of the Laws of Malta) as a Investment Services Licence Holder (Licence No. OEML-15905).

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