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
- Platform introduces 100 tokenized equities and ETFs, featuring Nvidia (NVDA), Google, and Palantir
- Tokenized equities provide 24/7 trading but exclude ownership rights and voting privileges
- X-Perps trading volume in Europe increased four times following MiCA transition period completion in July
The cryptocurrency platform OKX has introduced pre-IPO perpetual futures contracts for OpenAI and Anthropic, making them available to qualified European market participants. These financial instruments enable speculation on the private market valuations of both artificial intelligence firms without requiring actual equity ownership.
Market participants have the option to establish either bullish or bearish positions with leverage multipliers reaching 10 times their initial capital. These derivative contracts are not equity instruments and provide holders with no financial claims or ownership stakes in the underlying companies.
Understanding the Product Structure
The exchange has branded these instruments as X-Perps. They’re designed to follow the estimated valuations of OpenAI and Anthropic based on private market activity rather than traditional exchange-listed pricing mechanisms.
Contract pricing may diverge from valuations established during private fundraising events. The platform has cautioned users that public offerings for these companies might face postponements, cancellations, or may not materialize whatsoever.
According to Erald Ghoos, CEO of OKX Europe, traditional brokerage platforms have historically made these investment opportunities inaccessible to most retail participants across Europe. He connected this product launch to increasing appetite for the platform’s derivatives offerings.
“Since MiCA’s transition phase concluded in July, X-Perps trading volume across Europe has experienced a fourfold increase, and we’ve designed these instruments specifically for that growing trader base,” Ghoos explained.
The platform isn’t pioneering this product category. Both Hyperliquid and Binance currently operate pre-IPO perpetual futures markets linked to OpenAI and Anthropic.
The exchange emphasized that leverage amplifies both potential gains and losses. Traders face the possibility of partial or complete capital loss when leveraged positions move in unfavorable directions.
Continuous Trading for 100 Tokenized Equities
In conjunction with the pre-IPO instruments, OKX has activated 100 markets for tokenized stocks and exchange-traded funds. The selection encompasses Google, Nvidia (NVDA), Palantir, SpaceX, along with the SPY and QQQ ETFs.
These digital representations enable continuous trading, functioning throughout periods when conventional equity markets remain closed. The platform accommodates multiple order categories including limit, market, stop-loss, time-weighted average price, and Iceberg executions.
Tokenized equity positions can serve as collateral for X-Perps trading within a single account structure. Users also retain the capability to transfer these assets to personal custody wallets, a functionality typically unavailable through conventional brokerage services.
Nevertheless, possession of these tokens differs fundamentally from traditional stock ownership. Participants receive only price movement exposure, without accompanying voting privileges or official shareholder designation.
This differentiation has generated controversy in other contexts. AMC Entertainment publicly contested a Robinhood-issued token representing its equity. Similarly, OpenAI expressed objections in July 2025 following Robinhood’s introduction of tokens connected to the private company without obtaining prior authorization.
OKX’s documentation explicitly clarifies that its tokenized equity products provide neither direct ownership interest nor traditional shareholder entitlements.
Within the United States, the Securities and Exchange Commission continues evaluating regulatory frameworks for tokenized equity markets under existing federal securities regulations. Nasdaq secured SEC authorization in March for a restricted trial program encompassing select Russell 1000 constituents, where both tokenized and conventional formats maintain equivalent shareholder rights.
OKX’s European deployment operates under authorization from OKX Europe Markets Ltd., which maintains regulatory oversight from the Malta Financial Services Authority pursuant to Malta’s Investment Services Act.
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