How do Stock and Commodity X-Perps work?

What are X-Perps on Gold, Silver, Oil and stocks?

OKX X-Perps are USD-margined expiry futures that give eligible users price exposure to selected TradFi assets, including US stocks, ETFs, and commodities, without owning the underlying assets.

Which TradFi derivatives are available?

There are 13 X-Perp markets across three categories: seven US tech stocks (AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA), two ETFs (SPY, QQQ), and four commodities (GOLD, SILVER, WTIOIL, BRENTOIL), all as USD expiry futures.

How is the OKX X-Perp price calculated?

OKX constructs a proprietary Index Price for each X-Perp using multiple weighted sources. During equity market hours, this includes real-time stock and ETF prices sourced via Pyth, prices of equity-linked RWA tokens from different exchanges and equity futures prices from other venues. The Index Price represents the fair reference value of one virtual share or ETF unit. The Mark Price, used for liquidation, is calculated as Index Price plus a basis adjustment: a moving average of the difference between the OKX order book mid-price and the Index Price.

What is the funding rate and how does it work?

The funding rate is a periodic payment exchanged between long and short positions. When the X-Perp trades at a premium to the Index Price, longs pay shorts; when it trades at a discount, shorts pay longs. This keeps the X-Perp price anchored to the underlying Index Price over time. The rate can be positive or negative and is displayed on the OKX trading interface before a position is opened.

What happens to OKX X-Perps when equity markets are closed?

OKX X-Perps continue to trade 24/7 including evenings, weekends, and public holidays. When equity markets are closed, real-time TradFi price feeds stop updating. OKX retains the last available TradFi price and constrains the live Index Price to within ±10% of that reference price. This limits excessive divergence while traditional markets are closed, but doesn't eliminate risk, prices may still move, and gap risk can occur when the underlying market reopens.

What leverage is available for OKX X-Perps?

Eligible EEA retail users can access up to 10x leverage on all OKX X-Perp markets. At 10x, a 1% move in the underlying reference price can have an approximately 10% effect on position value before fees and funding. Trading at 1x reduces leverage amplification but doesn't remove risk. Funding fees, margin requirements, and liquidation risk can still apply.

What order types are supported for X-Perps?

OKX X-Perps support the same core order types as standard OKX crypto contracts: limit, market, take profit/stop loss, trigger, trailing TP/SL, iceberg, TWAP, and scale orders. Both one-way mode and hedged mode are supported. Bot trading (Futures Grid, Futures DCA, TWAP, Iceberg) is also available subject to acceptance of the required risk disclosure.

How does liquidation work on an OKX X-Perp?

Liquidation is triggered when a position no longer meets the applicable maintenance margin requirement (MMR). MMR is calculated using the same framework applied to standard OKX crypto contracts and may vary by instrument, position size, OKX entity, and market conditions. Liquidation is based on the Mark Price, not the last traded price. OKX may adjust margin requirements at its discretion based on volatility, liquidity, or regulatory requirements.

Can I trade TradFi X-Perps via the OKX API?

Yes. OKX X-Perps are accessible via the OKX API using the same endpoints as standard expiry futures. Each X-Perp contract includes a dedicated field in API metadata to identify it as such. API users must accept the X-Perp risk disclosure via the OKX web or app interface before API trading is enabled. Sub-accounts must each accept the disclosure separately.

What are the contract specifications for OKX X-Perps?

Each X-Perp contract includes a dedicated field in API metadata. Contract type is linear; settlement is in USD, USDC, or USDG, contract size is 1 (representing economic exposure to one underlying share or ETF unit); minimum lot size is 0.01 contracts; tick size is 0.01 USD. Commodity X-Perp specifications may differ, check the OKX contract details page before trading.

Disclaimer: X-Perps are leveraged derivatives. Leverage can amplify gains and losses. Losses may occur quickly. Users should understand funding, margin, Mark Price mechanics, and liquidation risk before opening a position. OKX Europe Markets Ltd is authorised and regulated by the Malta Financial Services Authority under the Investment Services Act (Chapter 370 of the Laws of Malta), Licence No. OEML-15905.