What are X-Perps (Expiry Perps)?

X-Perps (also called Expiry Perps) are derivative contracts that let you gain exposure to a cryptoasset's price movement without owning the underlying asset directly.

X-Perps have a continuous funding rate, real-time margining, and the same day-to-day trading experience as other derivative contracts. The key difference is that they have a fixed settlement date 60 months (5 years) from issuance. Because the settlement date is so far in the future, X-Perps behave functionally like perpetuals for the vast majority of traders.

How does X-Perps differ from standard perpetual futures?

Is an X-Perp a perpetual future, or something different?

Strictly speaking it isn't a perpetual, because every X-Perp has a settlement date. In day-to-day trading it behaves like one.

A standard perpetual future — also called a perpetual swap — has no expiry. An X-Perp settles 60 months from issuance, and the settlement date for a given contract is listed in the X-Perps contract specifications. Because settlement is five years out, it has little practical effect on normal trading: there's nothing to roll and no action to take, as long as you close the position before settlement.

The mechanics you'd expect from a perpetual work the same way here — funding exchanged between long and short holders, the contract price anchored to spot through the funding rate, real-time margining, the same order types, the same order panel, the same margin modes and the same liquidation logic. If you've traded perpetuals on another platform, the workflow transfers directly: leverage, funding, margin modes, TP/SL and liquidation all behave the way you'd expect. The one detail worth knowing is the settlement date.

For how the product works end to end, see the OKX X-Perps guide. For how to open, manage and close a position, see How to trade X-Perps on OKX.

How does X-Perps differ from spot trading?

In spot trading, you buy or sell the actual asset (for example, BTC or ETH). With X-Perps, you trade a contract linked to the asset's price.X-Perps are commonly used for:

• directional exposure (long or short).

• increased exposure with up to 10x leverage.

• hedging an existing position.

• short-term trading strategies.

What are the key things to understand before trading X-Perps?

X-Perps are complex products and involve additional mechanics, including:

• margin requirements.

• funding rates.

• liquidation risk.

• mark price and risk controls.

• contract settlement at 60-month expiry.

Because of these mechanics, gains and losses can change quickly. Make sure you have a good understanding of how the product works before opening a position.

What's the appropriateness assessment?

To access X-Perps, you must complete a appropriateness assessment. You can be classified as either Retail or Professional — the product offering is identical for both groups. If you don't pass the assessment, you'll need to wait a period of time before you can retake it. Unlock X-Perps now.

What are the available markets for accessing X-Perps?

Available in 10+ markets. Please check eligibility in the OKX app.

Important note: X-Perps availability, features, and eligibility can vary by region and account status. Always check our OKX app for the latest availability and product terms in your region.

Need help with our product? Find guides and answers in our Support Center, visit here.

Disclaimer: X-Perps are leveraged derivatives. Leverage can amplify gains and losses. Losses may occur quickly and these products may not be suitable for all investors.

OKX Europe Markets Limited is authorised and regulated by the Malta Financial Services Authority under the Investment Services Act.