OKX X-Perps: Price Exposure, Funding, and Index Mechanics
Summary
The document explains OKX X-Perps as leveraged, USD-margined futures that track equities, ETFs, and commodities without transferring ownership of the underlying assets. It distinguishes these contracts from tokenised stocks: X-Perps provide price exposure and support long or short positions, but confer no voting rights or dividends. Funding payments, contract terms, counterparties, and regional access are also described as relevant product features.
The pricing discussion outlines an index based on market data and related instruments, a mark price adjusted from the index to guide liquidation, and periodic funding intended to encourage convergence between contract and index prices. Outside regular equity hours, the index uses the last available reference price subject to a stated band, which creates a specific limitation for weekend trading. The article gives product mechanics and launch details, not independent performance evidence or a trading strategy. Leverage, oracle inputs, funding costs, market-hour gaps, and liquidation rules all affect risk.
Key ideas
- An X-Perp is a futures position linked to an asset’s price, not ownership of the asset.
- Funding payments and leverage affect the cost and risk of holding a position.
- The index price, adjusted mark price, and funding mechanism serve distinct pricing and liquidation roles.
- When underlying markets are closed, the index relies on the last reference price within a stated constraint.
- Tokenised stocks and X-Perps differ in custody, shareholder rights, leverage, and short-selling features.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.