OKX Enters Equity Perpetual Swap Market with Unified Collateral Model

OKX has joined the growing list of exchanges offering equity perpetual swaps, launching over 20 US stocks and indices for trading. The exchange allows traders to use a variety of assets as collateral, including Bitcoin, Ethereum, stablecoins, and staked assets.

The move is part of a crowded push by exchanges to offer leveraged exposure to equities on crypto rails. Kraken and Coinbase have also launched similar products in recent weeks, with regulated perpetual futures and stock perpetual futures respectively.

OKX's differentiating pitch is its collateral model, which allows traders to post assets across a unified account that handles both crypto and equity positions simultaneously. This means traders can generate yield on their assets while maintaining leverage.

The regulatory picture is uneven, with all new equity perpetuals offerings restricted to non-US users. This has pushed significant activity towards offshore decentralized venues, fragmenting liquidity and raising counterparty risk concerns.