OKX Unveils Permissionless Exchange OS with Hyperliquid-Like Features

OKX has made significant upgrades to its native blockchain, X Layer, by introducing a permissionless 'Exchange OS'. This new system is designed to power spot trading, perpetual futures, and prediction markets at scale.

The Exchange OS brings all the benefits of centralized and decentralized applications, including faster speed, unified liquidity, and interface. It also provides autonomy for builders deploying these markets, allowing them to have complete control over their markets.

One notable similarity between OKX's new system and Hyperliquid is that both allow users to trade across various markets using a unified cross-market account. However, OKX CEO Star Xu denied any claims of copying Hyperliquid's design, stating that Exchange OS supports both CeDeFi models and fully self-custodial models.

While the new system has been met with enthusiasm, it remains to be seen whether OKX's Exchange OS can rival Hyperliquid's dominance in the market. In Q1 2026, Hyperliquid generated $146M in revenue, accounting for a significant share of the market.