OKX X-Perps Volume Climbs Towards $1.5bn in European Crypto Market

European crypto traders no longer have access to the same derivatives products everywhere as a result of tighter regulation, but OKX is trying to fill that gap with X-Perps. Shared trading data shows the weekly volume of these perpetual futures has grown strongly since April and is now around $1.5 billion. The product enables long and short positions with leverage through OKX’s regulated European infrastructure.

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Trading volume grows explosively in just a few months

The trend on the accompanying chart is striking. In early April, X-Perps’ weekly trading volume was still relatively modest. From the end of May, that clearly began to change.

In June, growth accelerated, and through July weekly volume climbed further to above $1 billion. In early August, the chart peaked at around $1.8 billion. The two most recent weeks both came in at around $1.5 billion.

This suggests there is genuine demand for perpetual futures in the European market. Bitcoin visibly accounts for the largest share of trading volume. Ethereum follows some way behind, while Solana, Hyperliquid, Zcash, XRP and Sui also appear on the dashboard.

The figures come from OKX trading data and do not constitute a prediction of future volumes.

X-Perps offer long and short positions

X-Perps work broadly like the perpetual futures crypto traders are already familiar with. Users can speculate on both rising and falling prices and use leverage in the process. Trading takes place via an order book.

According to the shared information, the products are offered through OKX’s European entity, which is supervised by the Malta Financial Services Authority. That is relevant because access to crypto derivatives in Europe depends heavily on a user’s location and the trading platform’s licences.

The rapidly rising volume shows, at the very least, that part of European derivatives trading is shifting to this new market.

Order book shows solid buying side

In addition to the total trading volume, the second image offers a snapshot of an X-Perps order book. At that moment, the split stood at 71% buy versus 29% sell.

On the buy side, there are several relatively large orders. Around 95.18, for example, some 586,590 USDC in buy orders is lined up. Around 95.12, 95.11 and 95.10, liquidity worth several hundred thousand USDC is also visible.

A snapshot like this does not, of course, mean the price will automatically rise next. Orders can be adjusted or cancelled, and the order book is constantly changing. The combination of a well-filled order book and weekly trading volume of around $1.5 billion mainly shows that X-Perps have become a fairly active market in a short space of time.