What are Pre-IPO X-Perps and how do they work?

Pre-IPO X-Perps let eligible EEA traders take leveraged long or short positions on the implied valuation of selected private companies before they complete an IPO. The EEA launch begins with OpenAI and Anthropic. These are cash-settled derivatives. You're not buying shares, receiving an IPO allocation, or acquiring a claim on future equity.

Pre-IPO X-Perps trade 24/7 and support up to 10x leverage. Before an IPO, there's no publicly traded stock price to anchor the market — instead, the market determines the contract price rather than OKX alone. Where applicable, the reference index may also incorporate prices from other major exchanges. Because there's no publicly available underlying price to peg the contract to, OKX sets the premium-index component of the funding-rate calculation to zero. As a result, the market price may differ materially from private funding-round valuations or the eventual IPO price.

OKX will launch in the EEA on 8 September 2026 at 10:00 CEST.

Before trading X-Perps or other derivatives on OKX, you'll need to complete identity verification and an appropriateness assessment.

Overview

• Trade before IPO: you get exposure to the implied valuation of selected private companies before their shares are publicly listed.

• OpenAI and Anthropic at launch: these are the first two Pre-IPO markets in the EEA launch.

• Long or short: take a position in either direction, with up to 10x leverage.

• No shares: you're trading a cash-settled derivative — you don't buy shares, receive an IPO allocation, or acquire shareholder rights.

• 24/7 trading: trade around the clock and react to company developments outside traditional stock market hours.

• Market-driven pricing: before an IPO, there's no public stock price to anchor the market — the market forms the contract price, and the reference index may incorporate prices from other major exchanges. The price may therefore differ materially from private valuations or the eventual IPO price.

• Funding rate: a funding mechanism may still apply, but it doesn't anchor the contract price to an underlying public market. For Pre-IPO X-Perps, OKX sets the premium-index component of the funding-rate calculation to zero, because there's no publicly traded underlying price to peg to.

• Rebase: an IPO-related share-count event may trigger a P&L-neutral rebase. Trading may pause, and OKX may adjust or cancel some orders, TP/SL instructions, or bot strategies.

• After the company goes public: once the company completes its IPO and the Pre-IPO phase ends, OKX intends to convert the Pre-IPO X-Perp into a standard equity-linked X-Perp, at a time OKX determines.

• Long-dated expiry: Pre-IPO X-Perps use the EEA X-Perp framework, with a five-year expiry rather than being technically expiryless.

• Key risks: thin price discovery, leverage, liquidity, rebasing, and volatility around IPO-related events can all affect your position.

What are Pre-IPO X-Perps?

Pre-IPO X-Perps are derivative contracts linked to private companies that haven't yet completed an IPO.

They let you trade changes in the market's implied valuation of the company before its shares are publicly listed.

For example, if you expect OpenAI's implied valuation to rise, you can take a long position. If you expect it to fall, you can take a short position.

What you hold is the X-Perp contract. You don't receive:

• shares in the company

• an IPO allocation

• voting rights

• shareholder rights

• a claim on future equity

The company is the reference for the contract, but that doesn't make you a shareholder in the company.

Example:

Suppose you want exposure to OpenAI before it becomes a publicly traded company. You expect its implied valuation to rise, so you open a long position in the OpenAI Pre-IPO X-Perp. If the market price of the contract rises, your position gains value. If it falls, your position loses value. Leverage magnifies both movements. You're not buying OpenAI shares — you're trading a cash-settled derivative, priced by buyers and sellers in the OKX market.

Later, an IPO-related share-count event may require OKX to rebase the position. If OpenAI eventually lists publicly, OKX intends to convert the contract into a standard equity-linked X-Perp.

The key point: the company is the reference. The X-Perp is what you trade.

How do Pre-IPO X-Perps work?

Pricing before the IPO

A private company doesn't yet have a continuously quoted public stock price. That means Pre-IPO X-Perps can't rely on the same public-market price discovery as a derivative linked to an already listed stock.

Buyers and sellers express their views through the order book, and market activity determines the contract price. A funding rate may also apply to open positions.

As a result, the contract price can differ materially from:

• valuations reported in private funding rounds

• valuations implied by private secondary-market transactions

• analyst or media estimates

• the eventual IPO offering price

• the stock price once the company begins public trading

So don't treat the contract price as an official valuation from the underlying company.

What happens if the share count changes before the IPO?

Before an IPO, the company's final share count may not yet be publicly available. OKX therefore uses an estimated share count when establishing the contract's pricing basis.

Once an official regulatory filing discloses the actual share count, OKX may perform a one-time rebase to align the contract with the disclosed figure. The rebase preserves the USD value of your position.

OKX calculates the adjustment using the following ratio:

Rebase ratio = actual disclosed share count ÷ OKX estimated share count

For example, suppose OKX initially estimates that a company has 3 billion shares. The company later discloses an actual share count of 3.3 billion.

The rebase ratio would be:3.3 billion ÷ 3 billion = 1.1OKX would then multiply your contract quantity by 1.1 and divide the mark price by 1.1, keeping the USD value of your position unchanged.

What happens to your position and orders during a rebase?

OKX applies the rebase automatically, so you don't need to do anything for the adjustment itself — but it can affect your open orders and trading strategies.

• Positions: OKX adjusts your position quantity and mark price proportionally. It settles any unrealised P&L internally during the rebase and reopens your position at the adjusted mark price.

• Open limit orders: OKX adjusts price and quantity using the rebase ratio. It cancels partially filled orders, while the portion already filled stays unchanged.

• TP/SL orders: OKX cancels pending TP/SL orders, including trailing TP/SL, and doesn't carry them over after the rebase.

• Bots and strategy orders: OKX may stop or cancel trading bots and other strategy orders.

• Trading availability: OKX temporarily suspends trading while it carries out the rebase. The contract then enters a Post-only phase before normal trading resumes.

After the rebase, review your open positions and orders and reset any TP/SL or strategy orders you still want to use.

• Funding

Funding payments may apply to Pre-IPO X-Perp positions. However, the funding mechanism doesn't anchor the contract price to an underlying public market.There's no publicly traded underlying price before an IPO, so OKX sets the premium-index component of the funding-rate calculation to zero.

Funding can still affect the cost of holding an X-Perp position, so check the applicable contract specifications before trading.

• Margin and settlement

Pre-IPO X-Perps use the same margin and settlement mechanism as other X-Perps. They're cash-settled derivatives, so you don't receive shares when you close or settle a position.

• Leverage

Pre-IPO X-Perps support up to 10x leverage for advanced traders.

Leverage lets you control a larger position with a smaller amount of margin, but it magnifies losses as well as gains.

For example, with 1,000 USD in margin and 10x leverage, you can control a position with a notional value of 10,000 USD. A 5% move in the position's value represents 500 USD before fees, funding, and other effects — in either direction.

Using more leverage also leaves less room for adverse price movements before your position may no longer meet its margin requirements.

What happens after the IPO?

Once the underlying company completes its IPO and begins trading publicly, OKX intends to transition the Pre-IPO X-Perp into a standard equity-linked X-Perp.OKX will announce the conversion when appropriate and, where possible, in advance. During the period after the IPO and before conversion, the Pre-IPO X-Perp remains tradable, while its pricing is expected to gradually align with the publicly traded market.Once the conversion takes place, the contract moves into the standard equity-linked X-Perp framework.The EEA X-Perp framework uses a long-dated expiry rather than being technically expiryless.

Why use Pre-IPO X-Perps?

Access companies before IPO

The main difference is access.

Pre-IPO X-Perps let eligible European traders take positions on companies such as OpenAI and Anthropic before their shares are available through traditional public stock markets. This is the core proposition for the EEA launch.

Go long or short

You're not limited to taking a position that benefits from a rising valuation. You can go long if you expect the implied valuation to rise, or short if you expect it to fall.

Trade around the clock

Pre-IPO X-Perps trade 24/7. That means you can react to developments such as funding announcements, company milestones, regulatory filings, or IPO news without waiting for a traditional stock exchange to open.

Use the trading workflow you already know

For traders already using OKX for crypto or X-Perps, Pre-IPO markets add another type of exposure within the same broader trading environment. In the EEA, this gives active traders access to more markets without having to split crypto and stock-related exposure across different platforms.

Who are Pre-IPO X-Perps for?

Pre-IPO X-Perps are built primarily for experienced, highly engaged traders who already understand derivatives, leverage, and active trading.

They may be particularly relevant if you follow:

• private technology companies

• AI companies such as OpenAI and Anthropic

• private funding rounds

• company valuations

• IPO developments

• market-moving company news

This product is particularly relevant if you want to respond to events and price movements rather than simply gain long-term ownership exposure. Many traders are already aware of Pre-IPO markets without having traded them before, so it's worth understanding the product mechanics, pricing, and risks before you start.

How do Pre-IPO X-Perps compare with Tokenized Stocks?

Pre-IPO X-Perps and Tokenized Stocks launch together as part of the same EEA multi-asset rollout, but they're different products built for different purposes.

You can also use Tokenized Stocks with features such as DCA and Grid bots, and as collateral for X-Perps where supported — that utility is separate from the Pre-IPO X-Perp itself.

The simplest distinction:

• Pre-IPO X-Perps: trade before IPO.

• Tokenized Stocks: trade public stock and ETF exposure beyond traditional market hours.

How do Pre-IPO X-Perps compare with TradFi X-Perps?

Both use the X-Perp framework, but they reference companies at different stages.

A TradFi X-Perp references a company whose stock is already publicly traded.

A Pre-IPO X-Perp references a private company before its IPO. That means there's no continuously quoted public stock price to anchor price discovery.

What are the risks?

How leverage affects gains and losses

Leverage magnifies both gains and losses. A relatively small price move can therefore have a much larger effect on the margin supporting your position. The higher the leverage you use, the less room you generally have for an adverse market move before your position reaches its margin requirements.

What happens at liquidation?

If losses cause your position to stop meeting the required maintenance margin level, liquidation can occur automatically. OKX may close some or all of the position — the price depends on the market available at that time, so the final execution price may differ from what you expected.

This matters particularly in Pre-IPO markets, because lower liquidity and stronger price movements can increase execution risk.

Liquidity and price discovery

Pre-IPO markets don't have an established public stock price behind them. Price discovery therefore depends heavily on the traders participating in the market and the available order book liquidity.

A market with less depth can mean:

• wider spreads

• larger price movements

• less liquidity at the displayed price

• greater differences between expected and actual execution prices

Thin price discovery and liquidity are therefore principal risks of the product, alongside leverage, rebasing, and IPO-event volatility. These risks are particularly important around major company events, when interest and volatility can increase quickly.

Slippage: the difference between the price you see and the price you get

Slippage occurs when an order executes at a different price from the one you expected. For example, a large market order may need to execute against several levels of the order book if there isn't enough liquidity available at the best displayed price. The thinner the order book and the faster the market moves, the larger that difference can become.

A limit order gives you greater control over the price at which you're willing to trade, but it doesn't guarantee execution, learn more here.

Rebase risk

A Pre-IPO X-Perp has an additional mechanic that doesn't apply in the same way to an ordinary listed-stock market. An IPO-related share-count event may trigger a P&L-neutral rebase.Although the rebase doesn't change the economic value of your position on its own, it can still affect how you manage the position because:

• trading may temporarily pause

• orders may be adjusted or cancelled

• TP/SL instructions may be affected

• bot strategies may be affected

You should therefore understand the rebase mechanics before holding a position through an IPO-related event.

IPO-event volatility

The period around an IPO can introduce substantial uncertainty. The market's implied valuation before listing can differ materially from the company's eventual IPO price. New information about the company, its share count, the IPO structure, or timing can also change market expectations quickly.

This means the transition from a private company to a publicly traded company can create significant volatility for an open Pre-IPO X-Perp position.

What happens if the IPO doesn't go ahead?

If an IPO is cancelled, postponed, or otherwise doesn't proceed, how OKX treats the Pre-IPO X-Perp will depend on the circumstances.

If OKX decides to delist the contract, it will announce the delisting within a reasonable timeframe before it takes effect, and publish information about the event on the OKX announcements page.

At delisting, OKX will settle all remaining open positions at a final settlement price, determined in good faith and in a commercially reasonable manner.

What do I need before I start?

• Identity verification: complete the required identity verification for your OKX account.

• Appropriateness assessment: derivatives are complex products, so you need to complete the applicable assessment before accessing derivative trading.

• Eligibility: Pre-IPO X-Perps are available to eligible EEA users. Availability can depend on your location and account status.

• Margin: you need sufficient eligible collateral to open and maintain a leveraged position.

• Product understanding: before trading, understand leverage, funding, liquidation, liquidity, rebasing, and what happens around an IPO.

The OKX app and web platform show the products currently available to your account.

What are the regulatory requirements and how OKX applies them?

Appropriateness assessment

Under MiFID II, firms offering complex products such as derivatives must assess whether a client has the knowledge and experience needed to understand the risks involved.

OKX applies an appropriateness assessment before eligible users can access derivatives. Identity verification comes first, followed by the assessment. The assessment covers derivatives as a product group rather than requiring a separate questionnaire for each individual X-Perp.

Execution only

OKX provides these trading services on an execution-only basis. That means the platform provides access to the product but doesn't give you a personal recommendation about whether a particular Pre-IPO X-Perp is appropriate for your investment objectives or circumstances.

FAQ

Do I own shares in OpenAI or Anthropic when I trade a Pre-IPO X-Perp?

No. You're trading a cash-settled derivative contract linked to the company's implied valuation. You don't receive shares, voting rights, shareholder rights, an IPO allocation, or a claim on future equity.

Can I trade OpenAI and Anthropic before their IPO?

Yes — if you're an eligible EEA user, you can trade Pre-IPO X-Perps linked to OpenAI and Anthropic as part of the initial launch, taking either a long or short position with leverage up to 10x.

Why can't I see Pre-IPO X-Perps in my account?

Access depends on your eligibility, account status, and product availability. You'll also need to complete identity verification and the appropriateness assessment before you can access derivatives. Check the markets available in your OKX account for current availability.

Is the Pre-IPO X-Perp price OpenAI's or Anthropic's official valuation?

No. Trading activity on OKX determines the contract price, so it reflects the market price of the derivative rather than an official valuation from the company. It may differ materially from private funding-round valuations or the eventual IPO price.

What happens during a rebase?

Before an IPO, a company's actual share count often isn't public, so OKX uses an estimated figure to set the contract's pricing basis. Once regulatory filings disclose the actual share count, OKX may carry out a one-time rebase to align the contract with it, using this ratio:

Rebase ratio = actual disclosed share count ÷ OKX's estimated share count

OKX multiplies your position quantity by the rebase ratio and divides the mark price by the same ratio. This preserves the USD value of your position and account equity.

• Your position: it's adjusted automatically — any unrealised P&L is settled internally and converted into realised P&L, and the position reopens at the adjusted mark price.

• Open limit orders: OKX recalculates price and quantity using the rebase ratio. Partially filled orders are cancelled; the filled portion stays unchanged.

• TP/SL orders: all are cancelled, including position TP/SL, order-attached TP/SL, and trailing TP/SL.

• Bots and strategy orders: these may be stopped or cancelled, including Trigger orders and Chase Orders.

• Trading: OKX temporarily suspends trading during the rebase. The contract then enters a Post-only phase before normal trading resumes.

You don't need to do anything for the rebase itself, but once normal trading resumes, review your positions and open orders and reset any TP/SL or strategy orders you still want to use.

What happens to my position after the IPO?

OKX intends to convert the contract into a standard equity-linked X-Perp once the underlying company lists publicly. The EEA product continues to follow the X-Perp framework, which uses a long-dated expiry rather than an expiryless perpetual structure.

What happens if the company doesn't complete its IPO?

If an IPO is cancelled, postponed, or otherwise doesn't proceed, how the Pre-IPO X-Perp is treated depends on the circumstances. If OKX decides to delist the contract, you'll get notice within a reasonable timeframe before delisting, with details published on the OKX announcements page. At delisting, OKX will settle any remaining open positions at a final settlement price, determined in good faith and in a commercially reasonable manner.

How is a Pre-IPO X-Perp different from a Tokenized Stock?

A Pre-IPO X-Perp is a leveraged, cash-settled derivative linked to the implied valuation of a private company before its IPO — you can go long or short. A Tokenized Stock gives you spot economic exposure to a stock or ETF that's already publicly traded, without leveraged long or short exposure.

In simple terms:

• Pre-IPO X-Perps: access before IPO.

• Tokenized Stocks: access to public stock and ETF price movements beyond traditional market hours.

How is a Pre-IPO X-Perp different from a TradFi X-Perp?

A TradFi X-Perp references a company that's already publicly listed, priced against an established public stock market. A Pre-IPO X-Perp references a private company before listing, so its price is instead formed through the Pre-IPO market, without a continuously quoted public stock price to reference.

Note: Leverage increases both gains and losses. Losses can happen quickly and derivatives are not suitable for everyone. Access requires completing the applicable appropriateness assessment. OKX provides execution-only services and does not give personal investment advice or recommendations.