OKX to list Pre-IPO OPENAIUSD and ANTHROPICUSD X-Perps
This is a general update. Please check the availability of the listed product for your region in the app.We are pleased to officially launch several Pre-IPO equity USD Expiry Perps (X-Perp). The updates will cover the web and app interfaces, as well as the API. The details are as follows:
Supported trading pairs:
OPENAIUSD UM (X-Perp)
ANTHROPICUSD UM (X-Perp)
Product description
Pre-IPO X-Perps are USD-settled expiry futures whose underlying reference assets are companies that have not yet completed an IPO, allowing users to trade changes in their valuations. You do not hold any equity; you only trade the expiry futures' price movements.They are priced as per-share price × total share count ≈ market cap. Once a company files its official pre-listing disclosure, which includes the actual share count, a Rebase (proportional adjustment) will be executed to keep your position value unchanged. Once the IPO is completed, the expiry futures will gradually be converted to a standard stock expiry futures contract.
Contract specifications
Features | Details | Details |
|---|---|---|
Underlying | OPENAI/USDC index | ANTHROPIC/USDC index |
Settlement crypto | USDC | USDC |
Face value | 1 OPENAI | 1 ANTHROPIC |
Price quotation | Quoted in USDC per 1 OPENAI:Before the rebase: 1 OPENAI ≈ 1/10,000,000,000 of the company's market capAfter the rebase: 1 OPENAI corresponds to 1 actual share of the company | Quoted in USDC per 1 ANTHROPIC:Before the rebase: 1 ANTHROPIC ≈ 1/10,000,000,000 of the company's market capAfter the rebase: 1 ANTHROPIC corresponds to 1 actual share of the company |
Funding rate | Fixed daily rate of 0% | Fixed daily rate of 0% |
Funding fee settlement interval | Every 8 hours | Every 8 hours |
Trading hours | 24/7 | 24/7 |
Contract type | Expiry futures | Expiry futures |
Estimated share count | 10,000,000,000 | 10,000,000,000 |
Risk warning
The underlying reference assets of these x-perps are not publicly listed and have not yet officially submitted pre-listing documentation; actual total share count, valuation, and IPO timing are uncertain. Please assess the associated risks carefully and bear the relevant risks at your own discretion.
The X-Perps price is determined by market buyers and sellers and may not accurately reflect the post IPO price of the relevant underlying reference asset.
OKX does not guarantee that the underlying reference asset of the X-Perps will ultimately complete an IPO. If an IPO is cancelled, OKX reserves the right to delist or settle the X-Perps at a price determined at OKX's sole discretion, which may differ materially from your entry price.
The rebase may introduce minor rounding differences; your position value is substantially preserved across the rebase.
Pre-IPO X-Perps may experience significantly higher short-term volatility than X-Perps on listed equities. Please assess your risk tolerance carefully.
Click here to view the trading tutorial. For any inquiries, please feel free to contact us via OKX Support Center or connect with us on any platform of your choice. Please refer to Terms of Service and Risk Disclosure for more details.
OKX team
Sep 10, 2026