TradFi X-Perps vs Real Stocks FAQ

Are OKX X-Perps the same as real stocks?

No. OKX X-Perps are expiry future contracts that track the economic performance of an underlying share, ETF, or commodity reference. When you trade an X-Perp on AAPL, TSLA, or NVDA, you don't own Apple, Tesla, or Nvidia shares. You hold a derivative position linked to the price movement of the underlying share.

Do I own the underlying share when I trade an X-Perp?

No. X-Perps don't give you legal ownership of the underlying share. You don't receive shareholder rights, voting rights, direct dividends, ownership claims on the company, or custody of a real or fractional share. What you own is the futures position itself, a contractual claim on price performance, entitling you to the profit or loss from closing the position, and the funding rate payments you receive or are obliged to make while the position is open.

Do X-Perps pay dividends?

No. Dividends aren't supported as of 9th of June 2026. The underlying shares or ETFs may pay dividends to shareholders or ETF holders, but X-Perp traders don't own those shares or ETF units and don't receive direct dividend distributions. OKX may introduce synthetic dividend adjustments in a future product phase.

Can I vote as a shareholder if I trade an X-Perp?

No. X-Perps don't provide voting rights. Because you don't own the underlying share, you can't vote on shareholder matters, corporate governance decisions, or company proposals.

What happens if there's a stock split?

If a corporate action such as a stock split or reverse split changes the number of underlying shares represented by the contract, we may close open positions in the affected X-Perp and list a new contract reflecting the post-corporate-action structure. Where possible, we'll inform users in advance. Cash dividends are treated separately, they aren't supported currently and don't trigger the same position-closure mechanism.

Why trade an X-Perp instead of buying real stock?

X-Perps and real stocks serve different purposes. A real stock gives ownership, shareholder rights, and potential dividends. An X-Perp gives derivative price exposure with 24/7 trading, long and short positions, leverage, and USD settlement. X-Perps may suit users who want flexible trading access to price movements. They aren't a substitute for owning shares and carry derivative-specific risks including liquidation risk, funding fees, and margin requirements.

Is there any risk specific to X-Perps that doesn't apply to owning shares directly?

Yes, several. Our X-Perps carry funding rate risk (periodic payments that can reduce returns), liquidation risk when leverage is used, oracle risk (the Index Price relies on multiple external sources that could diverge), and gap risk when markets reopen after weekend closures. Direct share ownership carries none of these specific risks, but lacks the leverage and short-selling functionality that X-Perps provide.Disclaimer: Trading X-Perps isn't the same as buying or holding real stocks. X-Perps are leveraged derivatives and may not be suitable for all investors. You can lose money quickly, especially when using leverage.