OKX Built Onchain Perpetuals Platform but Shelved Launch Amid Regulatory Risks

Quick Breakdown

• OKX developed a decentralized perpetuals exchange in 2023 but did not launch it due to regulatory risks.
• Hyperliquid and Aster have since risen as leaders in onchain perpetuals trading.
• U.S. enforcement actions against Deridex, Opyn, and ZeroEx in 2023 shaped OKX’s cautious stance.

OKX explored onchain perpetuals in 2023

Crypto exchange OKX quietly developed a decentralized perpetuals trading platform in 2023, its founder and CEO, Star Xu, disclosed in a recent post on X. The product, created by OKX’s Web3 division, was designed to rival fast-growing platforms like Hyperliquid and Aster.

Hyperliquid proved that massive success in onchain perps can be achieved with very few employees. Now, more competitors like $Aster are stepping into the space. OKX Web3 has been testing a similar product since 2023, but we chose not to launch mainnet due to regulatory concerns.…

— Star (@star_okx) September 21, 2025

“Hyperliquid proved that massive success in onchain perps can be achieved with very few employees. Now, more competitors like Aster are stepping into the space,”

Xu wrote.

“OKX Web3 has been testing a similar product since 2023, but we chose not to launch mainnet due to regulatory concerns.”

Hyperliquid and Aster dominate the market

Decentralized perpetuals trading has gained traction since 2024. Hyperliquid has emerged as one of DeFi’s leading perpetuals venues, reporting about $319 billion in volume in July — its strongest month to date. Meanwhile, ASTER, backed by CZ-affiliated YZi Labs, launched its derivatives exchange in July and has already processed over $22 billion in trades in the past month, according to DefiLlama.

Regulatory enforcement shapes strategy

Xu’s caution stems from the U.S. Commodity Futures Trading Commission’s (CFTC) enforcement actions in 2023. That year, the regulator charged Deridex with illegally offering crypto derivatives without proper registration, specifically highlighting its perpetual swaps. Other projects like Opyn and ZeroEx were also targeted for unregistered leveraged and margined retail transactions.

“While we celebrate the growth of onchain perps, we should not forget the CFTC enforcement against Deridex in 2023. Regulatory enforcement has fundamentally shifted — hopefully the industry can soon gain much-needed clarity,”

Xu added.

Shifting U.S. regulatory landscape

Since the election of President Donald Trump, regulatory dynamics in the U.S. have begun to evolve. In September, the CFTC added several crypto executives to its Global Markets Advisory Committee. In addition, the CFTC announced a major policy shift, granting offshore cryptocurrency exchanges a clear path to legally provide services to U.S. residents under the Foreign Board of Trade (FBOT) framework.

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