OKX launches public testing for on-chain spot and perpetual contracts, simulating traditional financial market trading

OKX announced the launch of the Onchain Spot and Perps public beta within its App. Qualified users can use free points (XP) to simulate trading in stock, index, and commodity markets, preparing for subsequent real fund trading. This simulated trading competition shares a prize pool of 250,000 USDT with Outcomes Season 3, running from October 14, 22:00 Eastern Time to November 14, 11:00. XP points have no cash value and cannot be withdrawn, transferred between accounts, or exchanged for financial instruments.

The first simulated markets include gold, S&P 500 ETF, SpaceX, and Nvidia themes, with separate trading pairs for spot and perpetual contracts. Participants are testing trading strategies rather than purchasing shares of the aforementioned companies. OKX's product announcement indicates that qualified customers come from Southeast Asia, Northeast Asia, the Commonwealth of Independent States, as well as the Middle East and North Africa; users must complete identity verification and open a dedicated on-chain account using a passkey through their existing OKX account.

This trading venue operates on the Exchange OS built on X Layer. OKX refers to this account as self-custodied, supporting a unified balance between spot, perpetual contracts, and Outcomes. The spot and perpetual markets share margin, eliminating the need for internal transfers between product accounts. OKX stated that after the competition ends, real fund trading will be opened, allowing users to fund their on-chain accounts from their OKX exchange accounts, with spot and perpetual contracts settled on-chain in USDS. The activity XP and positions will not convert to real fund positions.