OKX is the third-largest cryptocurrency exchange by trading volume, founded in 2017 by Star Xu and processing roughly $40 billion in daily derivatives turnover across one of the deepest perpetuals order books in the market.

Perpetual swaps run up to 100x leverage in USDT, USDC, and coin-margined variants, backed by a unified account that margins spot, futures, and options from one collateral pool. OKX was also the first global exchange to list perpetuals priced on licensed ICE Brent and WTI oil benchmarks, extending its engine beyond crypto.

Its regulatory footprint is among the broadest in the industry. A MiCA license from Malta's MFSA passports across the EEA alongside a MiFID II derivatives venue, approvals include VARA, MAS, and AUSTRAC, and a compliant US entity relaunched from San Jose after settling with the Department of Justice.

Custody claims are verifiable rather than asserted. More than 40 consecutive monthly Proof of Reserves reports use zk-STARK cryptography to show over $20 billion in primary assets covered above a 1:1 ratio, and the main exchange has no major disclosed hack in its history.

Coinbase, founded in 2012 and led by CEO Brian Armstrong, became the global leader in crypto derivatives by open interest and options volume after closing its $2.9 billion Deribit acquisition.

Perpetuals run through three regulated channels, CFTC-cleared perpetual-style futures for US traders, the Bermuda-licensed International Exchange with 180+ perps at up to 50x, and MiCA-covered access in the EEA.

International perps fees start at 0.020% maker and 0.040% taker, scaling to 0% and 0.015% at the top tier, while retail traders on Coinbase Advanced pay a promotional 0% maker and 0.03% taker.

On September 9 the international derivatives business consolidates onto Deribit's matching engine, bringing a unified order book, a larger insurance fund, and continuous funding accrual.