OKX, the crypto exchange, has developed a decentralized perpetuals trading platform similar to Hyperliquid and Aster but delayed its launch due to regulatory issues, according to its founder.
The Web3 division of OKX created the unnamed platform in 2023, as stated by OKX founder and CEO Star Xu in a recent X post.
“Hyperliquid demonstrated that significant success in on-chain perpetuals can be achieved with a minimal workforce. Now, competitors like Aster are entering the market,” he noted.
“OKX Web3 has been experimenting with a similar product since 2023, but we opted not to launch the mainnet due to regulatory concerns.”
Decentralized perpetuals exchanges are thriving
Hyperliquid, a decentralized perpetuals exchange, debuted in 2024 and quickly became a leader in decentralized finance (DeFi), achieving its best month in July with approximately $319 billion in trading volume.
In contrast, ASTER—formerly Aster Chain—launched in July as a crypto derivatives exchange backed by YZi Labs, affiliated with CZ, positioning itself as a direct rival to Hyperliquid. It reported over $22 billion in trading volume in the past 30 days, according to DefiLlama.
Regulatory issues delayed plans
Xu did not detail the extent of product development but referred to the Commodity Futures Trading Commission (CFTC) enforcement action against Deridex in September 2023 as a point of concern.
In a 2023 enforcement case, the CFTC alleged that Deridex was unlawfully offering trading in digital asset derivatives without proper registration as a swap execution facility or futures commission merchant, focusing particularly on its perpetual swaps.
Other platforms, including Opyn and ZeroEx, were also mentioned in the enforcement action for unlawfully providing leveraged and margined retail commodity transactions in digital assets.
“While we celebrate the rise of on-chain perpetuals, we must remember the CFTC’s enforcement against Deridex in 2023. Regulatory enforcement has fundamentally changed — hopefully, the industry will soon achieve the clarity it desperately needs,” Xu emphasized.
Related: Crypto Biz: Rails, rigs and regulation — the new crypto economy
Winds of change are stirring
There has been a notable shift in the United States’ regulatory approach following the election of crypto-friendly President Donald Trump in January.
Recently, the CFTC appointed new members to its Global Markets Advisory Committee and subcommittees, including several leaders from the crypto industry in the Digital Asset Markets Subcommittee.
Additionally, the White House’s report on cryptocurrency policy, released in July, suggested a dual oversight model for digital assets between the CFTC and the Securities and Exchange Commission, with the CFTC overseeing spot crypto markets.
Magazine: SEC’s U-turn on crypto leaves key questions unanswered
