Recherche vérifiée par sources: OKX

What OKX announced

OKX's listing notice, published on 12 October 2026, says it is launching "several equity USD Expiry Perps (X-Perp)" on web, app and API, with this schedule:

The notice adds a general line that users should check whether the product is available in their region in the app, and a specific warning on TQQQUSD: it tracks a fund that already provides daily leveraged exposure, so adding leverage on top "may further increase market exposure and amplify liquidation risk and losses." OKX does not describe the underlying behind BSPUSD in the notice, and we could not confirm it, so this article does not cover that contract.

Note the timing. The Shanghai Stock Exchange's published schedule puts continuous trading on the STAR Market at 9:30-11:30 and 13:00-14:57 Beijing time, with a closing call auction at 14:57-15:00. Both Chinese contracts therefore start trading after the A-share session of 12 October has already closed. Their first hours of price discovery happen with no live underlying market.

What an X-Perp is

OKX's X-Perps guide (updated 18 August 2026) defines the product as a USD-margined derivative that settles in USDC, USDG or USD in eligible jurisdictions. The key mechanics:

• Funding fee, like a perpetual. OKX applies the same funding mechanism it uses for perpetual futures to keep the contract near its index. Funding is collected at 00:00, 08:00 and 16:00 UTC. Depending on positioning you pay or receive; OKX itself warns that sustained adverse funding "can erode position value over time."
• A long expiry. Each contract has an expiry set roughly five years ahead. On the first day of the expiry month a new far-dated contract is generated, so traders can roll. At expiry, positions settle at the average index price over the final 30 minutes.
• Index and mark price. OKX says the index uses prices from at least three major venues with a mechanism to dampen a single outlier, and liquidations reference the mark price rather than the last trade. For A-share names the guide does not say which sources feed the index, and the listing notice does not either.
• Tiered margin. Larger positions face higher maintenance margin and lower maximum leverage. If margin falls below maintenance plus fees, the position is reduced or liquidated.
• Product-specific risks listed by OKX: funding accumulation over a long tenor, basis risk from the five-year duration, and settlement-currency risk including a possible de-peg of USDC or USDG.

In short, buying UNITREEUSD is a leveraged bet on a price index, settled in stablecoins. You do not hold Unitree shares, you cannot vote, and nothing in either OKX document mentions dividends or corporate actions for these Chinese contracts.

The two underlying stocks in numbers

Unitree Robotics (688836.SS). Yicai reported that Unitree listed on the STAR Market on 19 August 2026 at an IPO price of CNY150.80, surged as much as 629% on the day and closed at CNY845, up 460%, valuing it at CNY341.7 billion. The company raised CNY6.1 billion. Yahoo Finance price data show the first day opened at CNY1,100 and the stock stood at CNY424.70 during the 12 October session. By our arithmetic that is about 50% below the first-day close and about 61% below the opening print, but still roughly 2.8 times the IPO price.

CXMT Corporation (688825.SS). The memory-chip maker started trading on 27 July 2026, according to the same Yahoo Finance data. Its first-day close was CNY49.00, its highest close in the period was CNY61.80 on 17 August, and it traded at CNY49.66 during the 12 October session, about 20% below that peak close by our arithmetic.

Both names have moved hard since listing. That matters more for a leveraged contract than for a share: a 20% swing that a cash holder can sit through will liquidate a 5x position.

Where the risks actually sit

1. Hours and limits do not match. The SSE's trading rules say STAR stocks are subject to a 20% daily price limit in auction trading, lifted only for the first five trading days after an IPO. The perps trade 24/7. If news breaks on a Saturday, the perp can move far more than 20% before Shanghai reopens, and on a day the stock is locked at its limit there may be no traded price to anchor to. Arbitrage between the two is also limited: most international traders cannot buy or short these A-shares directly.

2. Funding three times a day. On a hyped name, longs often pay. At 00:00, 08:00 and 16:00 UTC every day, including weekends when Shanghai is closed, that cost compounds.

3. Index opacity. The general guide's "three major venues" description fits crypto, not a stock that trades on a single exchange. Until OKX publishes the index composition for these contracts, treat the off-hours price as OKX's own estimate.

4. Stablecoin settlement. Profits and losses settle in USDC, USDG or USD; OKX names a stablecoin de-peg as a specific risk.

5. Availability. OKX says to check regional availability in the app. Do not assume a contract you can see in one region is open to your account.

How to act on this

If you want exposure to these companies as a long-term holder, a contract with daily funding and a liquidation price is the wrong tool; the share itself, through a broker that offers A-share access, carries no funding cost or liquidation. If you do trade the X-Perps, keep leverage low enough that a 20% gap does not reach your liquidation price, use isolated margin so one position cannot drain the rest of your account, and check the funding rate before holding over a weekend. Trading fees are the cost you can control: OKX's standard perpetual fees are 0.02% maker and 0.05% taker, and signing up with NexuAlpha's code nexu888 returns 40% of trading fees hourly. Compare costs on our live rates page, see the OKX profile, and read how OKX's spot tokenized stocks differ in our OKX unified tokenized stocks explainer and the tokenized stocks vs perpetuals hub. For how stock perps settle cash dividends, see our Bitget ACN dividend case.

Quick answers

Can I buy Unitree shares on OKX? No. UNITREEUSD is a USD-settled X-Perp that tracks a price index; it confers no ownership or voting rights.

When does UNITREEUSD start trading? 09:15 UTC on 12 October 2026, or 17:15 Beijing time, according to OKX's notice.

Does the 20% STAR Market limit apply to the perp? Nothing in OKX's documents says so. The limit is an SSE rule for the stock; the perp trades around the clock.

What is TQQQUSD? An X-Perp on ProShares UltraPro QQQ, a fund that already provides daily leveraged exposure; OKX warns that adding leverage amplifies liquidation risk.

What is BSPUSD? OKX did not identify the underlying in its notice and we could not verify it.

What we could not verify

The index sources and weighting for CXMTUSD and UNITREEUSD, the maximum leverage and margin tiers for each contract, which regions can trade them, the underlying of BSPUSD, and how OKX handles A-share corporate actions or trading suspensions on these contracts. Stock prices quoted for 12 October are intraday values from Yahoo Finance and will have changed.

This article explains a new derivatives listing; it is not investment advice, and leveraged products can lose more than you expect. Partner links may earn NexuAlpha a commission paid by the exchange, at no extra cost to you.