Crypto exchange OKX built a perps DEX in 2023, but it did not launch the mainnet product.
Founder and CEO Star Xu said regulatory concerns led to the pause. He posted the update on X.
Xu pointed to CFTC enforcement against Deridex in September 2023. He did not say it was the only reason. He confirmed that OKX Web3 tested a similar onchain perps product.
“Hyperliquid proved that massive success in onchain perps can be achieved with very few employees,”
Xu wrote.
“OKX Web3 has been testing a similar product since 2023, but we chose not to launch mainnet due to regulatory concerns.”
He also referenced Aster entering the same segment.
Hyperliquid and Aster show demand for decentralized perpetuals
Hyperliquid launched in 2024 and grew into a leading decentralized perpetuals exchange.
It posted its strongest month in July with about $319 billion in trading volume. The figure outlined sustained activity across pairs.
Aster (often styled ASTER) entered as a direct competitor to Hyperliquid. It launched as Aster Chain in July with backing from YZi Labs. The project positioned itself in the same perps DEX market.
According to DefiLlama, Aster logged over $22 billion in the last 30 days.
The number shows demand for onchain perps, yet at a smaller scale than Hyperliquid. Both teams operate order-book style venues that settle on chain.
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CFTC Deridex 2023 action frames the risk for perps DEX models
The CFTC charged Deridex in September 2023. The agency alleged illegal offering of digital asset derivatives. It said Deridex failed to register as a swap execution facility or a futures commission merchant.
The order cited perpetual swaps and leveraged retail commodity transactions. It also named Opyn and ZeroEx in related matters. Those cases focused on margin, leverage, and registration gaps.
Xu referenced this history in his post on X.
“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.”
The note set context for the OKX perps DEX pause.
U.S. oversight developments: CFTC and SEC roles
U.S. policy moved in 2025 under President Donald Trump. Agencies increased outreach on digital assets.
The CFTC added new members to the Global Markets Advisory Committee and Digital Asset Markets Subcommittee on Saturday.
A White House report in July proposed shared oversight between the CFTC and the SEC. It suggested the CFTC cover spot crypto markets. It placed securities-linked products under the SEC.
These steps arrived as exchanges explored decentralized perpetuals models. Teams weighed venue design, KYC scope, and registration paths. The OKX perps DEX decision sits within this policy backdrop.
OKX Web3 testing status and product scope
OKX runs a large centralized exchange and a Web3 unit. The unit builds wallets, DEX tools, and DeFi products. The paused perps DEX would have added on-chain leverage to that stack.
Xu did not share a code name, audit status, or test metrics. He did not provide a launch date. He limited details to timing, internal testing, and regulatory concern.
The reference to Deridex 2023 outlined the risk group for perps DEX venues. Registration and market structure remain central factors. For now, OKX Web3 keeps testing without a mainnet release.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: September 22, 2025 • 🕓 Last updated: September 22, 2025
