OKX has launched equity perpetual swaps covering more than 20 US stocks and indices, the exchange announced Tuesday, giving traders in Asia, Latin America, the CIS region, and Turkey leveraged exposure to equities including the full “Magnificent 7,” crypto-adjacent names like Coinbase and MicroStrategy, and the S&P 500 — all tradeable around the clock using crypto as collateral.

The OKX launch arrives in the middle of a competitive wave that has seen multiple major exchanges roll out near-identical products within weeks of each other. Kraken launched regulated perpetual futures on tokenized US stocks in late February, offering up to 20x leverage on names including Apple, Nvidia, Tesla, and the S&P 500, with the underlying tokens…