Introduction
Perpetual futures are the most traded crypto derivatives in the world. In the EU, however, not every exchange may offer them: a What is a MiFID II licence? is required. And among the licensed providers, costs, product structure and capital efficiency differ substantially.
Who may offer perpetuals in the EU?
Perpetuals are derivatives and fall under MiFID II — not MiCA. Fewer than five major exchanges hold this licence. Providers without MiFID II serving EU users operate outside EU supervision. See Which exchanges hold MiCA? and the MiFID II list for the current state.
The contract specs matrix
| Spec | Backpack | OKX EU | Bitstamp |
|---|---|---|---|
| Contract type | True perpetual (no expiry) | 60-month expiry future (X-Perp); BTC contract runs to 04-04-2031 | Perpetual future |
| Funding frequency | Hourly | Every 8h | Every 8h |
| Settlement currency | USDC | USD / USDC / USDG (per sub-account) | USD |
| Accepted collateral | 19 assets, incl. real stocks | 8 assets | 3 (USD / EUR / BTC) |
| Yield on collateral (auto-lend) | Yes | No (USDG yield only) | No |
| Max leverage | 10x | 10x (retail = pro) | 10x (retail = pro) |
| PnL realisation | Continuous (~20s) | Real-time | Every 15 min (periodic settlement) |
| Account structure | Unified wallet | Funding + Trading split (manual transfer) | Separate derivatives account |
| Contract size (BTC) | 1 BTC | 0.0001 BTC | 1 BTC |
| Margin modes | Cross-margined per subaccount | Isolated + Selected Margin | Isolated + Multi-Currency Cross |
| Trading hours | 24/7 | 24/7 | 24/7 |
| Liquidation waterfall | Orderbook → Backstop Liquidity Providers → ADL | Incl. ADL | Position → Assignment → Insurance Fund → ADL → Socialising |
| Tick size (BTC) | $0.10 | $0.10 | $1 |
| Oracle / index | Weighted mean of exchanges (±100bps) | ≥3 major exchanges + deviation mechanism | Kaiko Benchmark Reference Rates |
| Regulator | CySEC (Cyprus) | MFSA (Malta) | ATVP (Slovenia) |
Verified against each exchange's official documentation. Last updated: July 2026.
The most striking differences: funding frequency (hourly vs 8-hourly), account structure (unified vs split), and whether collateral earns yield during open positions. OKX's own risk disclosure notes that X-Perps carry product-specific risks — funding accumulation over the long tenor and basis risk from the ~5-year duration — that a true perpetual does not have. See Perpetuals vs expiry futures.
True perpetuals vs X-Perps
Some licensed venues offer genuine perpetuals (no end date); others chose X-Perps: expiry futures of ~5 years that behave like perps in practice. For most traders the difference is small, but basis risk exists towards expiry.
Fees and spreads
The advertised fee is half the story. BTC-perp spreads range from ~$0.10 to ~$1.00 across venues — a factor of ten that costs an active trader hundreds per month on top of fees. See BTC perpetuals spread comparison and True Cost of Trading.
Leverage limits under MiFID II
Retail clients face leverage caps (typically 10x for crypto derivatives). Professional clients can qualify for more after an assessment — but not every venue differentiates.
Yield on collateral while trading
The biggest hidden difference: does your margin earn interest during open positions? On some platforms USDC collateral earns ~3.5-4% APY; on others nothing. On a serious account that covers a large share of trading fees. See Yield on perp collateral comparison.
Frequently asked questions
Can Dutch traders legally trade perpetuals?
Yes, at exchanges holding MiFID II with EU passporting. Outside that, you trade without EU protection.
What matters more: fees or spread?
High frequency: spread. Low frequency and larger size: fees and funding.