Learn About Unified Tokenized Stock Trading

On OKX, Unified Tokenized Stocks are displayed in share-equivalent units, with an X prefix added to the stock ticker. For example, Apple-linked exposure may be displayed as xAAPL and traded through the xAAPL/USD pair.

Unified Tokenized Stocks can be issued by multiple third-party providers. When a supported tokenized stock is deposited onto OKX, it is converted into share-equivalent units using the applicable conversion mechanism, so that one Unified Tokenized Stock on OKX is designed to provide price exposure corresponding to one share of the underlying stock. Currently, OKX supports xStocks issued by Backed, with additional issuers expected to be supported in the future.

No. Buying a Unified Tokenized Stock gives you exposure to changes in the value of the corresponding stock or ETF, but it does not make you a shareholder of the underlying company.

You don’t receive direct ownership of the underlying shares or shareholder rights such as voting rights.

• Buy: Purchase a Unified Tokenized Stock to gain exposure to the price of the underlying stock or ETF. The value of your holding generally rises or falls with the market price of the underlying asset.

• Sell: Sell some or all of the Unified Tokenized Stocks held in your account.

Unlike derivatives trading, Unified Tokenized Stocks don’t allow you to open a leveraged short position. Margin borrowing and lending for the purpose of short selling aren’t currently supported.

However, the underlying U.S. stock market isn’t open 24/7. When the underlying market is closed, liquidity may be lower, spreads may be wider, and the Unified Tokenized Stock price may differ from the underlying stock’s last exchange-traded price.

Using a limit order during these periods can give you more control over your execution price.

Unified Tokenized Stocks support the same order types available for supported crypto spot assets on OKX. These include limit orders and market orders.

A limit order allows you to set the number of Unified Tokenized Stocks you want to buy or sell and the price at which you’re willing to trade.

A buy limit order will only execute at your specified price or lower, while a sell limit order will only execute at your specified price or higher. The order may remain open until the market reaches your price, and it may be partially filled depending on available liquidity.

Limit orders can be particularly useful outside regular U.S. market hours, when liquidity may be lower, spreads may be wider, and prices may be more volatile.

A market order is submitted for immediate execution against the best available prices in the OKX order book.

Market orders prioritize execution speed rather than a specific price. As a result, the final average execution price may differ from the price displayed when you place the order, particularly when liquidity is limited, the order is large, or the market is moving quickly.

Eligible assets may also be available through Buy, Sell, or Convert, where you receive an instant quote for a limited period.

Unified Tokenized Stock markets are quoted in USD. For example:

• xAAPL/USD

• xTSLA/USD

• xNVDA/USD

The first asset is the Unified Tokenized Stock you’re buying or selling. USD is the quote currency used to display the price of the asset.

For a limit order, enter the maximum price you’re willing to pay when buying or the minimum price you’re willing to accept when selling.

Enter the number of share-equivalent units you want to buy or sell, fractional amounts are supported (e.g. 5.25). Your order must meet the minimum order size displayed on the trading page.

The total shows the estimated amount of USD you’ll spend or receive, excluding any price movement or slippage that may occur before execution.

Unified Tokenized Stock balances, trading amounts, prices, and valuations are displayed on OKX in share-equivalent units.

Yes. When you withdraw a Unified Tokenized Stock from OKX, your share-equivalent balance is converted into the corresponding quantity of a supported underlying on-chain token using the applicable multiplier. The underlying token—not the xAAPL share-equivalent representation—is then sent to your compatible wallet.

On-chain tokens (e.g. xStocks) are recorded in token quantity, while OKX displays Unified Tokenized Stock holdings in share-equivalent quantity.

• Share-equivalent quantity = On-chain token quantity × Multiplier

• On-chain token quantity = Share-equivalent quantity ÷ Multiplier

The multiplier is published by the applicable issuer and may change over time to reflect dividends, stock splits, reverse splits, management fees, and other corporate actions.

Suppose the multiplier for AAPLx is 1.00266.

If you deposit 10 AAPLx tokens: 10 AAPLx × 1.00266 = 10.0266 xAAPL shares

Your OKX account would therefore be credited with approximately 10.0266 xAAPL share-equivalent units rather than 10 units.

When withdrawing, the conversion works in reverse: 10.0266 xAAPL shares ÷ 1.00266 = 10 AAPLx

The difference between the token quantity and share quantity isn’t an additional gain or loss. They are two different units used to represent the same underlying economic value. The multiplier is used for conversion when a deposit is credited or a withdrawal is dispatched.

The multiplier allows corporate actions and certain issuer-level costs to be reflected without requiring each on-chain token to permanently represent exactly one share.

It may change because of:

• Dividend reinvestment

• Stock splits or reverse stock splits

• Other corporate actions

• Management fees specified by the issuer

Dividends aren’t paid to your OKX account as cash.

Instead, the applicable issuer reinvests the net economic value of the dividend and increases the multiplier. OKX then adjusts your share-equivalent balance so that you receive the corresponding increase in shares.

The dividend amount reflected in your balance is net of any applicable withholding taxes. Tax rates and withholding treatment are determined at the issuer or share custodian level and aren’t set by OKX.

Any positive difference is credited to your account as a dividend-related balance adjustment. You’ll be able to see the credit in your account records and in the asset’s corporate-action history.

For smaller dividends, open orders are generally not affected. Trading continues while the dividend is processed, and open orders aren’t normally cancelled or modified solely because of the dividend event.

Different procedures may apply for larger dividends, as described below.

During dividend processing, deposits, withdrawals, and internal transfers for the affected asset may be paused briefly while OKX applies the updated multiplier and reconciles account balances. These services resume once processing is complete.

For larger dividends, as well as stock splits and reverse stock splits, the relevant issuer adjusts the multiplier to reflect the updated relationship between the on-chain token and the referenced share.

See below for more information about what happens during a rebase.

For example, following a stock split, the number of share-equivalent units increases while the reference price per share decreases according to the split ratio. A reverse split has the opposite effect: the number of share-equivalent units decreases while the reference price per share increases. These adjustments are intended to preserve the equivalent economic exposure immediately before and after the corporate action, although the market price may continue to move.

Assume that:

• You hold 100 xABC shares on OKX.

• The multiplier before the dividend is 1.00000000.

• After applicable withholding taxes, the issuer determines that USD 0.50 per share is available for reinvestment.

• For this example, the dividend is reinvested at USD 100 per share.

Assume that:

• You hold 10 xABC shares on OKX.

• Each share is trading at USD 200 immediately before the split.

• The multiplier before the split is 1.00000000.

• The underlying company completes a 2-for-1 stock split.

OKX calculates your adjusted balance as 20 shares

• Before the split: 10 shares × USD 200 = USD 2,000 After the split: 20 shares × USD 100 = USD 2,000

The treatment of live orders depends on the type of corporate action.

For small dividends, open orders aren’t affected and continue operating as normal.

For corporate actions that require a rebase—such as large dividends, stock splits, or reverse stock splits—orders are handled as follows.

Open limit orders are automatically adjusted using the applicable corporate-action ratio:

• Adjusted order price = Original order price ÷ Corporate-action ratio

• Adjusted order quantity = Original order quantity × Corporate-action ratio

Buy-order prices are rounded down to the nearest permitted price increment, while sell-order prices are rounded up.

An order may be cancelled if the adjusted price or quantity no longer meets the market’s minimum order-size or price-increment requirements. After the rebase is complete, it is recommended to check your open orders on the orderbookn to confirm that they still reflect your intended trading instructions.

Pending Take Profit and Stop Loss orders are cancelled during the rebase and aren’t automatically restored. This includes:

• Position TP/SL orders

• TP/SL orders attached to an open order

• Trailing TP/SL orders

Trigger orders and chase orders are also cancelled. Running strategy orders and trading bots are stopped.

After normal trading resumes, you’ll need to recreate your TP/SL orders, trigger orders, strategies, and bots using the adjusted market price and asset quantity.

The impact on trading bots depends on the type of corporate action and the bot being used.

For small dividends, supported bots aren’t affected and continue operating as normal.

For stock splits, reverse stock splits and large dividends:

• Spot Grid: The bot is paused while its parameters are recalculated. You’ll need to review and confirm the updated parameters before restarting it.

• Spot DCA: The bot is temporarily paused and resumes automatically after the corporate action is processed.

• Iceberg & TWAP: These bots are automatically stopped.

To avoid applying the wrong conversion rate, OKX may temporarily pause deposit crediting, withdrawals, and internal transfers for the affected asset.

• A deposit received during the processing window is held pending and credited automatically after the event using the new, post-action multiplier.

• A withdrawal submitted before the event and not cancelled is processed using the pre-event multiplier because its on-chain token quantity was fixed when the request was submitted.

• If that withdrawal is cancelled after the event, the returned on-platform balance is calculated using the new multiplier.

• The status of the request will identify a Corporate Action is being processed and your action will be completed when it is done.

Trading treatment can depend on the type and complexity of the corporate action. While trading normally remains open for dividend events, OKX may suspend or restrict trading for other events where necessary.

From the asset page:

1. Select Info at the top of the screen.

2. Select Multiplier adjustments.

This section shows the asset’s corporate-action history, including multiplier changes resulting from dividend payments, stock splits, reverse splits or consolidations, and other events.

Yes. Selected Unified Tokenized Stocks may be used as collateral in Multi-Currency Margin or Portfolio Margin accounts, subject to eligibility, liquidity requirements, collateral limits, and an applicable risk-based discount or haircut.

The discounted collateral value, rather than the asset’s full market value, is used when calculating your available margin. Using Unified Tokenized Stocks as collateral also introduces liquidation risk. If the value of your collateral falls and your account no longer meets its margin requirements, some or all of your positions may be liquidated.

You can find Unified Tokenized Stocks in several ways on the OKX app:

• From the Home tab, select Stocks, then Spot, to browse the available assets.

• From the Explore tab, select Stocks, then Spot, to view the available assets.

• Use the search bar to find a specific stock by its company name or ticker.

Before placing your first order, you’ll be asked to review and accept the applicable risk disclosure and disclaimer. Availability depends on your region, account status, and eligibility. Unified Tokenized Stocks aren’t offered to U.S. persons or within the United States.

Disclaimer:

Pre-IPO X-Perps are leveraged derivatives and provide no ownership or economic claim in the referenced company. Their market-derived price may differ materially from private valuations, any IPO price or post-listing share price. An IPO may be delayed, cancelled or never occur. Leverage can amplify gains and losses and may cause rapid liquidation. Tokenized Stocks are transferable securities backed by underlying shares but provide no direct ownership or shareholder rights. 24/7 trading does not guarantee continuous liquidity or execution, and spreads may widen outside regular US market hours. Capital is at risk. Company names do not imply affiliation or endorsement. These products may not be suitable for all investors. OKX Europe Markets Limited is authorised and regulated by the Malta Financial Services Authority under the Investment Services Act.