OX.FUN Review 2025: Features, Fees, Pros & Cons

Publisher

Talha

January 15, 2025

Key Takeaways:

Understand the core aspects of OX.FUN:

Exclusive focus on memecoins, offering 300+ perpetual contracts.
Unique $OX and $MILK reward system for all trades.
Flexible collateral options with multi-asset deposits supported.
Zero fees for spot trading and a transparent fee structure for perpetual trading.
Advanced features like portfolio margining and copy trading vaults.

OX.FUN Review 2025: Features, Fees, Pros & Cons

The concept of combining memecoins with decentralized trading is still relatively new and is often referred to as “degen trading” due to its speculative and risky nature. Despite the risks, memecoins are thriving in this fast-evolving space, with platforms designed specifically for this niche rapidly emerging.

In this OX.FUN review, we’ll dive into the details of this gamified decentralized perpetual exchange (DEX) focused exclusively on memecoins. From staking options and security features to its decentralized perpetual trading capabilities and other offerings, this guide will help you analyze whether OX.FUN is the right platform for your trading needs.

Stats	OX.Fun
🚀 Founded	2024
🌐 Headquarters	Delaware, United States
🔎 Founder	Su Zhu
👤 Active Users	100K+
🪙 Supported Coins	300+
🔁 Spot Fees (maker/taker)	N/A
🔁 Futures Fees (maker/taker)	0.015% / 0.035%
📈 Max Leverage	100x
🕵️ KYC Verification	Not Required
📱 Mobile App	Yes
⭐ Rating	4/5
💰 Bonus	100% bonus on first deposit(Claim Now)

OX.FUN Overview

Established in 2024 by Su Zhu, OX.FUN is a gamified decentralized perpetual exchange (DEX) tailored exclusively for memecoins. The platform transitioned from its predecessor, Open Exchange (OPNX), in February 2024, shifting its focus to perpetual contracts after OPNX ceased operations.

OX.FUN supports over 300 perpetual contracts, covering memecoins, niche tokens, and high-cap assets, with up to 100x leverage. Its gamified approach is evident in its unique dual-token system: profitable trades reward users with $OX, while losing trades earn $MILK, living up to the slogan, “Every trade is a winning trade”.

Uniquely, the platform allows users to use memes as collateral, adding a creative twist to its trading capabilities. New memecoins are listed daily, with their official X (formerly Twitter) handle reporting an average of 4–6 coins added each day, further enriching its niche offerings. It is often referred to as a “meme coin perp DEX” due to its dedicated focus on this market segment

The platform also introduces copy trading vaults, allowing users to mirror top traders’ strategies by staking $OX. Designed exclusively for perpetual trading, OX.FUN does not offer standard spot trading—except for $OX and $MILK.

Additionally, the platform boasts market-leading collateral flexibility, enabling users to deposit various coins and increase their collateral balance based on the market value of their assets and assigned LTV.

With a 24-hour trading volume of $222,662,437, deep liquidity for memecoins, and innovative features, OX.FUN positions itself as a unique hub for gamified perpetual trading in the decentralized space.

OX.FUN Pros and Cons

👍 OX.Fun Pros	👎 OX.Fun Cons
✅ Gamified trading experience with $OX and $MILK rewards	❌ Limited spot trading options (only $OX and $MILK)
✅ Supports over 250+ meme coins	❌ No fiat deposit support
✅ Flexible collateral management with multi-asset deposits	❌ Higher taker fees for meme contracts
✅ Intuitive and user-friendly interface
✅ High APY (up to 200%) through daily missions

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OX.FUN Signup

OX.FUN is a decentralized perpetual DEX, meaning there are no KYC steps involved. Users can simply connect their Web3 wallets and start using the platform without needing to sign up or register. With over 18+ networks supported, users can choose from a variety of Web3 wallets to create an account by connecting their wallet to OX.FUN. Here’s how you can sign up on the OX.FUN platform.

Step 1: First, open your browser and head over to the OX.FUN platform.

Step 2: On the OX.FUN platform, click on the “Connect Wallet” button at the top right corner of the page.

Step 3: A small window will appear with a list of wallets. Select the Web3 wallet you wish to connect to the OX.FUN platform.

Step 4: Confirm the connection on your Web3 wallet by clicking the “Connect” button.

Step 5: Once the wallet is connected, a window with the terms and conditions will appear. Make sure to tick the checkbox, then click “Agree” to continue.

Step 6: A signature will be required to allow OX.FUN access to the funds in your wallet for trading on the perpetual DEX. Click “Confirm” to complete the signup.

Step 7: You can now set up your profile by adding a profile picture and choosing a nickname for your profile, which will appear in the “Degen Feed.” Once done, click “Save” to begin trading on OX.FUN.

Note: You can always disable your trades from appearing in the Degen Feed if you wish to keep them private.

With this, you’re now ready to start trading on OX.FUN. However, there are some countries where you cannot access the platform due to regulations. Feel free to check if your country is eligible using our country checker before starting the signup process.

🌍 Free OX.Fun Country Checker

Disclaimer

Due to regulations, OX.Fun does not support every country. To ensure that you are eligible to register on the exchange, you can use our free OX.Fun country checker.

Simply type in your country and see if you can use the platform or if your country is restricted.

OX.FUN Trading

Let’s take an overview of the OX.FUN trading platform, including its spot and perpetual trading features, what you can expect, and a general overview of the platform.

Spot Trading

OX.FUN’s spot trading platform is quite limited, with only the $OX and $MILK tokens available for trading. However, it can still be useful if you’re thinking of buying $OX tokens to hold as collateral, stake them within the platform, or simply plan to hold them long-term. You can execute your spot trades without any associated fees, and the interface is modern and clean, though it only offers basic order types—market and limit orders.

The trading charts are equipped with basic trading tools alongside TradingView, allowing you to use different strategies available on TradingView. However, with just 2 tokens available, OX.FUN’s spot trading platform is not their key feature.

Futures Trading

The main feature of the platform is their perpetual trading platform, which allows you to trade over 300+ perpetual contracts with 100x leverage. You simply deposit your coins, and their value (adjusted by LTV) becomes your collateral, allowing larger trade sizes without converting assets. The platform features a Degen Feed, showcasing trades made by other traders on the platform. The Degen Feed is equipped with two quick tools: Copy and Counter, allowing you to either copy a trade or counter it by opening an opposite position.

The perpetual trading platform comes equipped with all the basic charting tools, along with TradingView, but offers limited order types, allowing users to open only limit or market orders. For beginners, the platform features a simplified trading interface that removes the order book, providing a cleaner, more organized space for traders to open or close their trades.

Advanced traders can use the full version with an order book, enabling them to set positions based on notional value. The platform supports portfolio margining, where unrealized profits from one position can act as collateral for others, improving capital efficiency. Multi-collateral functionality lets traders use various assets as collateral, eliminating the need to convert holdings into OX tokens. This flexibility, combined with real-time updates to collateral values and LTV management, ensures a streamlined trading experience for high-volume traders.

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OX.FUN Fees

Fees play a crucial role in shaping your overall PnL (Profit and Loss) in trading, making it essential to understand the cost structure of any platform you use. Let’s break down the fee structure at OX.FUN to give you a clearer picture.

Deposit and Withdrawals

OX.FUN supports deposits and withdrawals exclusively through cryptocurrency networks, offering compatibility with over 18 networks. Users can deposit over 300 cryptocurrencies, which can then be utilized as collateral for trading. The fees for deposits and withdrawals vary based on the network used, with OX.FUN not charging any additional platform-specific fees.

Trading Fees

OXFUN keeps trading costs simple and transparent, starting with zero fees for spot trading. For perpetual trading, OXFUN offers a fixed fee structure without any tier system, ensuring a consistent experience for all users. There are two fee categories for perpetual trading: Standard fees at 0.015% for maker orders and 0.035% for taker orders, and Meme fees at 0.04% for maker orders and 0.15% for taker orders. Importantly, all trading fees are charged in OX tokens.

Standard Fees

0.015% Maker

0.035% Taker

Meme Fees

0.04% Maker

0.15% Taker

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OX.FUN Products and Services

While perpetual trading takes center stage at OX.FUN, the platform offers a range of other products and services that add value for its users. Let’s explore these offerings and see what else is available to enhance your trading experience.

Trading Platform

On OX.FUN, you can trade both spot and perpetual markets with ease. The platform’s Asset List Panel is organized into categories, making it simple for you to find and navigate through coins. With basic charting tools and order types, it’s beginner-friendly and straightforward. Plus, the Degen Feed lets you keep an eye on trades made by other traders, adding a social and competitive twist to your trading experience.

Mobile App

The OX.FUN mobile app is currently in its testing phase and available through TestFlight. It offers everything the web-based platform does, so you can trade spot and perpetual markets on the go. The app’s interface will feel familiar if you’ve used other centralized exchange apps, making it easy to get started. You’ll also find support for the Vaults feature, allowing you to stake your OX tokens with various vaults and strategies directly from your mobile device.

$OX Token

The $OX token serves as the backbone of the OX.FUN ecosystem, operating on a deflationary model to maintain its value and utility. To date, 18.10% of the total supply has been burned, leaving 81.89% in circulation. Its utility lies in functioning as collateral for trades, a means to pay transaction fees, and the primary currency for calculating profits and losses. Beyond these primary functions, $OX offers diverse earning opportunities. You can stake your $OX tokens in vaults, complete daily trading tasks with APYs reaching up to 200%, or participate in competitions to maximize your rewards.

OX Token Information

Token Symbol

All-Time High

Current Price

Market Cap

Total Supply

Buy $OX

$MILK Token

The $MILK token is another integral part of the OX.FUN ecosystem, designed specifically for staking and rewarding users for their lost trades. It plays a critical role in platform strategies, with a fixed value of 0.05 $OX when used as collateral in Player and Banker strategies. This feature makes it a cost-effective option for users looking to explore these strategies without committing significant amounts of $OX.

Additionally, MILK tokens can be staked to earn $OX rewards, providing a low-risk entry point into the platform. Whether you are new to the ecosystem or seeking to refine your trading strategies, $MILK offers a practical and rewarding way to engage with OX.FUN’s features.

Vaults

With OX.FUN’s Solo Vaults and Battle Vaults, you can stake your $OX tokens and follow your favorite traders. Solo Vaults let you copy the trades of individual traders by staking directly on their strategies. Battle Vaults work similarly, but here, traders compete against each other, and you can stake on the one you believe will win. This setup not only makes trading interactive but also offers a strategic way to align with traders who have a higher likelihood of success, maximizing your potential returns without requiring advanced trading skills.

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Strategies

OX.FUN’s automated trading strategies showcase a remarkable Total Value Locked (TVL) of $74,173,290.34, with player strategies alone distributing $43,562 in daily rewards. The platform supports staking for a variety of tokens, including BTC, ETH, SOL, USDC, USDT, OX, and over 50 meme tokens—all with 0% commission rates, making it an appealing choice for traders looking to minimize costs.

You can explore player strategies focused on assets like BTC, ETH, SOL, and OX to maximize your profits by capitalizing on price fluctuations. These strategies are particularly effective when the asset remains within a ±8% price range. With daily incentives, you can further compound your returns over time.

Moreover, the OX Player Strategy available in the Banking Strategy section, enables you to provide liquidity to OX.FUN’s perpetual orderbooks via market-making strategies. This not only earns you funding on most positions but also establishes you as the main counterparty for other traders, significantly enhancing your earning potential.

OX.FUN Security

OX.FUN prioritizes security by implementing robust measures to protect its users and platform. To ensure API performance and guard against threats like brute-force and denial-of-service attacks, strategic rate-limiting controls are in place. The platform undergoes regular audits and vulnerability checks to identify and address potential risks proactively. Additionally, OX.FUN employs a comprehensive logging and monitoring infrastructure to track API usage, detect anomalies, and respond promptly to any security concerns, ensuring a safe and reliable trading experience.

OX.FUN Customer Support

OX.FUN provides 24/7 in-built chat support, allowing you to connect with their customer service team anytime to resolve your issues. The platform also features an FAQ section to address common queries quickly. Beyond this, OX.FUN has an active Telegram channel with a supportive community, offering another avenue to seek help and share knowledge.

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OX.FUN Alternatives

While OX.FUN is an innovative platform offering meme perpetual trading with unique features like vaults and staking options, there are other decentralized trading platforms worth considering:

1. Hyperliquid: Hyperliquid is a strong alternative to OX.FUN, offering features like perpetual trading, vaults, and spot trading. It features a fully on-chain DEX with an order book model to reduce slippage, high liquidity, zero gas fees, low trading fees, and up to 50x leverage.

2. dYdX: dYdX is a decentralized perpetual trading platform built on its own application-specific blockchain. As an open-source platform, it stands out for offering the widest range of cryptocurrencies among decentralized exchanges, making it an ideal choice for traders who value diversity and liquidity.

3. Vertex: Vertex offers a cutting-edge decentralized trading experience by merging the speed and accuracy of centralized exchanges with the transparency and security of on-chain settlements. With some of the market’s lowest fees, Vertex is a highly cost-effective option for traders seeking efficiency.

Feature	OX.FUN	Hyperliquid	dYdX	Vertex
Cryptocurrencies	300+	149+	179+	58+
Trading Fees	0.015% / 0.035%	0.010% / 0.035%	0.020% / 0.050%	0.00% / 0.020%
Trading Volume	$223M+	$523M+	$745.96M+	$50M+
Max Leverage	100x	50x	50x	20x
No. of Supported Chains	5	1	5	4
Key Feature	Extensive Memecoin Selection	Highest Volume	Most number of coins	Lowest fees
Sign Up	Sign Up	Sign Up	Sign Up	Sign Up

Bottomline

To wrap up this review, OX.FUN stands out as a unique platform, particularly for memecoin and degen trading enthusiasts, thanks to its extensive support for meme tokens and impressively low trading fees. The deflationary $OX token adds value to its ecosystem, while the innovative gaming mechanism—where users can earn milk regardless of outcomes—creates a fresh and engaging experience.

However, for those seeking deeper liquidity, zero gas fees, and advanced trading features, platforms like Hyperliquid serve as compelling alternatives. Overall, OX.FUN is a solid choice for traders looking to explore a fun, token-rich environment with creative earning opportunities.

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FAQs

1. What makes OX.FUN unique compared to other decentralized exchanges?

OX.FUN combines gamification with decentralized perpetual trading, focusing exclusively on memecoins. Its dual-token system ($OX and $MILK) ensures every trade, whether profitable or not, results in a reward, enhancing user engagement.

2. Can I use memes as collateral on OX.FUN?

Yes, OX.FUN allows users to use memes as collateral for trading, adding a creative and fun twist to its platform’s offerings.

3. Is KYC mandatory to use OX.FUN?

No, OX.FUN is fully decentralized. You only need to connect your Web3 wallet to access its features—no KYC is required.

4. What is the Degen Feed, and how does it work?

The Degen Feed showcases trades made by users in real time. You can copy a trade or counter it by taking an opposite position directly from the feed.

5. Is OX.FUN legit?

Yes, OX.FUN is a legitimate platform where you can trade, withdraw, stake, and earn rewards. It operates as a decentralized exchange with unique features like meme collateral and copy trading. However, it’s a relatively new platform, so while it shows promise, you might want to explore more established alternatives depending on your preferences. Always do your own research before investing.