OPNX Exchange, Which Offers FTX Claims Trading, Led by Three Arrows Founders, Is Now Live

OPNX, a first-of-its-kind, crypto-focused exchange that lets users trade claims of bankrupt crypto companies, is now live, CEO Leslie Lamb said in a tweet Tuesday.

OPNX, which is short for Open Exchange, is a platform for trading what it says is a $20 billion market for crypto-related bankruptcy claims. The exchange will offer claims of companies such as crypto exchanges FTX and CoinFLEX. In early March, FTX claims were trading at 20 cents on the dollar.

OPNX is offering spot and futures trading for major tokens such as bitcoin (BTC), ether (ETH), dogecoin (DOGE) and USD coin (USDC). Claims trading is expected to go live in the coming weeks, according to Lamb.

CoinFLEX's FLEX token will serve as the native token of the OPNX platform. Holders can get up to a 50% discount on trading fees with the token, which will be periodically burned, or permanently taken out of circulation. That may potentially improve value for FLEX holders in the future if demand and traction for OPNX increases and the supply gradually decreases.

Zhu Su and Kyle Davies, the founders of bankrupt hedge fund Three Arrows Capital, last month teamed with the co-founders of troubled crypto exchange CoinFLEX to create Open Exchange, calling it the "world's first public marketplace for crypto claims trading and derivatives," as CoinDesk reported.

Read more: A Three Arrows Capital Founder Talks About His New Crypto Bankruptcy Exchange

UPDATE (April 4, 2023, 13:20 UTC): Adds additional details, background.