CoinFLEX is a cryptocurrency exchange and derivatives trading platform founded in 2019. It was created by a team of experienced traders and developers, including Mark Lamb and Sudhu Arumugam, who brought their expertise from traditional financial institutions like the Chicago Mercantile Exchange and JP Morgan. Unlike many other cryptocurrency exchanges that focus on spot trading, CoinFLEX specializes in futures and perpetual contracts, offering a unique proposition in the crypto market.

The platform is known for its physically delivered futures contracts for Bitcoin and other cryptocurrencies, a feature that sets it apart from its competitors. This means that at the expiration of a contract, traders receive the actual cryptocurrency instead of a cash settlement. CoinFLEX also offers high leverage options, up to 100x for Bitcoin futures, appealing to traders looking to amplify their trading strategies. Additionally, the platform uses the FLEX token, an ERC-20 token, to provide various benefits like discounted trading fees and voting rights on platform decisions.

On March 8, 2023, CoinFLEX announced its rebranding to Open Exchange (OPNX), led by Three Arrows Capital founders Kyle Davies and Su Zhu, with Leslie Lamb as CEO. Despite initial success, it faced significant challenges, including legal disputes and declining trading volumes. On February 1, 2024, OPNX announced it would cease operations. Trading was scheduled to halt on February 7, with withdrawals remaining open until February 14. The shutdown notice emphasized ensuring an orderly closure for all users. Additionally, a new exchange named OX.Fun was promoted within the OPNX community as a potential replacement, although details about its operations and management remain skeptical.

CoinFLEX operates as a centralized cryptocurrency derivatives exchange, offering a range of trading products like perpetual contracts, futures contracts, and spot markets for various cryptocurrencies. Its trading engine is designed for fast and reliable trade execution, complemented by sophisticated trading tools and APIs for algorithmic trading. The platform caters to different types of traders by providing a variety of trading products, each designed to meet specific trading needs and strategies.

One of the notable features of CoinFLEX is its AMM+ system, an innovative automated market-making system that combines the benefits of centralized and decentralized exchanges. This system provides deep liquidity for trading pairs while allowing traders to interact with the order book and place limit orders. Additionally, CoinFLEX has introduced a decentralized clearing and custody system, enhancing the security and integrity of user funds and transactions.

FLEX is the native token of the CoinFLEX platform. It plays a crucial role in the ecosystem, facilitating trading and offering various benefits to its holders. Users can use FLEX tokens to pay for trading fees at a discounted rate, access higher leverage levels, and participate in the platform's governance through the FLEXDAO system. The token also allows for staking, enabling holders to earn a share of the platform's revenue.

CoinFLEX has a unique approach to managing the FLEX token supply. The platform burns 10% of its profits and revenue to reduce the token's circulation, enhancing its value over time. Additionally, another 10% of profits and revenue are allocated to the FLEXDAO as staking rewards, providing long-term incentives for users.