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 market place for crypto claims trading and derivatives."

The exchange, abbreviated to OPNX, will feature zero-proof audits for user balances and a portfolio margin feature that was pioneered by FTX, OPNX CEO Leslie Lamb said Thursday morning on a Twitter Spaces discussion. Users will also be able to use bankruptcy claims as margin as well as selling them on a public order book, Lamb added.