Is that an ultralight or something different?
Are you able to move the axle from side to side in that one too?
So at least it appears correct that the ends just slide off!
When mine is all bolted up there is no play and it spins forever, but the design is slightly disconcerting.
That's an Ultralight. When they first came out I asked Hope if they were suitable for ATB use and they told me that they were, as long as you use them in rigid forks.
IIrc my ultralight was exactly the same. I used it for 4 years or so on my time trial bike and had no problems with it.