Intercontinental Trade (ICE), the proprietor of the New York Inventory Trade (NYSE), is working with crypto alternate OKX to launch buying and selling of oil-linked perpetual futures.
OKX mentioned Friday it plans to introduce perpetual futures primarily based on ICE’s Brent crude and West Texas Intermediate (WTI) crude benchmarks, two of the world’s most generally used oil worth indicators, based on a launch shared with Cointelegraph.
“These new OKX perpetual contracts, primarily based on ICE’s deep, liquid, clear, and world oil markets, enable OKX’s buyer base […] to entry vitality benchmark merchandise,” mentioned Trabue Bland, ICE’s senior vice chairman of futures exchanges.
An OKX spokesperson advised Cointelegraph the contracts signify the alternate’s first product collaboration with ICE and can settle towards ICE’s Brent and WTI benchmark costs, that are extensively used throughout conventional vitality markets.
The collaboration is the primary product introduced below a broader partnership with ICE and OKX unveiled in March when ICE invested within the crypto alternate at a $25 billion valuation.
Availability restricted to licensed jurisdictions
The oil-linked perpetual futures will solely be obtainable in jurisdictions the place OKX is licensed to supply perpetual futures buying and selling, the announcement mentioned.
OKX world managing associate Haider Rafique mentioned the merchandise might be geared toward retail merchants, giving them entry to vitality benchmarks in a regulated and clear setting.
Supply: OKX
Oil buying and selling strikes into crypto perps
Perpetual futures, usually referred to as “perps,” let merchants wager on whether or not the value of an asset will go up or down with out really shopping for it. Not like conventional futures, these contracts do not need an expiration date, permitting merchants to maintain positions open constantly.
Some centralized exchanges (CEXs) have expanded into oil-linked derivatives in current months. Binance launched perpetual futures tied to WTI crude, Brent crude and pure fuel in April, whereas Bybit additionally launched oil perpetual contracts alongside different commodity-linked merchandise for round the clock buying and selling.
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Exercise has been significantly sturdy in periods of rising oil volatility linked to geopolitical tensions within the Strait of Hormuz.
ICE presses regulators to clamp down on oil buying and selling on Hyperliquid
Decentralized derivatives alternate Hyperliquid has emerged as a notable venue for oil-linked perpetual buying and selling amid the speedy development of decentralized derivatives buying and selling.
Within the first quarter of 2026, Hyperliquid entered the highest 10 derivatives exchanges by buying and selling quantity, recording roughly $500 billion in exercise and rating alongside main venues reminiscent of Binance and OKX.
In keeping with Hyperliquid knowledge, Brent crude oil contracts rank among the many platform’s high 5 most traded markets over the previous 24 hours, with about $352 million in day by day quantity on the time of publication.
High 5 most traded markets on Hyperliquid. Supply: Hyperliquid
Because the platform’s perpetual futures exercise has expanded, ICE and the Chicago Mercantile Trade (CME) have reportedly urged US regulators to take motion towards Hyperliquid over its enlargement into commodity buying and selling in mid-Might.
The businesses reportedly cited the platform’s “nameless” and “unregulated” construction as a danger to important vitality markets reminiscent of oil and fuel, warning it may probably be utilized by state actors to bypass sanctions.
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