OKX and ICE are bringing ‘never-expiring’ oil futures to 120 million crypto users
The new partnership comes as Hyperliquid’s oli futures contracts that never expire have been a huge success with over $1.6 billion in 24-hour trading volume.
What to know:
- Intercontinental Exchange, owner of the New York Stock Exchange, and crypto exchange OKX are launching perpetual oil futures based on ICE’s Brent and WTI benchmark prices.
- The new contracts, available where OKX is licensed to offer perpetual futures, will give OKX’s roughly 120 million retail traders access to regulated energy benchmark products.
- The move underscores the growing convergence of crypto and traditional finance as regulators signal plans to bring perpetual futures under U.S. oversight and as ICE deepens its strategic partnership and investment in OKX.
The new perpetual contracts based on ICE’s data will open energy benchmark product access to OKX’s 120 million retail traders, said Trabue Bland, senior vice president of futures exchanges at ICE.
The new contracts will be available on OKX, in which ICE holds a stake, across territories where the crypto company is already licensed to offer perpetual futures.
“Oil markets are critical to the world economy,” Haider Rafique, global managing partner at OKX, said in the statement. Bringing ICE’s benchmarks “into regulated perpetual futures is exactly the kind of bridge between traditional and digital markets that market participants have been asking for.”
The ICE and OKX foray into oil perps comes as Hyperliquid’s oil futures contracts that never expire have proven to be a tremendous success, consistently generating roughly $1.6 billion in daily trading volume and more than $1.3 billion in open interest.
