Intercontinental Exchange Inc. (ICE), owner of the New York Stock Exchange, and crypto exchange OKX are developing oil perpetual futures contracts underpinned by ICE's Brent crude and West Texas Intermediate (WTI) benchmark prices, as reported by Bloomberg on Friday. According to the latest reports, ICE's futures prices for Brent crude and West Texas Intermediate (WTI) will serve as the foundation for new perpetual contracts on OKX's platform. The products are expected to be available to trade on OKX's platform in jurisdictions where OKX is licensed to offer perpetual futures products. The partnership represents the first commodity contract to emerge from the broad strategic partnership announced in March, when ICE took a minority stake in OKX at a $25 billion valuation and secured a board seat. As per ICE's senior vice president of futures exchanges, Trabue Bland, these new OKX perpetual contracts allow the exchange's customer base to access energy benchmark products based on ICE's deep, liquid, transparent, and global oil markets. 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 trading.
The launch builds on the proven success of perpetual futures in the oil market. As reported by OKX, Hyperliquid's oil futures contracts that never expire have consistently generated approximately $1.6 billion in daily trading volume and more than $1.3 billion in open interest. These perpetual futures, also known as 'perps,' differ from traditional futures by never expiring, allowing traders to bet on asset prices without taking physical possession or rolling over contracts. The new OKX contracts represent a major step forward in expanding regulated access to global commodity markets through digital asset infrastructure. According to OKX's global managing partner Haider Rafique, the partnership brings ICE's benchmarks 'into regulated perpetual futures' and represents 'exactly the kind of bridge between traditional and digital markets that market participants have been asking for.' The new perpetual contracts based on ICE's data will allow OKX's customer base of 120 million retail traders to access energy benchmark products, as stated by ICE's senior vice president of futures exchanges. The launch creates new competition for Hyperliquid in the oil trading space, as the partnership provides direct access to official global energy benchmarks through a regulated platform.
The launch comes as oil-linked perpetual futures gain momentum across major exchanges. Binance launched perpetual futures tied to WTI crude, Brent crude and natural gas in April, while Bybit also introduced oil perpetual contracts alongside other commodity-linked products for round-the-clock trading. Activity has been particularly strong during periods of rising oil volatility linked to geopolitical tensions in the Strait of Hormuz. Decentralized derivatives exchange Hyperliquid has emerged as a notable venue for oil-linked perpetual trading amid the rapid growth of decentralized derivatives trading. In the first quarter of 2026, Hyperliquid entered the top 10 derivatives exchanges by trading volume, recording roughly $500 billion in activity and ranking alongside major venues such as Binance and OKX. According to Hyperliquid data, Brent crude oil contracts rank among the platform's top five most traded markets over the past 24 hours, with about $352 million in daily volume at the time of publication. While perps began on crypto-native exchanges as a way to speculate on digital token prices, the growth into other assets has taken off in recent months, especially as news breaks over the weekend, allowing investors to take action outside of regular market hours. During March 2026 Middle East tensions, Hyperliquid's platform saw prices move to around $96 per barrel whilst traditional markets were closed, with cumulative volume surging from $339 million to $7.3 billion within two weeks.
The partnership comes as regulatory oversight for perpetual futures is evolving. According to reports, ICE's chair Michael Selig recently indicated plans to bring perpetual futures under the Commodity Futures Trading Commission's (CFTC) oversight. In March 2026, ICE and OKX established a comprehensive deal to build technology, including blockchain networks, that would provide ICE's customers access to crypto-based futures and OKX customers the ability to trade tokenized securities on NYSE's platform. ICE also made a strategic investment valuing OKX at $25 billion. Most perpetual products are offered on offshore exchanges and aren't regulated in the way traditional commodity exchanges such as ICE and CME Group Inc. are in the U.S. CME and ICE have been pushing regulators including the CFTC to rein in Hyperliquid, as reported by Bloomberg. By integrating globally recognized commodity benchmarks into regulated digital markets, OKX and ICE are establishing new pathways for users to access some of the world's most important energy markets. ICE operates some of the world's leading exchanges, clearing houses and market data services across energy, commodities, fixed income and equities markets.
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 trading. As stated by OKX's global managing partner Haider Rafique, the products will be aimed at retail traders, giving them access to energy benchmarks in a regulated and transparent environment. The collaboration is the first product announced under a broader partnership with ICE and OKX unveiled in March when ICE invested in the crypto exchange at a $25 billion valuation. The launch gives retail traders access to the world's most important energy benchmarks in a regulated, transparent environment. ICE's futures, equity, and options exchanges, including the New York Stock Exchange, help people invest, raise capital and manage risk across energy and environmental products. OKX continues to invest in licensed market expansion, institutional infrastructure and products that bridge digital assets with traditional financial markets, reflecting the company's broader strategy of expanding regulated infrastructure and building products designed for long-term participation in global financial markets.
