Intercontinental Exchange, the owner of the New York Stock Exchange, is working with OKX to launch perpetual futures tied to oil benchmarks, bringing one of the world's biggest commodity markets deeper into crypto trading.
The new products will be based on ICE's Brent crude and West Texas Intermediate crude benchmarks and offered on OKX in markets where the crypto exchange is licensed to provide perpetual futures, according to a joint announcement today, May 22.
- ICE holds a stake in OKX, and the companies said the launch is their first product collaboration since they formed a strategic relationship in March.
As part of the deal, oil contracts built around ICE's benchmarks will be available inside OKX, giving traders exposure to Brent and WTI prices without using traditional commodity futures directly.
The launch comes as oil trading on crypto platforms is drawing more scrutiny.
ICE and CME Group, two of the world's biggest exchange operators, have reportedly pressed U.S. officials to bring Hyperliquid, a decentralized crypto exchange best known for perps, under closer oversight after oil-linked trading surged there during the Iran conflict.
The concern, according to Bloomberg's sources close to the matter, was that oil-linked products on crypto rails could affect energy markets while sitting outside traditional exchange oversight.
ICE and CME had raised those concerns with the Commodity Futures Trading Commission and Capitol Hill officials, while Hyperliquid's side argued that on-chain trading is more transparent than traditional venues.