OKX and ICE launch 24/7 oil perpetuals; ICE warns on Hyperliquid

OKX and Intercontinental Exchange launched perpetual futures tied to crude oil prices this week, offering contracts that trade around the clock without a set expiry.

Perpetual futures maintain alignment with spot prices through a funding-rate mechanism that transfers payments between long and short positions at set intervals, allowing continuous trading.

OKX wrote in a statement that it introduced the contracts to expand commodity offerings and provide crypto-denominated access to energy markets. ICE described its launch as part of an effort to offer institutional-grade derivatives that link traditional commodities with digital trading venues.

Both firms wrote that the contracts let traders speculate or hedge oil price risk on platforms that operate 24/7, unlike many legacy commodity markets with fixed trading hours.

ICE separately asked U.S. regulators to increase oversight of Hyperliquid, a cryptocurrency firm, saying it views parts of the crypto sector as posing risks that require stronger scrutiny.

Market participants noted the launches reflect interest in combining traditional commodity exposure with continuous liquidity and leveraged trading formats common in crypto markets.

Operational details differ between the products. OKX’s contracts are available to its global user base on its crypto-native infrastructure. ICE positioned its offering for institutional clients accustomed to established governance and settlement practices. Margin requirements and specific funding-rate schedules vary by platform.

Traders and analysts cautioned that multiple venues offering similar contracts can produce price gaps if underlying benchmarks or index methodologies differ, a dynamic regulators and market operators monitor to guard against manipulation and systemic risk.

Intercontinental Exchange, founded in 2000, operates global exchanges and clearing houses and is the parent company of the New York Stock Exchange. OKX is one of the largest centralized cryptocurrency exchanges by trading volume. Hyperliquid is a cryptocurrency trading firm that has drawn scrutiny from some market participants and regulators.