Crypto giant debuts oil trading, but it's a different model to Hyperliquid's perps

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Crypto giant debuts oil trading, but it's a different model to Hyperliquid's perps Leading crypto market maker Wintermute debuts WTI crude oil CFDs – an OTC derivative that lets traders speculate on oil prices 24/7. By Omkar Godbole | Edited by Sam Reynolds Mar 25, 2026, 6:13 a.m. Make us preferred on Google Wintermute debuts oil CFDs. (stevepb/Pixabay) What to know : Leading crypto market maker Wintermute debuts WTI crude oil CFDs – an OTC derivative that lets traders speculate on oil prices 24/7. Flexible execution and margin options allow traders to use fiat or crypto collateral via chat, electronic OTC platform, or API. CFDs offer bespoke flexibility as opposed to the one size fits all approach of exchange-listed perpetual futures. In this article BTC BTC $ 71,010.59 ◢ 0.70 % The Iran war has set oil on fire and crypto exchanges are racing to offer 24/7 trading to fill tradfi gaps, with most copying decentralized giant Hyperliquid's perpetual-futures play. Crypto market-making giant Wintermute is taking a different approach. On Tuesday, its derivatives unit, Wintermute Asia, launched over-the-counter (OTC) trading in WTI crude oil contracts for difference (CFDs). CFD is type of derivative that allows traders to speculate on the price movement of an asset without owning it. Similar to futures, CFDs track the asset’s price, but the key difference is that only the difference between the opening and closing prices is exchanged between the trader and the broker when the contract is closed. These are typically traded over-the-counter and can be tailored in term sof size, duration and margin requirements. This bespoke flexibility allows professional traders and institutions to design strategies that match specific risk-return objectives, rather than conforming to one-size-fits-all derivatives such as Hyperliquid's oil perpetual futures. Wintermute’s CFD launch comes amid weeks of intense geopolitical volatility in the Middle East. Escalating tensions between Iran and the U.S.–Israel coalition have left traders in a bind over weekends when traditional finance markets are closed, limiting their ability to adjust positions or manage risk effectively. This led to outsized trading activity on Hyperliquid's energy market perpetuals and prompted WIntermute to offer CFDs. "We are seeing strong demand from counterparties looking to use digital asset infrastructure to trade traditional products like oil. The recent price action made that need much more immediate, as many investors were unable to act until traditional venues reopened,” said Evgeny Gaevoy, CEO of Wintermute. “A Wintermute counterparty could have traded the weekend move before the Monday gap or responded immediately to the reversal," Gaevoy added. Note that Wintermute is a counterparty in the CFD. Traders aren’t matched with each other; they are trading directly against Wintermute, which is taking on the market risk. The firm is, therefore, leveraging its risk management systems and deep liquidity to monetize demand for 24/7 crude than simply supplying liquidity to perpetual futures. Traders can access WTI CFDs with zero trading fees, using a variety of fiat and crypto assets as margin, the official announcement said. Contracts can be executed via chat, Wintermute’s electronic OTC platform, or API. The rollout builds on the recent introduction of tokenized gold, further broadening Wintermute Asia’s suite of offerings beyond purely digital assets. Wintermute More For You Retail traders fare worse on prediction markets than sportsbooks By Sam Reynolds | Edited by Omkar Godbole 47 minutes ago A new report from Citizens JMP says median losses are deeper on prediction platforms as retail traders face sharper, better-capitalized counterparties What to know : Retail users on prediction markets are losing more than legal sports bettors, with a median return of -8% since mid-2025 versus -5% on sportsbooks, while only the highest-volume prediction market traders are consistently profitable. Because prediction markets do not limit winning players, retail traders are more directly exposed to professionals... 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