OKX and ICE are bringing 'never-expiring' oil futures to 120 million crypto users

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email 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. By Olivier Acuna | Edited by Oliver Knight May 22, 2026, 12:48 p.m. 2 min read Make preferred on Intercontinental Exchange CEO Jeffrey Sprecher (Credit: CoinDesk archives) 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. Intercontinental Exchange Inc. (ICE), owner of the New York Stock Exchange, and OKX announced Friday that they are joining forces to roll out perpetual oil futures. In a joint statement, the firms’ said ICE’s futures prices for Brent crude and West Texas Intermediate (WTI) will bolster the new perpetual contracts on 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. Perpetual futures, also known as “perps,” are a type of derivative contract that give traders the ability to bet on prices of assets such as oil or bitcoin. But unlike traditional futures, perps never expire, so traders don’t have to take possession of physical barrels of oil or roll over those contracts. Most perpetual products are offered on offshore exchanges and are not regulated the same way traditional commodity exchanges such as ICE and CME Group Inc. are in the U.S., but Michael Selig, the chair of the Commodity Futures Trading Commission (CFTC), recently said he will bring them under his agency’s oversight soon. In a sign of the increasing confluence of crypto and traditional financial (TradFi) firms, ICE and OKX signed a deal in March to build technology, including blockchain networks, that would give 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 the San Jose, California-based company at $25 billion. 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