The collaboration aims to launch crypto-settled perpetual futures tied to Brent and WTI crude benchmarks.
Intercontinental Exchange (ICE) is collaborating with cryptocurrency exchange OKX to introduce perpetual oil futures. The new contracts will be underpinned by ICE’s benchmark futures prices for Brent crude (CO1:COM) and West Texas Intermediate (CL1:COM).
Perpetual futures, a staple in crypto markets, allow traders to hold positions indefinitely without expiration. ICE’s existing oil futures are among the most liquid in the world, with daily volumes exceeding 1 million contracts for Brent and WTI combined.
The move marks a convergence of traditional commodities trading with digital asset markets, potentially expanding access to oil derivatives for crypto-native investors.