OKX, ICE partner on oil perps as NYSE-parent pressures US regulators to rein in Hyperliquid

Crypto exchange OKX is working with Intercontinental Exchange, the parent company of the New York Stock Exchange, to list oil perpetual contracts, according to an announcement on Friday.

The contracts will track ICE's Brent Crude and WTI Crude energy benchmarks, offering access to some of "the world’s most widely referenced oil benchmarks," the announcement reads.

"This launch gives retail traders access to the world's most important energy benchmarks in a regulated, transparent environment. That's a meaningful step forward as we modernize money and markets," OKX Global Managing Partner Haider Rafique said. 

Perpetual futures, or "perps," are a type of derivative contract that never expires. Commodity-linked perps have taken off on onchain platforms like Hyperliquid and Lighter, and are being rolled out on centralized crypto exchanges like Binance and Coinbase.

Last week, it came to light that ICE and CME Group are pressuring U.S. regulators to rein in these onchain offerings, particularly Hyperliquid, citing potential risks to systemically important commodity markets like oil.

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