ICE and OKX Launch Perpetual Oil Futures on Brent and WTI

Intercontinental Exchange, owner of the New York Stock Exchange and global oil pricing benchmark, is teaming with crypto exchange OKX to launch perpetual futures on Brent and WTI crude oil. This is the first major product from a partnership that began in March 2026 when ICE took a $200 million minority stake in OKX, valuing the crypto exchange at $25 billion.

The contracts will be available exclusively on OKX in licensed regions. They reference ICE's benchmark futures prices, giving OKX's 120 million users a way to trade oil without a traditional commodities brokerage.

Unlike traditional oil futures, perpetual contracts have no expiration date. Traders can hold positions indefinitely, with a funding rate mechanism keeping prices aligned to the spot market. This structure, standard in crypto, allows 24/7 trading-a departure from the set hours of traditional ICE or CME oil futures.

For ICE, this extends its benchmark pricing into new markets. For OKX, the partnership adds institutional legitimacy and product diversity. Meanwhile, competition looms: decentralized exchange Hyperliquid reports $1.6 billion in 24-hour perpetuals trading volume, though most rivals rely on oracle-fed price data. ICE-referenced contracts on OKX offer benchmark pricing directly from the source.