ICE and OKX Partner to Launch Perpetual Oil Futures for Retail Traders

Intercontinental Exchange Inc. (ICE), the parent company of the New York Stock Exchange (NYSE), and cryptocurrency exchange OKX have announced a major partnership to introduce perpetual oil futures tied to global energy benchmarks. The move marks another step in the growing convergence between traditional finance and digital asset markets.

According to a joint statement released Friday, the new perpetual futures contracts will use ICE’s benchmark pricing data for Brent crude and West Texas Intermediate (WTI). By integrating ICE’s trusted oil market data, OKX plans to provide its global user base with easier access to energy trading products through crypto-style perpetual futures.

Trabue Bland, senior vice president of futures exchanges at ICE, said the collaboration will expand access to energy benchmark products for OKX’s more than 120 million retail traders worldwide. The contracts will be offered in regions where OKX is already licensed to provide perpetual futures trading services.

OKX global managing partner Haider Rafique emphasized the importance of the partnership, stating that oil remains one of the most important commodities in the global economy. He noted that combining ICE’s established market benchmarks with regulated perpetual futures products creates a bridge between traditional financial markets and digital asset trading platforms.

The launch comes as perpetual oil futures gain traction among crypto traders. Hyperliquid, a decentralized trading platform, has seen strong demand for its own perpetual oil contracts, generating nearly $1.6 billion in daily trading volume and more than $1.3 billion in open interest.

Perpetual futures, commonly called “perps,” allow traders to speculate on asset prices without expiration dates. Unlike traditional futures contracts, traders do not need to roll over positions or take physical delivery of commodities such as crude oil.

The partnership also follows a broader strategic relationship between ICE and OKX established earlier this year. In March, both companies agreed to collaborate on blockchain-based financial technology aimed at enabling crypto futures access for ICE clients and tokenized securities trading for OKX users on NYSE-related platforms. ICE additionally made a strategic investment in OKX, reportedly valuing the crypto exchange at $25 billion.