ICE launches Brent and WTI perpetual oil futures on OKX

Intercontinental Exchange announced it will launch perpetual Brent and WTI oil futures on crypto exchange OKX. The contracts will have no set expiration and will reference ICE Brent and WTI futures prices. They will trade on OKX only in jurisdictions where the exchange is licensed to offer perpetuals.

The product is the first joint release since ICE invested in OKX in March, a deal that valued the crypto exchange at $25 billion and gave ICE a board seat. The companies said contract specifications, leverage tiers, fees and a firm launch date were not yet final.

Perpetual futures do not expire. They use a recurring funding payment between long and short holders to keep the contract price close to the underlying benchmark. ICE said it will anchor the OKX contracts to its existing Brent and WTI futures markets. OKX previously listed USDT‑margined oil perpetuals tied to Brent and WTI benchmarks earlier this year.

OKX serves more than 120 million customers globally, providing ICE with reach into retail and crypto‑native markets. Trabue Bland, ICE senior vice president, noted that the contracts give OKX’s retail base access to regulated energy benchmark products.

OKX founder and CEO Star Xu commented that energy markets are becoming global, digital and 24/7, and that bringing ICE Brent and WTI to OKX fits that trend. Haider Rafique, OKX global managing partner, added that regulated perpetual formats with ICE benchmarks respond to what market participants have requested.

ICE cited Brent crude at roughly $105.90 a barrel on Friday, about 50% above pre‑conflict levels, and pointed to supply disruptions tied to the 2026 Iran conflict and tensions in the Strait of Hormuz. Those dynamics have contributed to higher prices and increased volatility in oil markets.

Availability will be limited to regions where OKX holds relevant licenses, including the European Economic Area, the UAE, Singapore, Australia and other select markets. OKX holds some U.S. licenses, but perpetual futures remain restricted for most U.S. retail traders.

Market participants have shown demand for commodity products on crypto trading rails: trading volume on a cryptocurrency platform’s silver perpetuals reached about $1.1 billion in a single day earlier this year. ICE and OKX did not disclose whether the new Brent and WTI perpetuals will be margined in stablecoins or other currencies.