The contracts will settle against ICE benchmark prices. Binance and Bybit already offer similar oil and commodity-linked derivatives. A new product linking traditional energy markets with crypto derivatives is set to launch as Intercontinental Exchange (ICE) and OKX move forward with oil-linked perpetual futures. According to the official announcement, the contracts will track Brent crude and West Texas Intermediate (WTI), two global oil benchmarks, and mark ICE’s latest step into digital asset markets following its investment in the crypto exchange. OKX confirmed it will list perpetual futures based on ICE’s Brent and WTI pricing. These contracts allow traders to speculate on oil price movements without owning the underlying asset or dealing with expiry dates. The contracts will settle against ICE benchmark prices, which remain widely used across global energy markets. This structure connects crypto trading directly to established pricing systems in the oil sector. Trabue Bland, Senior Vice President of futures exchanges at ICE, said the products will give OKX users access to energy benchmarks built on “deep, liquid, transparent, and global oil markets.” See Related: Europe’s Push For Payment Independence Faces A Major Roadblock Access, Competition And Regulation The launch represents the first product under a broader partnership announced in March, when ICE invested in OKX at a $25 billion valuation. OKX will offer the products only in jurisdictions where it holds licenses for perpetual futures trading. The exchange said it is targeting retail participants who want exposure to oil prices through a regulated setup. Interest in oil-linked crypto derivatives has grown in recent months. Binance introduced similar contracts tied to oil and natural gas in April, while Bybit also expanded its commodity offerings. Trading activity has increased during periods of oil price volatility, often linked to geopolitical tensions. At the same time, decentralized platforms have gained traction. Hyperliquid reported about $500 billion in derivatives trading volume in the first quarter of 2026, placing it among the largest venues globally. Brent crude contracts rank among its most traded instruments. The rise of decentralized trading has triggered concern among traditional operators. ICE and CME have reportedly called on US regulators to review platforms like Hyperliquid, citing risks linked to their anonymous and unregulated structure, particularly in sensitive markets such as oil and gas.
