Overview
- ICE and OKX announced plans to list perpetual futures tied to ICE Brent and WTI benchmarks that will trade on OKX where the exchange holds licenses, a joint move first disclosed on May 22, 2026.
- ICE will supply its Brent and WTI futures prices to underpin the contracts while OKX will run the perpetual mechanics and offer access to its roughly 120 million users in approved jurisdictions.
- Perpetual futures never expire and use periodic funding payments to keep contract prices aligned with the underlying futures curve, allowing continuous 24/7 trading without physical delivery or contract rolls.
- U.S. regulators have intensified scrutiny of offshore perps, with CFTC Chair Michael Selig signaling plans to bring perps under CFTC oversight and reports of DOJ/CFTC inquiries into suspicious oil bets that could limit U.S. availability.
- The product directly challenges high-volume offshore platforms like Hyperliquid and could deepen links between leveraged crypto derivatives and traditional commodity markets, so observers will watch OKX’s licensing expansion and any CFTC rulemaking closely.