ICE, the parent company of the New York Stock Exchange, partners with OKX to launch "Crude Oil Perp," as Wall Street enters the RWA perpetual contract market.

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Traditional finance giants are entering the RWA perpetual futures battlefield! Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), has announced a partnership with the renowned cryptocurrency exchange OKX to launch "perpetual futures" tracking Brent and WTI crude oil prices. Leveraging the unique 24/7 trading nature of the crypto market, global traders will now be able to bet on oil price trends in real-time, even if geopolitical crises erupt over the weekend. (Previous coverage: OKX partners with Korea Investment & Securities to acquire a 20% stake in Coinone exchange) (Background: OKX is in no rush for an IPO: Won't go public without guaranteed shareholder returns, deliberately undervalued ICE's stake) The cryptocurrency-native trading invention, "Perpetual Futures," is officially extending its reach into the world's most important traditional commodity market. According to a recent Bloomberg report, the traditional finance giant that owns the New York Stock Exchange (NYSE) — Intercontinental Exchange Inc. (ICE) — is launching a major collaboration with the well-known cryptocurrency exchange OKX to introduce oil-linked perpetual futures contracts. 24/7 crude oil trading, eliminating the hassle of physical delivery This groundbreaking partnership will perfectly combine the strengths of both parties. ICE will provide its authoritative benchmark price data for Brent crude and West Texas Intermediate (WTI) crude, while OKX, which holds shares in ICE, will offer this new product to its 120 million retail traders in regions where it is licensed to provide perpetual futures. Compared to crude oil futures in traditional financial markets, crypto-native "Perps" offer two irreplaceable advantages: - No Expiration: Traders can hold positions long-term without the need to "roll over" contracts, and there is no need to worry about being forced into "physical delivery" of barrels of actual oil when a contract expires. - 24/7 Trading: Traditional markets close on weekends, but sudden geopolitical events (such as conflicts in the Middle East) often occur during these times. Perpetual futures allow investors to react to breaking news and hedge or speculate immediately, even when traditional markets are closed. OKX Global Managing Partner Haider Rafique emphasized in a statement: "The oil market is critical to the global economy. Bringing ICE's benchmark prices into regulated perpetual futures is exactly the 'bridge between traditional and digital markets' that market participants have been craving." Taking on Hyperliquid? A strategic alliance between Wall Street and crypto giants The launch of this product is not without context. In recent months, the trend of bringing Real World Assets (RWA) into the crypto derivatives market has exploded. Notably, the rapidly growing decentralized exchange Hyperliquid was the first to launch perpetual futures linked to real-world assets like crude oil, successfully attracting massive trading volume. The strong rise of Hyperliquid has triggered serious anxiety among traditional futures giants. Bloomberg recently disclosed that traditional giants like ICE and the Chicago Mercantile Exchange (CME) have been pressuring the U.S. Commodity Futures Trading Commission (CFTC) to impose regulatory constraints on Hyperliquid. CFTC Chairman Michael Selig has also recently stated his desire to bring these offshore perpetual products under the agency's regulatory oversight as soon as possible. Against this backdrop, the launch of crude oil Perps by ICE and OKX is undoubtedly a strong counterattack by traditional giants attempting to reclaim pricing power and market share in commodities. In fact, this continues the strategic agreement reached by both parties in March of this year—the two are committed to driving technological integration, allowing ICE clients to access crypto futures while enabling OKX clients to trade Tokenized Securities on the NYSE platform.

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