NYSE parent OKX is combating excessive liquidity with perpetual oil futures contracts

OKX said in an announcement on Friday that traders based outside the US can access native cryptocurrency derivatives built to the InterContinental Exchange’s energy standards, underscoring Wall Street’s efforts to counter… Excess fluidRapid rise.

The international cryptocurrency exchange and parent company of the New York Stock Exchange is targeting traders in the UAE, Europe, Australia and Singapore, calling the move “a major step forward in expanding regulated access to global commodity markets through digital asset infrastructure.”

The derivatives offered by OKX, known as perpetual futures, will be linked to ICE prices for Brent oil and WTI futures — allowing traders to speculate around the clock in a market that has attracted increased attention since conflict in the Middle East choked the Strait of Hormuz.

“Oil markets are important to the global economy,” Haider Rafiq, global managing partner of OKX, said in a statement. “Bringing them to regulated perpetual futures is exactly the kind of bridge between traditional and digital markets that market participants have been demanding.”

The offer comes as the Justice Department and the CFTC are reportedly investigating billions of dollars in suspicious oil bets, which appeared on the tape ahead of major announcements by President Donald Trump and a senior Iranian official about the war in Iran, per ABC News.

Earlier this week, Hyperliquid’s policy arm He was pushed back Against market integrity concerns that ICE and CME Group have brought to the attention of regulators, per Bloomberg. These concerns were reportedly rooted in the unregulated nature of the decentralized exchange’s platform, which does not require customers to complete know-your-customer (KYC) procedures.

Hyperliquid, which debuted in 2023, has emerged as the undisputed leader in providing open access to perpetual futures contracts, which, unlike traditional futures contracts, never expire and can remain open indefinitely, and are based on periodic payments between traders.

Although Hyperliquid currently has $9.6 billion tied to pending trades, Binance dominates the cryptocurrency derivatives market with $26 billion worth of virtual open interest, according to Queen Gekko. Meanwhile, the action amounted to $8.2 billion for OKX on Friday.

Hyperliquid’s native token recently traded at around $60.18, an increase of 39% over the past seven days. This was not far from the all-time high that the digital asset achieved the previous day.