OKX and Intercontinental Exchange are bringing major oil benchmarks into digital markets focused on regulated perpetual futures products.

The new partnership comes as Hyperliquid’s oli futures contracts that never expire have been a huge success with over $1.6 billion in 24-hour trading volume.

OKX debuted perpetual oil futures tied to Intercontinental Exchange’s benchmarks, the latest sign of growing competition for Hyperliquid.