ICE and OKX will launch Brent and WTI oil perpetual futures, expanding crypto derivatives into energy benchmarks with access limited to licensed jurisdictions.

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.