ICE and OKX Launch Regulated Oil Perps to 120M Users

ICE and OKX have launched perpetual oil futures referencing Brent and WTI benchmarks, giving the exchange's 120 million users direct access to regulated commodity exposure. The move follows 21Shares' May 12 launch of THYP and TXXH ETFs that channeled traditional capital into Hyperliquid's 24/7 tokenized oil markets. On May 15, CME Group and ICE urged the CFTC to curb Hyperliquid over manipulation and sanctions risks, triggering a 6% drop in HYPE to $43.81. Hyperliquid had amassed $2.45 billion open interest and $21.51 billion in Brent perpetual volume amid U.S.-Iran war volatility. The new ICE-OKX product intensifies competition between regulated and decentralized venues for oil price discovery.