Intercontinental Exchange (ICE) and crypto exchange OKX are developing oil perpetual futures contracts underpinned by ICE’s Brent crude and West Texas Intermediate (WTI) benchmark prices, Bloomberg reported on Friday. ICE operates the world’s largest oil futures market, with Brent crude serving as the pricing benchmark for roughly three quarters of internationally traded oil. The product would be the first commodity contract to emerge from the broad strategic partnership announced in March, when ICE took a minority stake in OKX at a $25 billion valuation and secured a board seat.

Perpetual futures, which have no expiry date and use a funding rate mechanism to track spot…