Crypto heavyweight rolls out oil trading, diverging from Hyperliquid’s perps model.

Crypto market maker Wintermute has rolled out trading in WTI crude oil contracts for difference (CFDs), offering a new way for clients to gain round-the-clock exposure to oil prices.

The launch comes as geopolitical tensions involving Iran have fueled volatility in energy markets and accelerated the push among crypto platforms to provide 24/7 trading. Many venues have leaned into perpetual futures, following the model popularized by Hyperliquid. Wintermute, however, is opting for a more traditional derivatives structure.

Through its derivatives division, Wintermute Asia, the firm has introduced OTC trading in WTI CFDs. These instruments allow traders to speculate on price movements without owning the underlying commodity. While they track market prices similarly to futures, CFDs are settled based on the difference between entry and exit levels, rather than through full contract delivery.

Widely used across traditional finance—particularly in Europe, Asia, and Australia—CFDs provide access to a broad range of markets, including equities, foreign exchange, and commodities such as oil and gold. Because they are typically traded over-the-counter, they can be customized in size, duration, and margin terms, giving traders more flexibility than standardized exchange products.

That flexibility is a key differentiator from perpetual futures like those offered by Hyperliquid, enabling institutions to tailor positions to specific risk and return profiles.

Wintermute’s move follows weeks of heightened volatility in the Middle East. Escalating tensions between Iran and the U.S.–Israel coalition have made it difficult for traders to manage exposure over weekends, when traditional markets are closed. This dynamic has driven increased activity in crypto-based energy products and created demand for alternatives like CFDs.

“We are seeing strong demand from counterparties looking to use digital asset infrastructure to trade traditional products like oil,” said Evgeny Gaevoy. “Recent market moves highlighted how limited access during traditional trading hours can leave investors unable to respond in real time.”

He noted that Wintermute clients could have traded through weekend price swings and reacted immediately to reversals, rather than waiting for markets to reopen.

In this setup, Wintermute acts as the direct counterparty to each trade, rather than matching buyers and sellers. This means the firm assumes market risk, using its balance sheet, liquidity, and risk management systems to facilitate trading and meet demand for continuous oil exposure.

According to the announcement, WTI CFDs are available with zero trading fees, and traders can post margin in both fiat and crypto assets. Trades can be executed via chat, through Wintermute’s electronic OTC interface, or via API. The offering builds on the firm’s recent expansion into tokenized gold, further broadening its reach beyond purely digital assets.

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