A major crypto firm launches oil trading, taking a different approach from Hyperliquid’s perpetuals.

Crypto market maker Wintermute has introduced WTI crude oil contracts for difference (CFDs), an over-the-counter derivative that allows traders to speculate on oil prices around the clock.

The move comes as heightened volatility tied to the Iran conflict has driven demand for continuous access to energy markets. In response, many crypto platforms have rushed to launch 24/7 oil trading—often mirroring the perpetual futures model popularized by Hyperliquid. Wintermute, however, is taking a different route.

On Tuesday, its derivatives arm, Wintermute Asia, rolled out OTC trading in WTI crude CFDs. These instruments allow traders to bet on price movements without owning the underlying asset. Like futures, CFDs track price changes, but instead of settling the full contract, only the difference between entry and exit prices is exchanged.

CFDs are widely used in traditional finance, particularly across Europe, Asia, and Australia, where both institutional and retail participants trade assets ranging from equities and foreign exchange to commodities like oil and gold. Typically offered OTC, these contracts can be customized in terms of size, duration, and margin, giving traders greater flexibility.

This level of customization appeals to professional participants who want tailored risk exposure, rather than standardized products such as oil perpetual futures offered on platforms like Hyperliquid.

Wintermute’s launch follows weeks of geopolitical turbulence in the Middle East. Escalating tensions between Iran and the U.S.–Israel coalition have created challenges for traders during weekends, when traditional markets are closed. This gap has led to surging activity in crypto-based energy derivatives and prompted Wintermute to introduce CFDs as an alternative.

“We are seeing strong demand from counterparties looking to use digital asset infrastructure to trade traditional products like oil,” said Evgeny Gaevoy. “Recent price moves made that need more urgent, as many investors couldn’t react until traditional markets reopened.”

He added that Wintermute clients would have been able to trade over the weekend and respond instantly to price reversals, avoiding the typical Monday market gap.

Unlike exchange-based derivatives, Wintermute acts as the direct counterparty in CFD trades. Rather than matching buyers and sellers, the firm takes on the market risk itself, leveraging its liquidity and risk management capabilities to facilitate trading and capture demand for 24/7 oil exposure.

According to the announcement, traders can access WTI CFDs with zero trading fees and use both fiat and crypto assets as collateral. Contracts can be executed via chat, through Wintermute’s electronic OTC platform, or via API. The launch builds on the firm’s recent rollout of tokenized gold, expanding its product suite beyond digital assets into traditional market exposure.