Crypto market maker Wintermute has entered the oil derivatives space with the launch of WTI crude contracts for difference (CFDs), enabling clients to trade oil prices on a 24/7 basis.
The move comes amid heightened volatility driven by tensions involving Iran, which has highlighted the limitations of traditional market hours. As a result, crypto platforms have been moving to fill the gap with around-the-clock trading—most notably through perpetual futures inspired by Hyperliquid. Wintermute is taking a different route.
Via its derivatives arm, Wintermute Asia, the firm has launched over-the-counter trading in WTI CFDs. These products allow traders to speculate on oil price movements without owning the underlying asset. Like futures, CFDs track price action, but settlement is based solely on the difference between entry and exit prices.
CFDs are a staple of traditional finance, particularly in Europe, Asia, and Australia, where they are used to trade a wide array of assets including equities, currencies, and commodities such as oil and gold. Because they are typically traded OTC, they can be customized in terms of contract size, duration, and margin requirements—offering greater flexibility than standardized exchange-traded products.
This flexibility distinguishes them from perpetual futures like those offered by Hyperliquid, allowing institutional traders to tailor exposure to specific strategies and risk parameters.
Wintermute’s launch follows weeks of geopolitical uncertainty in the Middle East. Rising tensions between Iran and the U.S.–Israel coalition have made it difficult for traders to manage positions during weekends, when traditional markets are closed. This dynamic has driven increased activity in crypto-based energy derivatives and created demand for alternative trading structures.
“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 showed how investors were unable to respond until traditional venues reopened.”
He added that Wintermute clients would have been able to trade through weekend volatility and react immediately to reversals, avoiding the typical delays associated with market closures.
In this setup, Wintermute acts as the direct counterparty rather than matching buyers and sellers, meaning the firm takes on market risk itself. It leverages its liquidity and risk management systems to facilitate trades and capture demand for continuous oil exposure.
According to the company, WTI CFDs are offered with zero trading fees, and traders can use both fiat and crypto assets as collateral. Trades can be executed via chat, through Wintermute’s electronic OTC platform, or via API. The launch follows the firm’s expansion into tokenized gold, further broadening its product suite beyond digital assets.
