Crypto market maker Wintermute has introduced WTI crude oil contracts for difference (CFDs), expanding its derivatives offering to provide clients with continuous, 24/7 exposure to oil markets.
The move comes amid heightened volatility driven by tensions involving Iran, which has pushed crypto platforms to fill gaps left by traditional markets that close on weekends. Many exchanges have turned to perpetual futures, following the model popularized by Hyperliquid, but Wintermute is taking a different approach.
Its derivatives unit, Wintermute Asia, has launched over-the-counter trading in WTI CFDs. These products allow traders to speculate on price movements without owning the underlying asset. Similar to futures, CFDs track market prices, but settlement is based solely on the difference between entry and exit levels.
Common in traditional finance—especially across Europe, Asia, and Australia—CFDs are used to trade a wide range of assets, including equities, currencies, and commodities like oil and gold. Because they are typically structured OTC, they can be tailored in terms of contract size, duration, and margin requirements, offering greater flexibility than standardized exchange-traded instruments.
This customization sets them apart from perpetual futures like those on Hyperliquid, allowing institutions to better align trades with specific risk and return objectives.
Wintermute’s rollout follows weeks of geopolitical uncertainty in the Middle East. Rising tensions between Iran and the U.S.–Israel coalition have created challenges for traders seeking to manage positions outside traditional market hours. This has driven increased activity in crypto-based energy derivatives and spurred demand for alternative 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 action made that need more immediate, as many investors were unable to react until traditional venues reopened.”
He added that clients using Wintermute’s platform could have traded through weekend moves and responded instantly to reversals, avoiding delays tied to market closures.
In contrast to exchange-based trading, Wintermute acts as the direct counterparty in CFD transactions. Rather than matching participants, the firm assumes the market risk itself, leveraging its liquidity and risk management capabilities to facilitate trades and capture demand for around-the-clock oil exposure.
According to the company, WTI CFDs are offered 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 platform, or via API. The launch follows the firm’s recent introduction of tokenized gold, further expanding its product suite beyond digital assets into traditional markets.
