The Iran war has set oil on fire and crypto exchanges are racing to offer 24/7 trading to fill tradfi gaps, with most copying decentralized giant Hyperliquid’s perpetual-futures play. Crypto market-making giant Wintermute is taking a different approach.
On Tuesday, its derivatives unit, Wintermute Asia, launched over-the-counter (OTC) trading in WTI crude oil contracts for difference (CFDs). CFD is a type of derivative that allows traders to speculate on the price movement of an asset without owning it. Unlike futures, CFDs only exchange the difference between the opening and closing prices when the contract is closed.
These contracts are popular in traditional markets, particularly in Europe, Asia, and Australia, where traders use them to access a broad range of assets. Wintermute’s CFD launch comes amid weeks of intense geopolitical volatility in the Middle East. Escalating tensions between Iran and the U.S.–Israel coalition have left traders unable to adjust positions or manage risk effectively during weekends when traditional finance markets are closed.
Evgeny Gaevoy, CEO of Wintermute, noted strong demand from counterparties looking to use digital asset infrastructure to trade traditional products like oil. Wintermute is a counterparty in the CFD, allowing traders to trade directly against the firm, which is taking on the market risk.
Traders can access WTI CFDs with zero trading fees, using various fiat and crypto assets as margin. The rollout builds on the recent introduction of tokenized gold, further broadening Wintermute Asia’s offerings beyond purely digital assets.
