Crypto market maker Wintermute has expanded into energy markets with the launch of WTI crude oil contracts for difference (CFDs), giving clients the ability to trade oil prices 24/7.

The rollout comes as geopolitical tensions involving Iran have injected volatility into oil markets and exposed limitations in traditional trading hours. In response, crypto platforms have been racing to offer round-the-clock access, often via perpetual futures modeled after Hyperliquid. Wintermute, however, is pursuing a different structure.

Through Wintermute Asia, the firm has introduced OTC trading in WTI CFDs. These derivatives allow traders to speculate on price movements without owning the underlying commodity. While they mirror price action like futures, CFDs are settled based on the difference between opening and closing prices.

CFDs are widely used in traditional finance, particularly across Europe, Asia, and Australia, where they provide access to markets such as equities, foreign exchange, and commodities like oil and gold. Their OTC nature allows for customization in contract size, duration, and margin, offering flexibility that standardized instruments often lack.

This tailored approach contrasts with perpetual futures like those on Hyperliquid, enabling institutions to structure trades according to specific risk and return goals.

Wintermute’s entry into oil derivatives follows weeks of heightened geopolitical uncertainty in the Middle East. Escalating tensions between Iran and the U.S.–Israel coalition have left traders unable to adjust positions during weekends, when traditional markets are closed. This gap has driven increased activity in crypto-based energy products and created demand for alternatives.

“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 investors were unable to react until traditional venues reopened.”

He added that clients on Wintermute’s platform could have traded through weekend volatility and responded immediately to reversals, rather than waiting for markets to reopen.

In this model, Wintermute acts as the direct counterparty to trades instead of matching buyers and sellers. The firm takes on market risk, leveraging its balance sheet, liquidity, and risk management systems to meet demand for continuous oil exposure.

According to the announcement, traders can access WTI CFDs with zero trading fees and 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 builds on the firm’s recent move into tokenized gold, further broadening its offering beyond digital assets.