Hyperliquid, a decentralized crypto exchange known for its oil perpetual futures, is facing new competition from a partnership between OKX and the Intercontinental Exchange (ICE). Launched in early 2026, Hyperliquid allowed traders to react to geopolitical events in real time, achieving a remarkable increase in trading volume from $339 million to $7.3 billion within two weeks during a crisis in the Middle East. The new collaboration between OKX and ICE aims to offer perpetual futures based on ICE's Brent and WTI benchmarks, providing retail traders with access to the most widely referenced oil prices in a regulated environment. OKX's strong global presence, with over 120 million customers and licenses across multiple regions, positions it as a formidable competitor. However, Hyperliquid retains its unique advantage of 24/7 trading, particularly during periods when traditional markets are closed. Despite this, concerns about regulatory scrutiny are mounting for Hyperliquid, especially following allegations of suspicious trading behavior that have prompted calls for investigation by U.S. lawmakers. This evolving landscape highlights the increasing competition in the oil trading market and the importance of credibility and regulatory compliance.