multi-asset perpetual futuresEdition of 24 September 2026Figures dated at source
multi-asset perpetual futures
Oil Perpetuals and Where They Trade
Cross-Asset Desk ResearchUpdated: Terms read 18 September 2026
Oil perpetuals track a crude price with USDT as collateral and no delivery date. Five order-book venues
on the register list one; Lighter leads our scoring at 90 of 100 and documents its
real-world-asset markets, commodities included, as 24/7, as EVEDEX does its whole list.
Weights32What one account reaches28Cost of getting in and out18Custody of the margin12How the venue has held up10The book behind the quoteHow we rate
Venues listing a crude oil perpetual
Terms read 18 September 2026
Ordered by the overall score, with the hours column beside it. Oil is the market where the gap between a
venue that quotes continuously and one that follows the futures session is easiest to feel. Five rows,
because this desk scores a venue only when its own documentation lists four or more asset classes
outside crypto; edgeX and ApeX Omni both carry crude and both stop at three classes, so this desk
reads them and ranks neither.
Rates quoted are the entry tier on the BTC perpetual; counts are the venues' own. Equal totals share a place. Whether a desk may open an account at all is a matter for the venue's terms, not for this page. Figures as read on 18 September 2026; the rule beside a score compares that venue with the highest total on this page.
What the ranking turns on
Continuous quotes: EVEDEX states all 52 markets trade 24/7, crude included.
Commodities sit inside six asset classes and 214 markets
(Lighter docs, checked 18 September 2026), and a default account pays 0% maker / 0% taker
to trade them. Proofs of each batch go to Ethereum, and an urgent exit can be filed on-chain instead of
through the interface.
In favour
0% maker and taker on the default account
On-chain exit documented
Against it
Hours stated for its real-world-asset markets but not venue-wide
300 ms taker delay on the free tier
Not for: traders who need the session written down.
Extended carries commodities among five asset classes across 325 markets
(Extended docs, checked 18 September 2026) at 0% maker / 0.025% taker for every account,
with audits and a published bug bounty behind it.
In favour
325 markets across five classes
Public bug bounty of up to $500,000
Against it
Prime real-world-asset markets halt outside their sessions
No documented forced withdrawal
Not for: traders who want an operator-independent exit.
Aster lists commodities among six asset classes across 578 markets
(Aster docs, checked 18 September 2026) at 0% maker / 0.040% taker. Matching runs on its own
chain, whose core contracts are not open-sourced.
In favour
578 perpetual markets
0% maker fee
Against it
Chain contracts are not open-sourced
No trading-hours policy in the documentation we read
Not for: a desk that needs the chain under its positions publicly validated.
EVEDEX lists a WTI crude perpetual with up to 100x leverage, alongside gold through XAUT and silver,
and states that every one of its 52 markets trades 24/7
(18 September 2026, EVEDEX documentation). Margin is cross only and posted in USDT; fees are
0.015% maker / 0.045% taker before cashback on fees already paid.
In favour
Crude market documented as open 24/7
Energy, metals and crypto in one USDT balance
Against it
Cross margin only, so one position's loss eats another's collateral
52 markets against hundreds on the widest venues
Not for: UK retail clients.
5. Aevo — for crude inside a five-class commodity list
A WTI contract sits beside gold, silver, platinum and copper in Aevo's market list, five commodity
markets among 102 perpetuals in five asset classes
(Aevo market list, checked 18 September 2026). Matched trades settle in its own rollup
contracts, batched to Ethereum hourly. Rates are 0.050% maker / 0.080% taker.
In favour
Crude quoted beside four metals in one commodity list
Every matched trade settles in the venue's own rollup contracts
Against it
Real-world-asset contracts capped at 10x against 20x on BTC
No trading-hours policy in the documentation we read
Not for: traders sizing a crude position on leverage.
A futures contract expires and has to be rolled, which is where most of the cost of holding energy
exposure has traditionally come from. A perpetual never expires: instead of a roll, longs and shorts
exchange funding payments that keep the contract near the underlying price. For a trader that swaps a
calendar problem for a running cost, and it removes the delivery question entirely — nothing physical
exists at either end of the trade.
What it does not remove is the shape of the underlying market. Crude moves on inventories, OPEC
decisions and freight, and those headlines land when the cash market is often shut.
What happens over a weekend
Oracle-priced venues stop quoting with the underlying. Ostium's documentation places commodities from
Sunday evening to Friday evening ET with a daily settlement break, queueing limit orders and rejecting
market orders outside it (Ostium market reference, checked 18 September 2026). EVEDEX
states the opposite policy: all of its markets stay open, crude among them
(18 September 2026, EVEDEX documentation).
Neither is risk-free. A closed market can gap over the break, and gTrade warns that stop losses cannot
be guaranteed across a close (gTrade documentation, checked 18 September 2026). An open one
means the venue prices crude with the cash market shut, which is a thinner, more opinionated quote
than the one you get on a Tuesday afternoon. Either way the position sits there over the break on
borrowed size. The margin behind a leveraged position is all it has, and a market that gaps can take the lot.
How the comparison was made
Every column here but one is read rather than measured. On 18 September 2026 the desk read each
venue's terms and documentation for what it lists, when those markets are open, what it charges, who
can move the collateral. Depth nobody publishes, so the desk took it: each BTC perpetual book read
on a timer, ten minutes apart, closing 17:58 UTC on 20 September 2026. The desk keeps an account at none of them.
The same five criteria, settled on 23 September 2026 and set out on the method page, order
the 5 venues scored here.
The hours are the softest column here, and one page is ordered by them — a line in a venue's own
document about when a market is open, not something anyone watched. Custody is read the same way.
Depth is measured, but only on BTC, the one contract all of these venues run; thickness there says
nothing about the XAUT book beside it. Fees are the day-one rate, nothing a trader earns back taken
off.
The order-book readings
BTC perpetual order books read on a timer, ten minutes apart, closing 17:58 UTC on 20 September 2026. Each figure is the median of the successful snapshots behind it.
Venue
Median spread
Median depth within 10 bps
Median impact, $100,000 order
$10,000 round trip, taker fees
Snapshots
Lighter
0.27 bps
$16.5 million
0.45 bps
$0.00
17
Extended
0.12 bps
$7.4 million
0.06 bps
$5.00
17
Aster
0.01 bps
$13.8 million
0.39 bps
$8.00
27
EVEDEX
4.12 bps
$19.1 million
2.06 bps
$9.00
28
Aevo
1.61 bps
$3.8 million
2.87 bps
$16.00
28
Readers' questions
how is oil traded
On these venues, as a perpetual contract on a crude price, margined in USDT and with no settlement
date. Instead of rolling into the next month a trader pays or receives funding, and the position
closes in stablecoin rather than in barrels. The cash market it follows is a different thing entirely.
how to trade oil with crypto
Connect a wallet to one of the five order-book venues here that list a crude market against stablecoin
collateral, deposit USDT, then open a long or a short. No commodity account and no broker is involved
at any stage, and the position sits in the same balance as a crypto trade.
What leverage is available on oil?
Up to 100x on EVEDEX's crude market and up to 250x on gTrade's commodity pairs, by their own published
ladders. Crude routinely moves several percent in a single session, so triple-digit leverage leaves a
very short distance between the entry price and the liquidation price, and an overnight headline can
cover it.
how long are oil futures contracts
A dated crude future runs to a set month and has to be closed or rolled before it ends. The contracts
on this page do not: a perpetual is held for as long as a trader wants it and pays or receives funding
for the privilege, so the cost shows up continuously rather than at a roll.
Is oil trading open at the weekend?
It depends on the venue rather than on the commodity itself. Ostium follows the futures session from
Sunday evening to Friday evening ET and queues anything placed outside it, rejecting market orders.
EVEDEX states the opposite policy: its markets, crude included, are documented as trading around the
clock.
what is crude oil futures
A contract on a crude benchmark, usually West Texas Intermediate, the grade most of these feeds track.
A dated future settles into a delivery month; the perpetual version on this page never does, and its
price follows the futures market rather than a physical cargo.