Bullish joins the crypto-rails oil market as a much-needed regulated entrant amid the Strait of Hormuz disruption, now in its 11th week. CoinDesk Research’s April 21, 2026 "Oil, ETFs, and the TradFi Perp Land Grab" reported $42.5B in crypto-rails oil derivatives volume during the prior three weeks and described the primary use case as "institutional hedging against oil price disruption and macro uncertainty." But regulated institutions typically cannot trade on permissionless DEXs and unregulated USDT-margined contracts – both fall outside standard institutional risk frameworks. Meanwhile, news impacting oil prices keeps breaking around the clock: during the April 17-19 weekend, WTI fell approximately 10% inside the 49-hour CME-closed window (Binance CLUSDT via CoinDesk Data). On May 6, Bullish launched its WTI perpetual — CMWTI-USDC-PERP — to address the market gap: → 24/7 continuous trading — never closes when Hormuz news breaks  → WTI front-month exposure — the benchmark index widely tracked by institutional oil market participants → Capital efficiency with portfolio margin, no haircut on the first $1B of USD and most stablecoins, plus 1.5 bps maker rebates. →  Regulated by GFSC (Gibraltar). The largest sustained oil shock on record doesn't observe after-hours or weekends. CMWTI is built for that reality, where regulatory alignment, 24/7 access, and front-month exposure converge. (Disclaimer: Derivatives products are offered exclusively by Bullish (GI) Limited, regulated by the Gibraltar Financial Services Commission. These products are not available to residents of or persons located in Hong Kong, the European Union, or the United States. Institutional clients onboarded with Bullish GI can access derivatives globally.)