> For the complete documentation index, see [llms.txt](https://docs.afx.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.afx.xyz/markets-assets/crude-oil-perpetuals-cl.md). # Crude Oil Perpetuals (CL-PERP) on AFX: Trade WTI On-Chain 24/7 **CL-PERP is a perpetual contract on AFX that tracks the price of WTI crude oil. It settles in USDC, has no expiry date, and trades continuously on-chain — giving you leveraged, two-directional exposure to crude oil without a commodity brokerage account, physical delivery obligations, or monthly contract rollovers.** ### What Are Crude Oil Perpetuals? A crude oil perpetual is a [perpetual contract](/glossary/perpetual-contract.md) whose underlying asset is crude oil rather than a cryptocurrency. On AFX the ticker is **CL-PERP** (traded as CLUSDC), and it references **WTI** — West Texas Intermediate, the U.S. benchmark grade. Like every AFX market, CL-PERP never expires. Traditional crude oil futures on the CME expire every month and must be rolled to keep exposure open. A perpetual removes that mechanic entirely: you open a position, hold it as long as you like, and close it when you choose. A [funding rate](/basics/what-is-funding-rate.md) keeps the on-chain price tethered to the underlying crude oil reference, so the contract does not need an expiry to stay honest. ### Why Trade Crude Oil On-Chain Traditional crude oil futures are among the most liquid derivatives in the world, but they are also among the most operationally heavy for retail participants: * Contracts expire monthly and must be rolled before expiry * Access requires a futures-enabled brokerage account, often with jurisdiction-specific restrictions * Margin is typically posted in USD through a bank-linked account * Trading hours, while extended, are not fully continuous CL-PERP strips all of that away. If you already hold **USDC**, you can take a macro view on energy markets without touching traditional financial infrastructure: * **No brokerage account** — an email address or a crypto wallet is enough * **No rollover** — the position is perpetual * **Real-time USDC settlement** on Arbitrum, with withdrawals processed on demand * **24/7 trading**, including weekends and overnight — when many of crude oil's biggest catalysts actually land For a crypto-native trader, CL-PERP turns oil into just another market on the same screen as [BTC-PERP](https://app.afx.xyz/trade/BTCUSDC) and [gold (XAU-PERP)](https://app.afx.xyz/trade/XAUUSDC). ### How CL-PERP Is Priced CL-PERP tracks a WTI crude oil **oracle price** aggregated from major reference sources. As with every AFX pair, your unrealized PnL and liquidation level are calculated from the [mark price](/trading-rules/mark-price.md) — derived from that [oracle price](/glossary/oracle-price.md) — not from the last traded price in the AFX order book. This matters because: * Short-term liquidity gaps in the CL-PERP order book do not spike your mark price * Liquidation thresholds reflect real crude oil market conditions, not thin on-chain order flow * During normal conditions, CL-PERP closely tracks front-month WTI futures #### The 4-hour funding cycle Crypto perpetuals typically settle funding every 8 hours. **CL-PERP uses a shorter 4-hour funding cycle** — visible on the trading interface as "Funding (4 Hours)" with a live countdown. Funding flows between longs and shorts: when CL-PERP trades at a premium to the reference, longs pay shorts; when it trades at a discount, shorts pay longs. The shorter cycle re-anchors the contract to the underlying more frequently, which suits an asset whose price reacts sharply to scheduled macro events. ### Key Specifications
ParameterDetails
ContractCL-PERP (WTI crude oil perpetual)
SymbolCLUSDC
Margin currencyUSDC
Deposit / withdrawal networkArbitrum
Trading hours24/7, continuous
ExpiryNone (perpetual)
Funding cycleEvery 4 hours
Order typesMarket, limit (with TP / SL)
Margin modesCross / isolated, One-Way
Liquidation basisMark price (oracle-anchored)
LeverageSee current interface for CL tiers
Leverage tiers and margin requirements for CL-PERP are shown in the trading interface. They differ by market — for reference, BTC-PERP supports up to **100x** — so always confirm the current CL-PERP tier before opening a position. AFX launched CL-PERP on May 11, 2026 alongside BTC-PERP, ETH-PERP, and XAU-PERP as part of its mainnet launch. ### CL-PERP vs Traditional CME Crude Oil Futures
FeatureCL-PERP (AFX)CME Crude Oil Futures
ExpiryNone (perpetual)Monthly, requires rollover
Account neededEmail or crypto walletRegulated futures brokerage
Margin currencyUSDCUSD (bank-linked)
Contract sizeSized for USDC margin; see interface1,000 barrels (~$90K notional at $90)
SettlementUSDC on-chainCash / physical delivery
Trading hours24/7 continuousExtended, with maintenance breaks
Price anchoringOracle reference + funding rateThe benchmark itself
The practical takeaway: CME crude is the benchmark, but reaching it requires traditional infrastructure and active roll management. CL-PERP gives you the same directional exposure with USDC, no expiry, and around-the-clock access — at the cost of tracking WTI via an oracle rather than being the settlement instrument itself. ### Risk Factors Specific to Crude Oil Commodity markets behave differently from crypto. If you are new to energy trading, keep these in mind: * **Macro and geopolitical shocks.** Conflicts in oil-producing regions, sanctions, and supply-route disruptions can drive rapid, sustained moves — often outside traditional market hours. 24/7 trading lets you react immediately, but moves can also happen while you are away. * **OPEC+ production decisions.** Scheduled and emergency OPEC+ meetings, and unilateral output changes by major producers, can move crude several percent in minutes. * **EIA inventory data.** Weekly U.S. EIA petroleum inventory reports are among the most market-moving scheduled releases in commodities; a surprise build or draw can move CL 1–3% within seconds. * **Supply shocks and demand cycles.** Pipeline outages, refinery fires, Gulf weather, and shifts in global growth expectations create multi-week trends unrelated to crypto narratives. * **Leverage amplification.** At elevated [leverage](https://docs.afx.xyz/trading-rules/leverage), a 2–3% crude move — routine around macro events — can be a large fraction of your margin. Size positions with discipline and define your maximum loss with a stop before entering. ### FAQ #### Does CL-PERP ever expire or require rollover? No. CL-PERP is a perpetual contract with no expiry date. You never roll it to a new contract month — you simply close the position when you want to exit. Removing expiry and rollover is one of the main structural advantages of perpetuals over traditional crude oil futures for retail traders. #### How often is funding charged on CL-PERP? Every 4 hours. The trading interface shows the current funding rate and a countdown to the next settlement under "Funding (4 Hours)." If CL-PERP trades above the reference price, longs pay shorts; if it trades below, shorts pay longs. #### Is the CL-PERP price the same as WTI front-month futures? Very close during normal conditions. CL-PERP's mark price tracks a WTI oracle reference aggregated from major price sources, so it correlates tightly with CME front-month WTI. Small deviations can occur due to funding basis, but the funding mechanism continuously works to close the gap. You can watch last price, mark price, and oracle price side by side in the AFX interface. #### Can I go short on crude oil with CL-PERP? Yes. Like all perpetuals, CL-PERP lets you open a short position to profit from falling crude prices, just as a long position profits from rising prices. This is why perpetuals are useful for both directional views and hedging existing exposure. ### Keep Learning * [What Is a Perpetual Contract?](/basics/what-is-a-perpetual-dex.md) — the core instrument behind every AFX market * [Oracle Price](/glossary/oracle-price.md) — the external reference that anchors CL-PERP * [What Is a Funding Rate?](https://argus.cmex.corp/share/basics/what-is-a-funding-rate) — the mechanism behind the 4-hour funding cycle Ready to trade crude oil on-chain? Open [CL-PERP on AFX](https://app.afx.xyz/trade/CLUSDC) with USDC margin — no brokerage account required. *** *This article is for informational and educational purposes only. It does not constitute financial or investment advice. Trading perpetual contracts on commodities involves significant risk, including the possibility of losing your entire deposited margin. Commodity markets can be extremely volatile around macro events. Never trade with funds you cannot afford to lose. Not Financial Advice (NFA). Always do your own research.* --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. 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