. Ensure all numbers and data accurate: $300 million, $339 million, $7.3 billion, etc. Translate naturally.
First paragraph: "OKX and Intercontinental Exchange (ICE) are teaming up to list perpetual futures tied to ICE's Brent Crude and WTI Crude benchmarks. The contracts, still in the planning stage, would give retail traders direct exposure to oil derivatives priced off ICE's regulated futures market. The deal positions OKX as the first crypto exchange to anchor oil derivatives to a traditional exchange's settlement prices — and comes as rival Hyperliquid already saw its crude oil open interest top $300 million in March."
Translate: "OKX dan Intercontinental Exchange (ICE) bekerjasama untuk menyenaraikan kontrak niaga hadapan kekal yang terikat dengan penanda aras Brent Crude dan WTI Crude milik ICE. Kontrak-kontrak ini, yang masih dalam peringkat perancangan, akan memberi pedagang runcit pendedahan langsung kepada derivatif minyak yang hargaannya berdasarkan pasaran niaga hadapan terkawal selia ICE. Perjanjian ini meletakkan OKX sebagai bursa kripto pertama yang mengikat derivatif minyak kepada harga penyelesaian bursa tradisional — dan ia datang ketika pesaing Hyperliquid sudah melihat faedah terbuka minyak mentahnya mencecah $300 juta pada bulan Mac."
Second paragraph: "Hyperliquid's cumulative volume across oil contracts jumped from about $339 million to roughly $7.3 billion in the two weeks through mid-March. At its peak, crude oil open interest on the exchange exceeded $300 million, topping every other crypto pair. Hyperliquid supports 24/7 trading, including weekends, which could be an edge if OKX structures its new product around standard market hours."
Translate: "Jumlah kumulatif Hyperliquid merentasi kontrak minyak melonjak daripada kira-kira $339 juta kepada sekitar $7.3 bilion dalam tempoh dua minggu sehingga pertengahan Mac. Pada kemuncaknya, faedah terbuka minyak mentah di bursa tersebut melebihi $300 juta, mengatasi semua pasangan kripto lain. Hyperliquid menyokong perdagangan 24/7, termasuk hujung minggu, yang boleh menjadi kelebihan jika OKX menstrukturkan produk baharunya sekitar waktu pasaran standard."
Third paragraph: "But there's a structural difference. Hyperliquid's oil contracts are synthetic instruments priced using its own mechanisms. OKX's contracts will be anchored to ICE's physical futures markets — which the exchange calls deep, liquid, and globally transparent. That distinction may matter more as regulators take a closer look."
Translate: "Tetapi terdapat perbezaan struktur. Kontrak minyak Hyperliquid adalah instrumen sintetik yang hargaannya menggunakan mekanisme sendiri. Kontrak OKX akan terikat kepada pasaran niaga hadapan fizikal ICE — yang disebut oleh bursa itu sebagai dalam, cair, dan telus secara global. Perbezaan itu mungkin lebih penting apabila pengawal selia mula meneliti dengan lebih dekat."
Fourth paragraph: "The CME and ICE have both raised concerns with regulatory agencies and lawmakers about the potential for manipulation of global oil benchmarks and sanctions evasion through crypto-based derivatives. The scrutiny has ratcheted up as Hyperliquid's oil business exploded. OKX's move to partner directly with ICE could be read as an attempt to avoid that same regulatory heat by staying inside the traditional market infrastructure."
Translate: "CME dan ICE kedua-duanya telah menyuarakan kebimbangan kepada agensi pengawalseliaan dan penggubal undang-undang mengenai potensi manipulasi penanda aras minyak global dan pengelakan sekatan melalui derivatif berasaskan kripto. Pengawasan itu semakin meningkat apabila perniagaan minyak Hyperliquid meletup. Langkah OKX untuk bekerjasama secara langsung dengan ICE boleh ditafsirkan sebagai percubaan untuk mengelakkan tekanan pengawalseliaan yang sama dengan kekal dalam infrastruktur pasaran tradisional."
Fifth paragraph: "Haider Rafique, Global Managing Partner at OKX, said oil markets are central to the global economy and that offering these benchmarks in a regulated environment gives retail traders access. Trabue Bland, Senior Vice President for Futures Exchanges at ICE, said the new contracts let OKX's customers access energy benchmark products derived from ICE's deep, liquid, transparent, and global oil markets."
Translate: "Haider Rafique, Rakan Pengurusan Global di OKX, berkata pasaran minyak adalah penting kepada ekonomi global dan menawarkan penanda aras ini dalam persekitaran terkawal selia memberi akses kepada pedagang runcit. Trabue Bland, Naib Presiden Kanan untuk Bursa Niaga Hadapan di ICE, berkata kontrak baharu membolehkan pelanggan OKX mengakses produk penanda aras tenaga yang diperoleh daripada pasaran minyak ICE yang dalam, cair, telus, dan global."
Sixth paragraph: "No launch date has been set. The question now: whether retail traders will flock to OKX's regulated offering, or stick with Hyperliquid's round-the-clock synthetic market. Regulators will be watching both."
Translate: "Tiada tarikh pelancaran ditetapkan. Persoalannya sekarang: sama ada pedagang runcit akan berpusu-pusu ke tawaran terkawal selia OKX, atau kekal dengan pasaran sintetik sepanjang masa Hyperliquid. Pengawal selia akan memerhatikan kedua-duanya."
Now assemble the JSON. Ensure the HTML tags are preserved exactly. The original article has wrapping. In the JSON content field, we need to include the translated HTML inside
