NYSE owner ICE takes stake in Trade.xyz to bring Hyperliquid perps to US
ICE has signed a deal with Trade[XYZ] to run a regulated US market for Hyperliquid-based perpetual futures, pending approval. HYPE rose about 13% on the news.
EXCHANGESTRADINGNEWS
Hana Kimura
10/29/20261 min read
Intercontinental Exchange, the owner of the New York Stock Exchange, has signed a definitive agreement with Trade[XYZ] to build a regulated US market for perpetual futures that runs on Hyperliquid technology, the companies said on Thursday, Oct. 29. ICE is taking a strategic stake of undisclosed size in Trade[XYZ] and will be the exclusive operator of its regulated markets, according to Decrypt and The Block.
Under the plan, Hyperliquid supplies the underlying infrastructure through its HIP-3 framework, Trade[XYZ] designs and implements the markets, and ICE runs the exchange and clearing structure. Contracts would reference crypto assets, equities, stock indices, commodities and currencies. Verified customers would reach the venue through futures commission merchants and participating brokers, subject to standard identity and anti-money-laundering checks.
The product still needs regulatory approval, and no launch date has been set. ICE also intends to seek approval for leveraged trading and to distribute the contracts through its joint venture with OKX, Decrypt reported. Because more than 99% of participation on ICE's existing futures venues is institutional, the retail business will be run separately.
ICE chief executive Jeffrey Sprecher said the company sees perpetuals as an addition to its futures markets rather than a replacement for them. Hedge fund veteran Stan Druckenmiller disclosed on X that he is an investor in Trade[XYZ].
Why it matters
Perpetual futures, which have no expiry date, are the most traded derivatives product in crypto but have been largely out of reach for US retail traders. The CFTC issued a staff advisory and no-action relief in May that opened a path for such contracts onshore, The Block noted. Hyperliquid itself remains geofenced for US users, and Trade[XYZ] currently serves only non-US customers.
Hyperliquid's HYPE token rose about 13% on the day to around $91, still roughly 7% below its September record near $98, according to Decrypt. Trade[XYZ]'s builder-deployed markets for stocks, indices and commodities have accounted for a growing share of activity on Hyperliquid.
Source: Decrypt, The Block