NYSE Owner ICE Partners With Trade[XYZ] to Bring Hyperliquid Perpetuals to US, $HYPE Surge 8.9%

Intercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE), has partnered with Trade[XYZ] to develop a regulated U.S. trading venue for perpetual futures using Hyperliquid’s infrastructure. The proposed platform would offer round-the-clock contracts linked to equities, indices, commodities, foreign exchange, and cryptocurrencies, subject to approval from the Commodity Futures Trading Commission (CFTC).

Announced on October 29, the partnership combines ICE’s experience operating regulated financial markets with Trade[XYZ]’s existing perpetual futures markets on Hyperliquid. ICE is also making a strategic investment in Trade[XYZ], although the companies have not disclosed the investment amount or ownership terms.

The planned venue would have dedicated exchange and clearing infrastructure, alongside know-your-customer (KYC) checks and anti-money laundering (AML) controls. Eligible U.S. customers would access the products through participating brokers and trading platforms rather than relying on Hyperliquid’s existing market directly.

ICE and Trade[XYZ] plan a dedicated US trading venue

The proposed platform is designed to bring perpetual futures into a regulated U.S. market structure while using Hyperliquid’s trading technology.

Perpetual futures are derivatives contracts without a fixed expiration date. They allow traders to take long or short positions based on an asset’s price without directly owning the underlying asset. Funding mechanisms generally help keep perpetual contract prices aligned with their reference markets.

Under the partnership, the planned venue would support contracts across several asset classes, including stocks, equity indices, commodities, currencies, and cryptocurrencies. Trading would operate 24 hours a day, seven days a week.

The platform would also establish its own clearing arrangements and customer verification systems. These controls are intended to support the requirements of a regulated U.S. derivatives venue.

However, the project remains subject to CFTC approval. The announcement does not confirm a launch date or establish that U.S. customers can already access the proposed products.

Trade[XYZ] brings $650 billion in Hyperliquid trading volume

Trade[XYZ] has already established a substantial presence on Hyperliquid. According to the companies’ announcement, its markets have recorded more than $650 billion in cumulative trading volume in just over a year.

Those markets provide price exposure to assets beyond cryptocurrencies, including equities, indices, and commodities. Their continuous trading hours can also allow participants to react to developments outside the operating hours of conventional financial exchanges.

The proposed U.S. platform would build on this existing activity while introducing a separate regulatory and clearing structure. Trade[XYZ]’s existing Hyperliquid markets are expected to continue operating alongside the planned U.S. venue.

ICE’s strategic investment adds a financial connection between the traditional exchange operator and the company building markets on Hyperliquid. The investment’s size and terms have not been disclosed.

The announcement also names investors including billionaire investor Stan Druckenmiller, although details of individual commitments were not provided.

HYPE jumps 8.9% following ICE partnership news

Hyperliquid’s native token, HYPE, rose 8.9% in one hour following news that Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is partnering with Trade[XYZ] to bring Hyperliquid-powered perpetual futures to regulated U.S. markets.

The move followed news of a potential expansion of Hyperliquid’s trading infrastructure into regulated U.S. financial markets. The proposed platform would cover equities, indices, commodities, currencies, and cryptocurrencies, subject to approval from the Commodity Futures Trading Commission (CFTC).

The reported price increase reflects the market’s immediate reaction to the announcement. However, the partnership remains subject to regulatory approval, and the one-hour price movement does not establish whether HYPE will sustain its gains.

A new route for regulated access to Hyperliquid markets

The ICE partnership follows other efforts to connect Hyperliquid’s trading infrastructure with regulated U.S. financial services.

Related: Kraken parent Payward plans first CFTC-regulated markets on Hyperliquid. The proposal uses Payward’s regulated entities to manage market operations and customer accounts, subject to regulatory approval.

ICE and Trade[XYZ] are pursuing a separate arrangement. Their announcement focuses on building a dedicated venue and clearing infrastructure for a range of traditional and digital asset markets.

The developments reflect growing interest in using blockchain-based trading infrastructure within regulated financial markets. Rather than requiring a traditional exchange to build every component independently, partnerships can connect existing trading technology with established compliance and market operations.

Trade[XYZ] also has existing institutional connections. Altcoin Buzz reported in its coverage of Ripple Prime’s 24/7 real-world asset perpetual swaps, Ripple Prime began supporting perpetual swaps across more than 100 reference markets through Trade[XYZ] contracts on Hyperliquid.

That earlier launch demonstrates how Trade[XYZ] markets are already being connected to institutional trading services. The proposed ICE partnership would add a separate U.S.-regulated venue if it receives the necessary approvals.

What happens next?

Regulatory approval is the key remaining step before the proposed U.S. platform can begin operating. ICE and Trade[XYZ] have not announced a confirmed launch date or provided a complete list of the contracts that would be available at launch.

The final product details will determine how customers access the markets, which brokers participate, and how the new venue handles trading and clearing obligations.

For now, the partnership establishes a plan to combine ICE’s regulated-market experience with Trade[XYZ]’s Hyperliquid-based perpetual futures activity. If approved, the venue would provide another route for eligible U.S. traders to access continuous derivatives markets across traditional assets and cryptocurrencies.