NYSE Owner ICE Moves to Bring Hyperliquid Perpetual Futures to the US

Intercontinental Exchange, the company behind the New York Stock Exchange, is partnering with Trade[XYZ], the biggest builder of markets on the decentralized exchange Hyperliquid, to launch perpetual futures in the United States. The plan still needs approval from the CFTC. Perpetual futures let traders bet on whether an asset’s price will rise or fall without the contract ever expiring. They are heavily traded in crypto, but mostly on offshore platforms that US investors cannot access.

What the ICE[XYZ] Venue Would Offer

The planned venue, called ICE[XYZ], would be built with new exchange and clearing infrastructure, the back-end system that makes sure trades settle. It would list contracts on equities, indices, commodities, FX and crypto, available through participating brokers and platforms. ICE is also making a strategic investment in Trade[XYZ], though the terms were not shared. Details on products, eligibility and timing will come as approvals move forward.

Hyperliquid Volume and HYPE Price Surge

Trade[XYZ] says its Hyperliquid markets have passed $650 billion in volume in just over a year, and it will keep running them alongside the US venue. Investor Stan Druckenmiller is among its backers. The news pushed the HYPE token up about 11%.