CryptoSlate
CME Group will extend its crypto futures and options to round-the-clock trading on May 29, a book that posted $3 trillion in notional volume in 2025 and is running 46% above that pace year-to-date. ICE's New York Stock Exchange is separately building a tokenized-securities platform designed for 24/7 operations, instant settlement, dollar-sized orders, and stablecoin-based funding, pending regulatory approvals. Bloomberg reported on May 15 that both incumbents are pressing US officials to rein in Hyperliquid, the offshore crypto-native venue whose perpetual-futures model they are now copying.
Why it matters
According to people familiar with the talks, CME and ICE alleged that Hyperliquid's anonymous trading environment could distort global oil prices, enable market manipulation, and let state actors circumvent sanctions. A Hyperliquid perpetual contract tracking WTI crude generated more than $1.2 billion in 24-hour volume during a recent traditional-market oil spike, briefly becoming the platform's second-most-traded market. CFTC-regulated designated contract markets must already maintain automated surveillance, real-time monitoring, and audit-trail reconstruction — the same detection capabilities the agency was exercising when it examined roughly $950 million of oil-futures positions placed on CME and ICE platforms before Iran-policy announcements. That backdrop undercuts the incumbents' framing that offshore venues are uniquely dangerous.
Market impact
DeFiLlama lists Hyperliquid with $176.4 billion in 30-day perpetual volume, $7.9 billion in 24-hour volume, and $9.3 billion in open interest — 31.7% of on-chain perp DEX volume but 58.5% of perp DEX open interest, meaning nearly 60% of position-bearing liquidity rests on one venue. If Washington narrows the line to commodity-linked perps, 30-day volume compresses to $75B–$125B and institutional BTC and ETH flows migrate to CME's regulated 24/7 futures. If the case collapses under scrutiny of the incumbents' own Iran-linked trades, Hyperliquid expands toward $225B–$325B.
Frequently asked questions
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Why are CME and ICE lobbying against Hyperliquid?
Bloomberg reported on May 15 that both exchange operators are pressing US officials to treat Hyperliquid's anonymous, on-chain trading environment as a market-integrity threat, alleging it could distort oil prices, enable manipulation, and let state actors bypass sanctions — even as both incumbents are building their…
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How big is Hyperliquid compared to other perp DEXs?
DeFiLlama lists Hyperliquid with $176.4B in 30-day perpetual volume, $7.9B in 24-hour volume, and $9.3B in open interest. It accounts for 31.7% of 30-day on-chain perp DEX volume but 58.5% of perp DEX open interest — meaning nearly 60% of position-bearing liquidity sits on one venue.
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What is CME's 24/7 crypto futures launch?
CME Group will extend its crypto futures and options to round-the-clock trading on May 29. The product line posted $3 trillion in notional volume in 2025 and is running 46% above that pace year-to-date.
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What is ICE building for 24/7 markets?
ICE's New York Stock Exchange is developing a tokenized-securities platform designed for 24/7 operations, instant settlement, dollar-sized orders, and stablecoin-based funding. It is pending regulatory approval.
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What happens to Hyperliquid if regulators side with the incumbents?
Commodity-linked perps would likely face access restrictions, oracle disclosure requirements, or geofencing by front-end providers, compressing 30-day volume to a $75B–$125B range. Institutional BTC and ETH flow would migrate to CME's regulated 24/7 futures. If the case is weakened by the CFTC's own Iran-linked…
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