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![ICE Backs Trade[XYZ] to Build US Hyperliquid Futures Market](https://cdn.zippfeed.com/images/rss/901cae7dc656342d.jpg)
![ICE Backs Trade[XYZ] to Build US Hyperliquid Futures Market](https://cdn.zippfeed.com/images/rss/a78030feb5783467.webp)
![ICE Backs Trade[XYZ] to Build US Hyperliquid Futures Market](https://cdn.zippfeed.com/images/rss/b548f21d8ab8aeb5.jpg)
![ICE Backs Trade[XYZ] to Build US Hyperliquid Futures Market](https://cdn.zippfeed.com/images/rss/e5b1ada881ffb000.jpg)
Intercontinental Exchange, owner of the New York Stock Exchange, is investing in Trade[XYZ] and plans to build a US perpetual-futures market using Hyperliquid technology. Announced Oct. 29, the proposed venue would offer round-the-clock contracts tied to crypto, equities, commodities and currencies, subject to regulatory approval. Trade[XYZ] says its existing Hyperliquid markets have handled more than $650 billion in cumulative volume in just over a year.
Why it matters
The agreement pairs ICE’s exchange and clearing infrastructure with Trade[XYZ]’s product design and Hyperliquid’s technology. ICE says more than 99% of participation in its current markets comes from institutional customers, making retail derivatives a potential expansion area. The proposed business would operate separately from ICE’s institutional futures franchise, with existing institutional customers bearing no exposure to the new platform’s trading or counterparty risks.
The move also brings a regulated-market operator closer to perpetual contracts that have drawn traders seeking exposure beyond conventional exchange hours. ICE and CME Group previously raised concerns with US regulators about oil-linked trading on Hyperliquid, including possible market manipulation and sanctions evasion. Any US launch depends on approval for the exchange and clearing structure, including leveraged perpetuals for eligible customers.
Market impact
HYPE’s potential benefit depends on the new venue’s fee arrangements, which ICE and Trade[XYZ] have not disclosed. Under Hyperliquid’s HIP-3 framework, independent market deployers can retain part of trading fees while the protocol collects revenue from transactions on its infrastructure. Hyperliquid revenue supports an Assistance Fund that buys HYPE on the open market and burns the acquired tokens.
Trade[XYZ]’s existing markets generated about $25 million in fees in the third quarter, with roughly $12 million allocated to Hyperliquid, according to DefiLlama data cited in the report. More trading on the proposed US venue could support protocol revenue, but the effect on HYPE depends on whether comparable fee sharing applies.
Frequently asked questions
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What products would the proposed US venue offer?
The planned market would offer round-the-clock perpetual futures tied to crypto, equities, commodities and currencies, subject to regulatory approval.
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How would ICE and Trade[XYZ] divide roles in the proposed market?
ICE intends to operate the venue and clearing infrastructure. Trade[XYZ] would design the products, while Hyperliquid would provide the underlying technology.
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Why could the agreement affect HYPE?
Hyperliquid protocol revenue supports an Assistance Fund that buys HYPE on the open market and burns the acquired tokens. The new venue’s fee arrangements are not yet disclosed.
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What fee figures are reported for Trade[XYZ]’s existing markets?
Trade[XYZ]’s existing markets generated about $25 million in trading fees in the third quarter, with roughly $12 million allocated to Hyperliquid, according to DefiLlama data cited in the report.
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What approvals and launch details remain outstanding?
The companies need approval for the proposed exchange and clearing structure, including leveraged perpetuals for eligible US customers. They have not announced a launch date, and distribution through ICE’s OKX joint venture requires separate approvals.
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