ICE Brings Hyperliquid Perpetual Futures to US Markets

Intercontinental Exchange, the parent of the New York Stock Exchange, has agreed to partner with TradeXYZ to bring Hyperliquid-based perpetual futures to the US, subject to regulatory approvals. ICE plans to operate the markets and build dedicated exchange and clearing infrastructure for contracts tied to cryptocurrencies, equities, indices, commodities and foreign exchange. HYPE rose 15% on Thursday to around $91.21, below its $97.96 all-time high set last month.

Why it matters

The deal connects Hyperliquid’s onchain trading infrastructure with ICE’s regulated-market and clearing operations. Under the proposed structure, Hyperliquid provides the technology through its HIP-3 framework, TradeXYZ designs and implements markets, and ICE operates the regulated venue and clearing system. ICE is also making a strategic investment in TradeXYZ.

ICE CEO Jeffrey Sprecher said retail traders increasingly seek global, short-duration exposure around the clock. He described the planned perpetual markets as additive to ICE’s existing futures, rather than a replacement. If approved, participating brokers and platforms would provide access, bringing the products to channels traders already use.

Market impact

Demand for around-the-clock trading of traditional assets on Hyperliquid has already drawn attention. TradeXYZ’s builder-deployed markets have driven a growing share of activity in stock, index and commodity contracts, while open interest across Hyperliquid’s HIP-3 markets reached $2.38 billion in April.

The US pathway has also seen regulatory and political developments: the CFTC issued staff advisory and no-action relief in May, and President Donald Trump mentioned Hyperliquid in September while discussing compliant US access. The proposed ICE markets remain subject to approvals, making regulatory progress a key milestone for the partnership and for HYPE’s market reaction.