CoinDesk
Intercontinental Exchange, owner of the New York Stock Exchange, plans to build a US perpetual futures venue with Trade[XYZ], the largest builder of markets on Hyperliquid. The proposed ICE[XYZ] exchange would list contracts on equities, indices, commodities, foreign exchange and crypto through participating brokers, pending CFTC approval. ICE is also making a strategic investment in Trade[XYZ], with terms undisclosed.
Why it matters
Perpetual futures have no expiry date and let traders take positions on whether an asset’s price will rise or fall. They are heavily traded in crypto, but much of that activity takes place on offshore venues unavailable to US investors. ICE and Trade[XYZ] aim to build a dedicated US market with new exchange and clearing infrastructure, bringing the product into a regulated-market framework if regulators approve the plan.
Trade[XYZ] says its Hyperliquid markets have topped $650 billion in volume in just over a year. Those markets will continue operating alongside the proposed US venue, so the partnership does not signal a move away from Hyperliquid.
Market impact
The proposal could broaden access to perpetuals across traditional assets and crypto through participating brokers and platforms. But approval, product eligibility and launch timing remain unresolved, and Trade[XYZ] says it will provide further details as approvals progress.
Trade[XYZ] previously secured a license for the first official S&P 500 perpetual in March. Builder-deployed markets now account for roughly half of Hyperliquid’s volume, according to the seed. ICE also agreed last October to invest up to $2 billion in Polymarket, another sign of its expanding engagement with crypto-related markets.
Frequently asked questions
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Which assets would the proposed ICE[XYZ] venue cover?
The planned venue would list perpetual futures on equities, indices, commodities, foreign exchange and crypto through participating brokers.
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What regulatory approval does the US venue need?
The plan is subject to approval by the CFTC. Product eligibility and launch timing have not been announced.
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Will Trade[XYZ] stop operating its Hyperliquid markets?
No. Trade[XYZ] says its Hyperliquid markets will continue operating alongside the proposed US venue.
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How much volume have Trade[XYZ]’s Hyperliquid markets recorded?
Trade[XYZ] says its Hyperliquid markets have topped $650 billion in volume in just over a year.
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What infrastructure do ICE and Trade[XYZ] plan to build?
They plan a dedicated US market with new exchange and clearing infrastructure. Clearing is the back-end system that ensures trades settle.
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