CoinDesk
Intercontinental Exchange and Trade[XYZ] plan to bring Hyperliquid-based perpetual markets onshore in the U.S., with ICE set to operate the regulated markets exclusively and take a strategic stake. The planned venue, ICE[XYZ], would offer round-the-clock perps on equities, indices, commodities, currencies and crypto, backed by a dedicated exchange and clearing setup.
Why it matters
ICE’s traditional futures customers use contracts to lock in prices for hedging, while perpetuals are built for traders seeking frequent, leveraged market exposure without a fixed expiry. The deal is therefore a retail-facing expansion, not a conventional extension of ICE’s core hedging business. It could also give U.S. users of Hyperliquid-based markets a route into a regulated environment, with futures commission merchants at the front end and a separate clearing structure.
The regulatory backdrop is shifting too. On Nov. 3, CFTC Chairman Michael Selig said perpetual futures on individual stocks could trade on CFTC-registered exchanges that are also notice-registered with the SEC for security futures. ICE Futures U.S. had filed for that registration on Sept. 30, though the ICE and Trade[XYZ] venture still has regulatory work ahead.
Market impact
The partnership puts ICE into a growing contest for retail derivatives, alongside venues such as Kalshi and Coinbase. Its reach across established futures markets, the NYSE brand and Hyperliquid infrastructure gives the planned platform a distinct combination, but it will need to compete with venues that are already live.
Trade[XYZ] focuses on equities, commodities and currencies, so the offering does not depend on demand for crypto assets. The key test is whether ICE can bring retail traders into regulated perpetual markets while preserving the fast, repeat-trading experience that draws users to perps.
Frequently asked questions
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What markets would the planned ICE[XYZ] venue offer?
The planned venue would offer round-the-clock perpetual futures on equities, indices, commodities, currencies and crypto.
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What role would ICE play in the Trade[XYZ] partnership?
ICE would exclusively operate the regulated markets and take a strategic stake in Trade[XYZ].
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How would the proposed U.S. trading setup be structured?
The plan pairs futures commission merchants at the front end with Hyperliquid infrastructure and a dedicated exchange and clearing setup.
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What regulatory development could support perps on individual stocks?
CFTC Chairman Michael Selig said qualifying CFTC-registered exchanges that are notice-registered with the SEC for security futures can trade perpetual futures on individual stocks.
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How does ICE's target customer differ from its traditional futures customers?
ICE's traditional customers often use futures to lock in prices for hedging. The planned perpetual markets target retail traders seeking frequent, leveraged exposure without a fixed expiry.
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