ICE CEO: Hyperliquid is bigger than NASDAQ!

Intercontinental Exchange CEO Jeffrey Sprecher told a Bernstein conference this week that decentralized perp-DEX Hyperliquid is "bigger than NASDAQ" in trading activity — and disclosed that ICE has met the platform's founders multiple times. "It's 11 people. You look at it, you're like, wow, that's pretty something," Sprecher said, calling the core team "very, very smart people."

The comparison isn't about market cap — Hyperliquid's HYPE token sits at roughly $15.1 billion against Nasdaq Inc.'s $50 billion — but on daily perpetual futures volume, Hyperliquid commands more than 70% of the decentralized perp market. ICE took notice partly because Hyperliquid has been trading oil derivatives on weekends when ICE's traditional energy markets are closed, a dynamic that accelerated during recent Middle East tensions.