Intercontinental Exchange, owner of the New York Stock Exchange, plans a US perpetual futures market built on Hyperliquid technology, CoinDesk and The Block report. The venue, ICE[XYZ], would be run with Trade[XYZ], the largest builder of markets on Hyperliquid, and ICE is making a strategic investment in it on undisclosed terms.
Trade[XYZ]’s Hyperliquid markets have topped $650 billion in volume in just over a year. Builder-deployed markets now drive roughly half of Hyperliquid’s volume. The contracts cover equities, indices, commodities, FX and crypto, and the US version would be offered through participating brokers.
The gap ICE is filling is plain. Perpetuals are heavily traded in crypto, mostly on offshore venues American investors cannot use, and a regulated version needs new exchange and clearing infrastructure. Chief executive Jeffrey Sprecher called the contracts additive to ICE’s futures markets, not a replacement.
HYPE rose about 15% on Thursday to near $91, still short of its September record of $97.96. Investor Stanley Druckenmiller backed the deal publicly. Trade[XYZ] secured a licence in March for what the report calls the first official S&P 500 perpetual, and ICE agreed last October to invest up to $2 billion in Polymarket.
Nothing is approved. The plan needs CFTC sign-off, which has not been granted, and Trade[XYZ] says it will share details on products, eligibility and timing as approvals progress. In May, CFTC staff issued an advisory and no-action relief that opened a path for US perpetuals.
Whether the American version resembles the offshore product, in leverage and in who may trade it, is the part nobody has said.
