NYSE Parent ICE to Bring Hyperliquid-Based Perpetual Futures to US

Intercontinental Exchange (NYSE: $ICE), the parent company of the New York Stock Exchange, is partnering with TradeXYZ to bring perpetual futures markets built on Hyperliquid (CRYPTO: $HYPE) to the US.

ICE plans to operate the markets and establish dedicated exchange and clearing infrastructure for perpetual contracts linked to cryptocurrencies, stocks, indices, commodities and foreign exchange, according to a Thursday announcement. 

The agreement also includes a strategic investment by ICE in TradeXYZ.

“We've seen a clear increase in retail participation in markets, and that participation is becoming far more global,” ICE CEO Jeffrey Sprecher said Thursday. 

He added that traders increasingly want short-duration exposure around the clock, and said the new markets would complement ICE’s existing futures business rather than replace it.

Under the proposed arrangement, Hyperliquid will provide the underlying technology through its HIP-3 framework, while TradeXYZ will design and implement the markets. ICE will oversee the regulated trading and clearing infrastructure.

The partnership builds on TradeXYZ’s activity on Hyperliquid, where its markets have expanded access to contracts linked to traditional assets outside conventional trading hours. Hyperliquid's HIP-3 markets recorded $2.38 billion in open interest in April, reflecting demand for round-the-clock exposure to assets such as equities and commodities.

The move follows regulatory developments that could open the door for perpetual futures in the US. In May, the Commodity Futures Trading Commission issued a staff advisory and no-action relief related to the products, offering a potential path for regulated markets to launch.

President Donald Trump also mentioned Hyperliquid in September while discussing efforts to bring the protocol into the US legally and in compliance with existing rules.

The announcement lifted Hyperliquid’s HYPE token by 15% on Thursday, to over $92. The token reached a record high of $97.96 last month.