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ICE Partners With TradeXYZ for U.S. Hyperliquid Perpetual Futures
NYSE parent plans regulated retail venue using HIP-3 infrastructure, subject to approvals
TL;DR
- ICE and TradeXYZ plan to bring Hyperliquid-based perpetual futures into a regulated U.S. market.
- ICE would operate the venue and clearing, while TradeXYZ designs markets using Hyperliquid’s HIP-3 infrastructure.
- The proposal targets retail traders and remains subject to regulatory approvals.
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Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, agreed on October 29, 2026, to partner with TradeXYZ on a regulated U.S. marketplace for Hyperliquid-based perpetual futures, subject to regulatory approvals. ICE would operate the markets and clearing infrastructure while TradeXYZ designs and implements the products using Hyperliquid’s HIP-3 technology. The HYPE price rose 15% on Thursday, according to COIN360 data.
ICE will serve as the exclusive operator of TradeXYZ’s regulated markets and is making an undisclosed minority strategic investment in the trading company. The proposed venue would offer perpetual contracts linked to cryptocurrencies, equities, indices, commodities and foreign exchange. Customers are expected to access the products through participating futures commission merchants, brokers and other platforms after completing identity verification and anti-money laundering requirements.
Perpetual futures, commonly called perps, differ from conventional futures because the contracts do not expire. Traders can maintain leveraged exposure without fixed settlement dates, while funding mechanisms are used to help keep contract prices aligned with the underlying markets.
ICE Targets a Growing Retail Trading Audience
ICE Chairman and CEO Jeffrey C. Sprecher positioned the planned market as an expansion of ICE’s existing business rather than a substitute for its traditional futures operations.
“We've seen a clear increase in retail participation in markets, and that participation is becoming far more global, with retail traders increasingly seeking short-duration exposure, often around the clock,” Sprecher said.
“We intend to find retail traders where they want to be, through the partners, brokers, and platforms they already use. We see these perp markets as additive to our futures markets, not a replacement for them.”
ICE’s existing futures participation is more than 99% institutional. The company plans to keep the proposed retail operation separate from its established institutional clearing operations, limiting the retail platform’s trading and counterparty risks for commercial hedgers.
TradeXYZ said the partnership could provide the infrastructure needed to extend its model into the American market.
“ICE brings the regulatory, technological and market expertise to help us realize that ambition in America,” the company said.
The agreement gives TradeXYZ a regulatory route into a market that had previously been unavailable to its American customers.
TradeXYZ Brings Hyperliquid Trading Scale to the Deal
TradeXYZ said its Hyperliquid markets have processed more than $650 billion in trading volume in just over a year. Those existing markets offer perpetual contracts tied to stocks, indices, commodities and currencies and will continue operating alongside the proposed U.S. platform.
Hyperliquid’s HIP-3 markets have also attracted demand for around-the-clock trading of traditional assets, with open interest reaching $2.38 billion in April. TradeXYZ’s builder-deployed markets have accounted for a growing share of Hyperliquid activity involving contracts linked to stocks, indices and commodities.
The proposed structure assigns distinct roles to each participant. Hyperliquid provides the underlying technology through HIP-3, TradeXYZ designs and implements the markets, and ICE operates the regulated marketplace and clearing structure. ICE’s minority investment is not expected to materially affect its 2026 adjusted financial results.
U.S. Launch Still Depends on Regulatory Approval
The planned marketplace follows U.S. regulatory steps that opened a potential route for perpetual futures. The Commodity Futures Trading Commission issued a staff advisory and no-action relief in May, clearing a path for perps to enter the U.S. market.
President Donald Trump referenced Hyperliquid in September while discussing the CFTC’s effort to bring the protocol into the U.S. in a “fully compliant and legal fashion.” Both ICE and TradeXYZ must still secure regulatory approvals before the proposed venue can begin operating.
ICE’s existing joint venture with OKX is another prospective distribution channel for the products. Its broker-dealer and futures commission merchant approvals remain pending. TradeXYZ also disclosed that billionaire investor Stan Druckenmiller is joining a small group of financial backers supporting the initiative.
This article has been refined and enhanced by ChatGPT.
