NYSE Owner ICE Partners With Trade[XYZ] for U.S. Hyperliquid Perpetual Futures

ICE Teams With Trade[XYZ] for U.S. Perpetual Futures

Intercontinental Exchange (ICE), the company that owns the New York Stock Exchange, is partnering with Trade[XYZ] to bring perpetual futures to the United States. Perpetual futures are contracts that let traders bet on whether an asset's price will rise or fall, without the contract ever expiring.

The planned venture needs approval from the U.S. Commodity Futures Trading Commission (CFTC) before it can launch.

Key Details of the Venture

• The new trading venue would be called ICE[XYZ]


• It would offer 24/7 perpetual futures on stocks, indices, commodities, foreign exchange, and crypto


• ICE and Trade[XYZ] plan to build new exchange and clearing infrastructure for the U.S. market


• ICE is making a strategic investment in Trade[XYZ], though financial terms were not disclosed


• Trade[XYZ]'s existing Hyperliquid markets will keep running alongside the new U.S. venue

What the Press Release States

According to an official press release from ICE, the two companies plan to build a dedicated U.S. market with new exchange and clearing infrastructure. Clearing is the back-end system that ensures trades settle properly.

The ICE[XYZ] venue would offer contracts through participating brokers and platforms. Trade[XYZ] said it will share more details about products, eligibility, and timing as the approval process moves forward.

Trade[XYZ] and Hyperliquid Background

Trade[XYZ] is the largest builder of markets on Hyperliquid, a decentralized exchange. Decentralized exchanges are platforms where people trade crypto directly without a central company running the process.

Trade[XYZ] says its Hyperliquid markets have processed more than $650 billion in trading volume in just over a year. Markets built by independent creators now make up roughly half of Hyperliquid's total trading volume.

In March, Trade[XYZ] secured a license for the first official S&P 500 perpetual futures contract. Investor Stan Druckenmiller is among the small group of backers joining the new U.S. project.

ICE has made other crypto-related investments recently. The company agreed last October to invest up to $2 billion in Polymarket, a prediction market platform.

What Still Isn't Clear

The companies have not announced when the venue might launch, or which specific products will be available first. They also have not shared details about who will be eligible to trade on the platform.

The entire plan depends on CFTC approval, which is not guaranteed.

Sources

• CoinDesk