NYSE parent ICE partners with TradeXYZ to bring Hyperliquid perpetual futures to the US
ICE moves Hyperliquid perps onshore
Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, has agreed to partner with TradeXYZ to bring Hyperliquid-based perpetual futures markets to the United States under a regulated framework. The deal is subject to regulatory approvals.
Perpetual futures, or "perps," are contracts that let traders bet on price moves without an expiry date, popular in crypto because they trade around the clock. ICE plans to operate the new markets and build dedicated exchange and clearing infrastructure for perpetual contracts tied to cryptocurrencies, equities, indices, commodities, and forex. The markets are expected to be reachable through participating brokers and platforms.
Key points
- ICE will run the regulated market and clearing structure for the new perps markets.
- TradeXYZ designs and implements the markets, and ICE is taking a strategic investment stake in the company.
- Hyperliquid supplies the underlying technology through its HIP-3 framework, which lets outside teams deploy their own perpetual markets.
- The HYPE token rose 15% on the news Thursday, trading around $91.21 at publication time. Its all-time high of $97.96 came last month.
- Investor Stanley Druckenmiller said on X that he is an investor in TradeXYZ.
What the ICE announcement and CEO say
ICE announced the partnership in a press release on its investor relations site. CEO Jeffrey Sprecher said retail participation in markets has grown and become more global, with traders seeking short-duration exposure often around the clock.
"We intend to find retail traders where they want to be, through the partners, brokers, and platforms they already use," Sprecher said Thursday. "We see these perp markets as additive to our futures markets, not a replacement for them."
Sprecher had previously framed ICE's interest in Hyperliquid in May as an effort to create a level regulatory playing field for onchain perpetuals.
How the regulatory path opened
The deal follows a May staff advisory and no-action relief from the Commodity Futures Trading Commission (CFTC), the US agency that oversees derivatives markets, which cleared the way for perpetual futures to launch in the US. In September, President Donald Trump mentioned Hyperliquid by name, pointing to the CFTC's effort to bring the protocol into the US in what he described as a fully compliant and legal fashion.
What the numbers show
TradeXYZ has grown quickly on Hyperliquid, where its builder-deployed perp markets have driven a growing share of activity in contracts tied to stocks, indices, and commodities. Hyperliquid's HIP-3 markets attracted open interest — the total value of open positions — of $2.38 billion in April, reflecting demand for around-the-clock trading of traditional assets.
According to The Block, billionaire investor Stanley Druckenmiller posted on X for the first time in support of the news, writing that he is an investor in TradeXYZ and looks forward to using the product in his investment process.
What is confirmed and what is still pending
Confirmed: the partnership agreement, ICE's planned roles (market operation, exchange and clearing infrastructure), ICE's strategic investment in TradeXYZ, Hyperliquid's HIP-3 technology role, the CFTC's May advisory and no-action relief, and the HYPE price move on the day.
Still pending: the markets have not launched yet. Everything depends on regulatory approvals, and the sources do not give a launch date or timeline.
Why it matters for crypto markets
This is one of the largest traditional exchange operators moving into onchain perpetuals. It connects a regulated US clearing and exchange structure with Hyperliquid's technology, and it gives US traders a compliant route to 24/7 perps on assets beyond crypto. The HYPE token's 15% move shows the market read the announcement as significant for the Hyperliquid ecosystem.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.