ICE Partners With Trade.xyz to Build a U.S. Perpetual Futures Venue

Intercontinental Exchange, parent of the New York Stock Exchange, is partnering with Trade.xyz to develop a U.S. perpetual-futures venue, extending crypto-style derivatives into a market designed for regulatory oversight.

The proposed venue would be a dedicated U.S. platform built on Hyperliquid. Its contracts would be available around the clock and track stocks, stock indexes, commodities, foreign exchange and crypto assets.

The planned market would have separate clearing operations, customer identity checks and anti-money-laundering controls. ICE will take a strategic stake in Trade.xyz as part of the agreement. The investment terms were not disclosed.

Launch depends on approval from the Commodity Futures Trading Commission (CFTC), the U.S. derivatives regulator. That authorization remains a condition for opening the proposed venue.

Trade.xyz and Hyperliquid had already sought regulatory access for pre-IPO perpetual contracts in the United States. The partnership extends that effort to a dedicated venue whose proposed contracts would also track traditional financial benchmarks and crypto assets.