ICE Plans U.S. Crypto and Stock Perpetuals With Trade[XYZ]

Intercontinental Exchange plans to build a U.S. market for Trade[XYZ] perpetual contracts on Hyperliquid, creating a proposed regulated route for round-the-clock crypto and stock exposure that remains contingent on approvals.

ICE would exclusively operate Trade[XYZ]’s regulated markets and establish a separate retail market and clearing structure. The agreement requires regulatory approvals, including those needed for leveraged trading. ICE has not announced a launch date.

The proposal would give retail traders around-the-clock exposure to crypto, equities, commodities, currencies and other real-world assets. ICE is also making a strategic investment in Trade[XYZ], but did not disclose the amount.

ICE Chair and CEO Jeffrey C. Sprecher said, “We see these perp markets as additive to our futures markets, not a replacement for them.”

A perpetual contract has no expiration date. Trade[XYZ] already offers eligible users outside the United States 24/7 contracts tied to equities, indexes, commodities and currencies. ICE has not announced the U.S. contract list or customer eligibility details.