ICE, Trade[XYZ] Plan U.S. Perpetual Futures Using Hyperliquid Infrastructure

Intercontinental Exchange (ICE) and Trade[XYZ] agreed Oct. 29 to develop a U.S. perpetual futures venue using Hyperliquid infrastructure, a plan for around-the-clock crypto and other asset trading that remains subject to regulatory approval.

Hyperliquid (HYPE) traded at $90.96 at 11:28 p.m. ET Oct. 29 (3:28 a.m. UTC Oct. 30), up 16.29% over 24 hours. From $90.96, a move to $100 would be about 9.9%.

ICE would be the exclusive operator of Trade[XYZ]’s regulated markets and build a dedicated U.S. trading and clearing structure. The proposed contracts would trade around the clock across crypto, equities, commodities, foreign exchange and other real-world assets. Hyperliquid would provide the infrastructure, while Trade[XYZ] would develop the products.

ICE is making a minority investment in Trade[XYZ]. The agreement does not announce a direct investment in HYPE or specify token-related economic benefits. The planned retail business would operate separately from ICE’s institutional futures and clearing operations. Perpetual contracts have no expiration date.

ICE Chair and CEO Jeffrey C. Sprecher said the markets would be “additive to our futures markets, not a replacement for them.”

The U.S. Hyperliquid market plan still needs regulatory approvals, including those required for leveraged trading. Access through ICE’s joint venture with OKX would require separate approvals for the venture to register as a U.S. broker-dealer and futures commission merchant. ICE has not announced a launch date.