ICE Plans Hyperliquid Perpetual Contracts for U.S. Retail via Trade[XYZ]

Intercontinental Exchange (ICE), which owns the New York Stock Exchange, plans to offer U.S. retail traders perpetual contracts based on Hyperliquid through Trade[XYZ], bringing the decentralized derivatives protocol into a U.S. retail product.

The plan follows ICE's earlier request for U.S. regulators to address concerns about Hyperliquid. ICE is seeking approval for a U.S.-regulated exchange structure for the contracts, making regulatory clearance part of the planned rollout. Its earlier request focused on concerns about the same protocol now at the center of the product plan.

Trade[XYZ] already offers perpetual contracts to users outside the United States. Those products cover crypto, equities and commodities, while the U.S. proposal specifically concerns contracts based on Hyperliquid.

The roles in the plan are distinct: Hyperliquid is the decentralized derivatives protocol, Trade[XYZ] is the platform named for retail access, and ICE is seeking approval for the exchange structure. If approved, the arrangement would bring a decentralized-finance product into a regulated-market framework. The announcement describes an intended offering, not a launch.