ICE and Trade[XYZ] Pursue U.S. Market for Perpetual Contracts

Intercontinental Exchange (ICE) and Trade[XYZ] agreed Oct. 29 to pursue a U.S.-regulated market for perpetual contracts, but their plan does not establish whether Anthropic-linked ANT would be included or when trading could begin.

ICE would be the sole operator of the planned markets and seek regulatory approvals for their trading and clearing framework. Those requests would include clearance for leveraged products. The agreement identifies no specific contracts for the U.S. venue.

ICE Chair and CEO Jeffrey C. Sprecher said, “Together with Trade[XYZ], and subject to regulatory approvals, we intend to bring these markets into a U.S. regulated framework.”

Trade[XYZ] launched ANT on Hyperliquid Oct. 26 as a pre-IPO derivative tied to one anticipated Class A share of Anthropic, PBC. Its initial reference price is $125, and leverage is capped at 10x. Cross margin is part of the current terms; Trade[XYZ] announced it would be enabled at 4:30 p.m. ET on Oct. 27. The contract carries an anticipated listing date of Nov. 20, 2026, a venue estimate that may differ from Anthropic’s actual IPO date. Its terms also set a ±50% discovery bound and Jan. 19, 2027, as the end of the listing grace period.

The contract settles in cash and grants holders no Anthropic shares, voting or dividend rights, IPO allocation or claim against the company. Anthropic’s Oct. 26 registration statement proposed ANT as the Nasdaq ticker for its Class A shares, which had no public market before the offering. The shared ticker does not make the Hyperliquid contract equity in Anthropic.

Before a public listing, the contract’s reference price comes from an internal oracle. Its pricing mechanism uses a 30-minute exponentially weighted moving average that advances with the difference in impact prices. After a qualifying public listing and once enough external market data is available, the pre-IPO product is expected to convert to a standard equity perpetual.

Regulatory approvals are the next required step, and the agreement sets no market opening date.