ICE CEO Says Hyperliquid Is “Bigger Than NASDAQ” as Crypto Perpetual Futures Gain Mainstream Attention

Jeffrey Sprecher, founder and CEO of Intercontinental Exchange (ICE), has sparked discussion across the crypto industry after describing decentralized trading platform Hyperliquid as “bigger than NASDAQ” during a recent Bernstein conference. His remarks highlight the growing influence of crypto-native trading venues and the increasing attention they are receiving from traditional financial institutions.

Speaking during a fireside chat with Bernstein analyst Chinedu Bolu on May 27, Sprecher praised Hyperliquid’s team and revealed that ICE executives have met with the project’s founders several times. He described the developers as “very smart people” and expressed admiration for what a relatively small team has accomplished.

While Hyperliquid’s HYPE token has a market capitalization of approximately $15.1 billion, significantly below Nasdaq Inc.’s roughly $50 billion valuation, Sprecher’s comparison appears to focus on trading activity rather than company value. Hyperliquid has emerged as the dominant decentralized perpetual futures exchange, processing billions of dollars in daily trading volume and controlling more than 70% of the decentralized perpetual futures market.

The reference to “11 people” relates to Hyperliquid Labs, the core development group behind the protocol. However, the broader ecosystem also benefits from open-source contributors and a decentralized validator network that supports its Layer-1 blockchain infrastructure.

Sprecher noted that one reason ICE became interested in Hyperliquid is its ability to facilitate oil derivatives trading during weekends, a period when traditional ICE energy markets are closed. Trading activity reportedly increased during recent geopolitical tensions in the Middle East, demonstrating demand for around-the-clock market access.

JPMorgan analysts have also observed growing participation from non-crypto traders seeking exposure to oil markets through Hyperliquid’s 24/7 trading environment. According to Sprecher, market-moving events frequently occur outside standard trading hours, making continuous access increasingly attractive.

The ICE executive also addressed regulatory concerns surrounding perpetual futures. In the United States, such products are generally classified as swaps and fall under Title VII of the Dodd-Frank Act, which imposes reporting, margin, and registration requirements. While ICE operates within these regulations, Hyperliquid functions as an offshore platform outside the traditional regulatory framework.

Looking ahead, Sprecher believes regulators will soon face a critical decision: either establish a new regulatory category for perpetual futures or require offshore platforms to comply with existing rules such as Dodd-Frank in the U.S. and EMIR in Europe. As decentralized finance continues to expand, the debate over regulation and market access is expected to intensify across global financial markets.