Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, and trading platform TradeXYZ announced a partnership on Oct. 29 to launch Hyperliquid-linked perpetual futures in the United States, ICE said.
The exchange will become the exclusive operator of TradeXYZ's regulated markets and make a strategic investment for a minority stake; the deal's size was not disclosed.
ICE is building a separate regulatory framework for retail perpetual contracts, apart from its institutional futures business, and will handle trading, clearing and oversight for the new markets. Retail access is planned through regulated futures brokers, including ICE's joint venture with OKX. Both that distribution channel and the launch itself still require regulatory approval, with no date set.
Hyperliquid will supply the underlying technology through its HIP-3 protocol, while TradeXYZ, which already operates perpetual markets for tokenized real-world assets on that infrastructure, will design the retail products.
ICE chair and CEO Jeffrey Sprecher said: “We intend to find retail traders where they want to be, through the partners, brokers, and platforms they already use.” He added that the new perp markets are “additive to our futures markets, not a replacement for them.”
Macro investor Stanley Druckenmiller, who has put money into TradeXYZ, responded to the news: “I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States.”
HYPE, Hyperliquid's token, jumped 15% on the day to $91.21, according to The Block. Decrypt put HYPE's market capitalization at roughly $22.4 billion, with the price touching an intraday high of $92.10 on KuCoin, nearly 13% above its opening level.
Regulatory backdrop: in May 2026, the Commodity Futures Trading Commission had already issued a no-action letter covering perpetual futures markets.
