NYSE Owner ICE to Bring Hyperliquid Perpetual Futures to the US

Intercontinental Exchange, the owner of the New York Stock Exchange, has agreed to build a regulated United States market for Hyperliquid based perpetual futures with TradeXYZ, in a deal signed on October 29 that puts the biggest name in U.S. exchanges inside a crypto trading format it once warned regulators about.

Under the agreement, ICE will run the exchange and the clearing infrastructure and take a minority stake in TradeXYZ, for an amount the companies did not disclose. TradeXYZ will design and build the markets. Hyperliquid supplies the base technology through its HIP-3 framework, which lets outside teams launch their own markets on Hyperliquid's system. The planned contracts cover crypto, equities, stock indices, commodities and foreign exchange, sold through participating brokers. A perpetual future is a futures contract with no expiry date, so traders can hold leveraged positions around the clock without rolling a contract each month.

Nothing trades yet. The venue needs approval from the Commodity Futures Trading Commission, the companies gave no launch date, and Hyperliquid's own platform stays closed to U.S. users until the approvals land. ICE restated that point when it reposted the announcement on October 31, after an earlier social media post was taken down: the products are planned, not authorized. The retail venue will sit apart from ICE's institutional futures business, with its own clearing structure, so institutional customers carry no exposure to the new market's trades.

A change of direction

The deal reverses ICE's own position from earlier this year. In May, ICE pressed U.S. regulators to scrutinize Hyperliquid over manipulation and sanctions concerns, according to CryptoWatchDaily's account of the announcement. The regulatory ground shifted the same month, when the CFTC issued a staff advisory and no action relief that cleared a path for perpetual futures in the United States, and later cleared Kalshi to offer a bitcoin perpetual contract. ICE chief executive Jeffrey Sprecher framed the turn as serving traders where they already are. "We see these perp markets as additive to our futures markets, not a replacement for them," Sprecher said in the announcement.

The market noticed. Hyperliquid's HYPE token rose about 15 percent on the day of the news, according to The Block, trading near $91 and close to its September record of $97.96, with a market value around $22.4 billion on October 29. Stanley Druckenmiller disclosed on X the same day that he is an investor in TradeXYZ. TradeXYZ, which launched on Hyperliquid in October 2025 as the first builder venue under HIP-3, says its markets have handled more than $650 billion in trading volume in just over a year.

Why it matters

Perpetual futures are the most traded product in crypto, and until now they have lived offshore, away from U.S. clearing and U.S. investor protections. An ICE run market would move that flow onshore, under CFTC oversight, with a clearinghouse standing between buyers and sellers. That is the real story here, not the token price: the format Wall Street once treated as a regulatory problem is being rebuilt inside the house of the New York Stock Exchange. Whether the CFTC approves the plan, and on what leverage terms, decides how much of that offshore volume ever makes the trip. This is not financial advice. Do your own due diligence.

What happens next

Watch the CFTC docket. The approval, the leverage limits and the list of first contracts will show how far the onshore version can go. Traders also get a live test of demand: if U.S. retail flow shows up through brokers, rival exchanges will file their own versions fast.