ICE Partners With Trade[XYZ] to Bring $650B Hyperliquid Futures Market to the U.S.

Key Takeaways:

• ICE and Trade[XYZ] prepare to launch a U.S. perpetual futures market, pending approval from the CFTC.
• Hyperliquid’s trading volume in Trade[XYZ] is more than $650 billion through, in the span of little over a year.
• Planned contracts are available for cryptocurrencies, stocks, indices, commodity and foreign exchange.

User Score

8.7

Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is partnering with Trade[XYZ] to bring round-the-clock perpetual futures trading to the U.S. The proposed platform will leverage Hyperliquid’s market technology infrastructure, while harnessing ICE’s experience in regulated exchanges and clearing.

trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.

In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.

We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.

ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.

Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.

ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.

We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.

To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.

Anything. Anytime. On ICE[XYZ].

— trade.xyz (@tradexyz) October 29, 2026

The companies plan to create a separate market for perpetual futures on the U.S. exchange, subject to approval from the Commodity Futures Trading Commission (CFTC). The planned place would provide contracts based on cryptocurrencies and traditional assets such as stocks, stock indexes, commodities, foreign exchange, etc.

Permanent contracts are not terminated and expire unlike normal futures. They enable traders to hold positions over margin limits and usually the trader pays money to keep contract prices in line with the underlying market price.

The platform being proposed will help make this model of trading more regulated in the U.S. Access will be available via participating brokers and platforms, and the companies haven’t yet released a launch date or finalized details on products and customer eligibility.

ICE will offer the functions of exchange operations, clearing and risk management expertise. Trade[XYZ] will offer its product design and technology in markets, developed on Hyperliquid.

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In less than a year, Trade[XYZ] has seen over $650 billion worth of trading volume go through their markets. Users can trade perpetual contracts on assets like stocks, indexes and commodities, outside of traditional market hours, with its existing products.

The firm intends to keep expanding on these established markets in addition to the proposed venue in the U.S. With that would come continued expansion of its existing Hyperliquid business, while partners go through a different regulatory process with American customers.

ICE is also making a strategic investment in the private firm with both sides declining to say how much. Along with a handful of market movers, including investor Stan Druckenmiller, is the world’s largest group of them.

The partnership brings together ICE’s market infrastructures and Trade[XYZ]’s experience in creating markets on an 24×7 decentralized trading network. However, the plans for the product line for the eventual U.S. offering remain subject to regulatory approvals, and may depend on the approvals received.

The agreement may provide Hyperliquid-perpetuals with structured access to U.S. clientele. It also highlights the increased activity among traditional finance institutions in crypto derivatives and trading platforms.

The integration of around-the-clock trading and U.S. exchange and clearing platforms is the major one for the crypto industry. The companies have not specified the timing for trading and the total amount of investment ICE will make into the market are not disclosed.

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