NYSE Owner ICE to Bring Hyperliquid Perps to the US Through Trade.xyz Partnership

Trade.xyz, which runs stock, index and commodity perpetual futures markets on Hyperliquid, said on Thursday that Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is investing in the company and will work with it to offer 24/7 Hyperliquid-based perpetual futures to U.S. traders.

None of it is approved yet. Trade.xyz said in its X post that the U.S. market would be set up only “subject to CFTC approval,” and the announcement did not mention any filing with, or sign-off from, the Commodity Futures Trading Commission. ICE did not immediately respond to a request for comment from Unchained.

According to trade.xyz, the two firms intend to launch a separate U.S. market with its own exchange and clearing setup running on Hyperliquid. Planned contracts would cover equities, indices, commodities, FX and crypto, and traders would reach them through participating brokers and platforms. The post signed off with the tagline “Anything. Anytime. On ICE[XYZ].” Trade.xyz said in the post it would release more on products, eligibility and timing “as approvals progress.”

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Trade.xyz did not disclose the size or terms of ICE’s strategic investment. It said billionaire investor Stan Druckenmiller is also coming in, the first of a small group of outside market figures. Trade.xyz credited ICE with more than 25 years of running regulated markets and clearing, and itself with the product and market design work.

“Innovation and the protections of U.S. regulation shouldn’t be a trade-off,” trade.xyz wrote.

Trade.xyz’s existing Hyperliquid markets, live for a little over a year, have handled more than $650 billion in volume, according to the company. In March, S&P Dow Jones Indices licensed the S&P 500 to trade.xyz for a perpetual contract offered to eligible non-U.S. investors. Trade.xyz said its existing HIP-3 markets on Hyperliquid will keep running and expanding alongside the U.S. effort.

In May, ICE CEO Jeffrey Sprecher said the exchange operator had met with Hyperliquid several times, and called it “bigger than NASDAQ” in remarks at Bernstein’s Strategic Decisions Conference. About two weeks earlier, Bloomberg had reported that ICE and CME urged U.S. regulators to look into Hyperliquid over manipulation risks.

In August, President Donald Trump said CFTC Chair Mike Selig was working to bring Hyperliquid to the U.S. Kraken parent Payward has proposed a route for U.S. traders to access Hyperliquid-linked perpetuals through its Bitnomial exchange. Hyperliquid itself remains closed to U.S. users.

ICE had not published its own statement on the investment as of publication.

Related Listen: The NYSE CEO Calls Hyperliquid ‘Bigger Than the Nasdaq’: Uneasy Money

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