- Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, has partnered with Trade.xyz to develop a regulated perpetual futures market using Hyperliquid infrastructure.
- The proposed platform would offer 24/7 trading in stocks, equity indexes, commodities, currencies and cryptocurrencies, pending approval from the CFTC.
- Hyperliquid’s HYPE token surged nearly 8% following the announcement, reaching an intraday high of $87.10.
Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is expanding its interest in cryptocurrency-style derivatives through a new partnership with Trade.xyz.
The companies announced plans to develop a U.S.-regulated perpetual futures trading platform using infrastructure associated with the Hyperliquid blockchain network.
ICE will also acquire an undisclosed equity stake in Trade.xyz as part of the agreement.
The proposed platform would allow eligible traders to access perpetual futures contracts around the clock, including exposure to traditional financial assets and cryptocurrencies.
However, the initiative remains subject to approval from the Commodity Futures Trading Commission (CFTC), and neither company has announced an official launch date.
ICE Plans 24/7 Perpetual Futures Trading
The partnership aims to bring perpetual futures products commonly available on offshore cryptocurrency platforms into the regulated U.S. derivatives market.
Unlike conventional futures contracts, perpetual futures generally do not have fixed expiration dates.
The proposed trading venue would support contracts linked to stocks, equity indexes, commodities, foreign exchange and cryptocurrencies.
Customers would access the market through participating brokers and trading platforms.
Trade.xyz emphasized that the project is intended to combine continuous trading with U.S. regulatory protections.
“Innovation and the protections of U.S. regulation shouldn’t be a trade-off,” the company said.
However, several important details remain unresolved, including the exchange operator, clearing arrangements, collateral requirements and regulatory approvals.
ICE has also not disclosed the size of its investment or the ownership percentage it will receive.
Hyperliquid HYPE Price Surges Nearly 8%
Hyperliquid’s native cryptocurrency, HYPE, recorded significant gains following the partnership announcement.
The token climbed from an intraday low of $78.22 to $87.10, representing a 7.92% increase during the session.
HYPE also moved above its 50-day simple moving average of approximately $84.87.
Its 14-day relative strength index reached 60.26, suggesting stronger short-term buying momentum.
Meanwhile, Trade.xyz reported that its existing Hyperliquid markets have processed more than $650 billion in cumulative trading volume since launching a little over a year ago.
According to Hyperliquid Research Collective data, the platform recorded $202.36 billion in trading volume during the second quarter of 2026, including $58.9 billion from equity-linked contracts.
Trade.xyz operates under Hyperliquid’s HIP-3 framework, which allows independent developers to launch perpetual futures markets using the network’s trading infrastructure.
However, it remains unclear whether the proposed U.S. platform would use the same framework or generate fees for the Hyperliquid protocol.
ICE’s investment is in Trade.xyz rather than HYPE itself.
U.S. Crypto Derivatives Market Continues Expanding
The announcement comes as several companies explore ways to introduce regulated perpetual futures products to American investors.
On Oct. 26, Hyperliquid outlined a separate proposal involving Payward, the parent company of Kraken, and CFTC-regulated Bitnomial businesses.
That initiative would use a permissioned version of Hyperliquid’s HIP-3 infrastructure, with regulated entities handling exchange operations, clearing and customer access.
The ICE and Trade.xyz partnership represents a separate effort, and neither proposal has received authorization to begin serving U.S. customers.
Trade.xyz’s existing offshore markets remain unavailable to U.S. traders.
ICE CEO Jeffrey Sprecher previously expressed interest in perpetual futures, questioning why similar products could operate offshore but remained restricted in the United States.
For ICE, the partnership could provide access to a growing derivatives market that operates continuously rather than following traditional exchange hours.
For Hyperliquid, a successful regulatory approval could introduce its technology to a broader institutional trading environment.
The next developments will depend on CFTC authorization, the selection of regulated operating entities and further details about how the proposed platform will handle trading, clearing and customer assets.
