ICE plans US perpetuals market built on Hyperliquid
DeFi & Yields ·
Intercontinental Exchange, which owns the New York Stock Exchange, is preparing to launch a regulated market for perpetual futures in the United States using Hyperliquid infrastructure, according to a Bloomberg report circulating in crypto markets.
Perpetual futures are derivatives contracts with no expiration date, widely used on offshore crypto exchanges but largely unavailable to US traders through regulated venues. If ICE proceeds, it would mark one of the first attempts by a major US exchange operator to bring this product type into a domestic, regulated framework, rather than leaving it confined to offshore platforms.
The arrangement would reportedly lean on Hyperliquid's existing infrastructure rather than building a competing system from scratch. Hyperliquid has positioned itself as a venue for perpetuals trading, and ICE's interest suggests that infrastructure built for that market could be adapted or licensed for use within a regulated US exchange structure, though the exact technical and legal mechanics of how Hyperliquid's systems would interface with ICE's regulated operations have not been detailed.
The news has been corroborated across multiple reports describing the same plan in similar terms: a US-regulated market for Hyperliquid perpetual futures, launched by the NYSE's parent company. Four distinct sources are tracking the story, each describing Intercontinental Exchange's intent to bring this product to US markets, though the characterizations vary slightly between calling it a "regulated market" and simply a market "in the US."
What remains unclear is the timeline for any launch, the regulatory approvals that would be required, and which US regulator — if any has been formally engaged — would oversee a perpetuals market of this kind. Also unaddressed is whether ICE would operate the market directly, in partnership with Hyperliquid, or through some licensing arrangement, and what eligibility or custody requirements might apply to US participants. Until ICE or Hyperliquid issues an official statement or files relevant disclosures, the scope and structure of the plan rest on the initial Bloomberg report and the secondary accounts echoing it. Market participants will likely watch for confirmation from ICE itself, any regulatory filings referencing perpetuals trading, and further detail on how Hyperliquid's role would be formalized within a US-regulated exchange environment.