ICE and trade.xyz to seek CFTC approval for 24/7 futures market
DeFi & Yields ·
Intercontinental Exchange is partnering with trade.xyz to pursue a new regulated U.S. market for round-the-clock perpetual futures, pending approval from the CFTC.
Intercontinental Exchange, which owns the New York Stock Exchange, has agreed to work with trade.xyz on building a dedicated U.S. trading venue for perpetual futures contracts, according to a report cited in a post on X. The products would be modeled on perpetual futures already trading on Hyperliquid and would require sign-off from the Commodity Futures Trading Commission before launch.
The planned venue would rely on newly built exchange and clearing systems constructed on top of Hyperliquid's infrastructure. Contracts under consideration would cover equities, indices, commodities, foreign exchange and crypto, with trading access routed through brokers and platforms that choose to participate. Further specifics on which products will be offered, who can trade them, and when the market might open have not yet been disclosed.
The arrangement pairs ICE's more than 25 years running regulated exchanges, clearing operations and risk management with trade.xyz's work designing and building some of the most actively used markets on Hyperliquid. Those Hyperliquid-based markets have topped $650 billion in cumulative trading volume in just over a year of operation, offering continuous pricing on stocks, indices and commodities that traders use as reference points when conventional exchanges are closed.
Beyond the operational tie-up, ICE is putting capital into trade.xyz directly as part of a strategic investment. A small set of individuals described as market luminaries is also joining the effort, starting with Stan Druckenmiller. The new U.S. venue is intended to be developed alongside trade.xyz's existing HIP-3 markets, which are expected to keep growing independently of the regulated product.
What remains open is how quickly the CFTC review will move, what eligibility rules might apply to traders, and which brokers or platforms will ultimately offer access once the market is live. The current account traces to a single reported source, so additional confirmation of deal terms and launch timing has not yet surfaced.