ICE plans US perpetuals push built on Hyperliquid infrastructure
DeFi & Yields ·
Intercontinental Exchange, which owns the New York Stock Exchange, has outlined plans to bring perpetual futures trading to the US market by building on Hyperliquid, pending regulatory clearance.
The plan centers on a partnership between ICE and tradeXYZ to launch a regulated perpetual futures market covering US equities, commodities, and FX, according to The Block. The product would rely on Hyperliquid's infrastructure to support the trading, with the launch contingent on approval from the CFTC. No timeline for that approval has been disclosed.
Perpetual futures are a derivatives format long popular on offshore crypto exchanges but largely absent from regulated US markets. ICE's move would mark an attempt to bring that instrument into a compliant US framework, using Hyperliquid's existing trading infrastructure rather than building a comparable system from scratch.
News of the plan moved the market quickly. HYPE, Hyperliquid's native token, jumped as much as 15% following the announcement, per CryptoPotato, with Decrypt also reporting the token's jump tied to the ICE announcement. A separate report pegged the move at 13%, reflecting some variance in how the price reaction was measured across outlets, as noted by WuBlockchain.
The story has circulated widely, with coverage appearing across at least ten distinct sources, underscoring the market's attention to a major traditional-finance operator aligning with a crypto-native trading venue. The involvement of tradeXYZ as a named partner alongside ICE and Hyperliquid adds another layer to the arrangement, though the precise division of roles among the three has not been detailed in reporting so far.
What remains unresolved is whether and when the CFTC will approve the product, and what specific terms — contract types, margin rules, or asset scope beyond the stated equities, commodities, and FX categories — the regulated offering will include. Until that approval process plays out, the plan remains a proposal rather than an operating market.