Intercontinental Exchange partners with Trade[XYZ] to launch regulated perpetual futures on Hyperliquid for the US market.
DeFi & Yields ·
Intercontinental Exchange, owner of the New York Stock Exchange, has signed a definitive agreement with Trade[XYZ] to become the exclusive operator of regulated perpetual futures markets built on Hyperliquid infrastructure for the United States. [ICE is taking a strategic stake in Trade[XYZ]](https://decrypt.co/382149/hyperliquid-hype-jumps-nyse-owner-ice-perpetual-futures-us), pending regulatory approvals, with no launch date yet confirmed. The announcement drove HYPE, Hyperliquid's native token, up roughly 13% to around $91 on Thursday.
The partnership brings traditional financial market oversight to on-chain derivatives. ICE will construct a dedicated retail market and clearing structure compliant with know-your-customer and anti-money-laundering requirements, with verified customers accessing the product through futures commission merchants. The company plans to distribute through its joint venture with OKX, which secured its own approvals pending at a $25 billion valuation. Trade[XYZ] already offers perpetuals on stocks, indices, commodities, and currencies to non-U.S. users around the clock.
Regulatory clearance remains the critical open question, as the product requires CFTC approval for leveraged trading. Macro investor Stan Druckenmiller publicly backed the deal as a Trade[XYZ] investor, but ICE has flagged this as a new retail business separate from its core institutional futures and clearing operations.