NYSE Owner ICE Plans 24/7 US Venue for Hyperliquid Perpetual Futures

Intercontinental Exchange, the parent company of the New York Stock Exchange, has entered into an agreement to introduce 24/7 Hyperliquid perpetual futures to customers in the United States. Unveiled on October 29, the partnership with Trade[XYZ] remains subject to regulatory clearance. Per the proposal, ICE intends to establish a distinct retail market and clearing framework powered by the technology underpinning Hyperliquid (HYPE).

ICE Agrees to Operate Trade[XYZ]’s Regulated Markets

Under the definitive agreement, ICE secures exclusive operational control of Trade[XYZ]’s regulated markets. Additionally, the exchange operator is acquiring a minority ownership interest in the firm, reinforcing its commitment to cryptocurrency market architecture.

The prospective trading venue, designated as ICE[XYZ] by Trade[XYZ], plans to offer contracts spanning equities, indices, commodities, currencies, and cryptocurrencies. ICE will develop the dedicated retail exchange and its associated clearing framework utilizing Hyperliquid’s infrastructure.

US Customers Would Enter Through Futures Brokers

Market participation will occur via participating futures commission merchants, which are responsible for executing identity verification and anti-money-laundering protocols prior to trading. While Trade[XYZ] currently provides services to qualified international users outside the United States, this accord creates a compliant pathway toward a domestic customer base.

Client onboarding is anticipated to leverage OKXICE, the collaborative venture between ICE and OKX. However, this distribution channel depends on a separate contingency: the enterprise must still secure the necessary regulatory licenses to function as a broker-dealer and futures commission merchant before users can begin trading.

ICE Plans Separate Clearing for Retail Traders

According to ICE, institutional clients account for over 99% of activity within its established operations. The proposed retail division will operate independently from the institutional futures and clearing infrastructure, thereby shielding commercial hedgers from the counterparty exposure introduced by the new retail platform.

Jeffrey Sprecher, Chairman and CEO of ICE, described the two operations as complementary, stating: “We see these perp markets as additive to our futures markets, not a replacement for them.”

Druckenmiller Backs Trade[XYZ] as ICE Invests

Prominent investor Stan Druckenmiller expressed public support for the transaction as a backer of Trade[XYZ], noting that he anticipates utilizing the offering to refine his investment methodology.

Trade[XYZ] already operates markets utilizing HIP-3, the Hyperliquid tool designed for developer-launched perpetual futures markets. Data from the firm indicates that these markets have surpassed $650 billion in cumulative volume in slightly over a year.

Approvals Will Determine the Next Steps for Hyperliquid Perpetual Futures

For holders of HYPE, the partnership integrates Hyperliquid technology into a prospective US retail derivatives enterprise.

Trade[XYZ] intends to release details regarding products, eligibility, and deployment timelines as regulatory permissions are granted. A formal launch date has not yet been disclosed. ICE anticipates that its minority equity investment will have no material impact on its financial results for 2026 on an adjusted basis.

FAQ

Which regulator must approve the planned US venue?

The Commodity Futures Trading Commission, as identified by Trade[XYZ]. ICE will also seek authorization to support leveraged trading.

How would customers access the contracts and complete identity checks?

Through participating futures commission merchants, which handle customer futures accounts. Identity and anti-money-laundering requirements apply, and ICE’s OKX joint venture is among the planned distribution channels.

What contracts would the planned ICE[XYZ] venue list?

Equities, indices, commodities, currencies and crypto, so the venue would not be limited to digital assets. Trade[XYZ] calls it ICE[XYZ], with ICE operating the market and building its clearing structure on Hyperliquid.

What HYPE stake does Hyperliquid require from HIP-3 market deployers?

Hyperliquid’s documentation requires each HIP-3 deployer to stake 500,000 HYPE. The requirement applies to developers deploying markets through the feature.

What happens to Trade[XYZ]’s existing HIP-3 markets while the US venue seeks approval?

They keep running alongside the planned US venue, Trade[XYZ] says. Those markets currently serve eligible customers outside the United States.

This article is for information only and is not financial advice.