Intercontinental Exchange, the owner of the New York Stock Exchange, and Trade[XYZ] agreed on 29 October to build a new regulated US perpetual futures market and clearing structure based on Hyperliquid, pending US regulatory approvals. ICE will be the exclusive operator of Trade[XYZ]'s regulated markets and is making a strategic investment in Trade[XYZ], which ICE said is not expected to materially affect its 2026 financial results.

Perpetual futures, known as perps, have no expiration date, unlike traditional futures. The planned contracts would reference cryptocurrencies, equities, indices, commodities and foreign exchange. ICE plans to run the exchange and clearing, Trade[XYZ] designs the markets, and Hyperliquid's HIP-3 supplies the technology. Verified customers would access the venue through futures commission merchants after know-your-customer and anti-money-laundering checks, with distribution expected through ICE's joint venture with OKX, subject to approval of that venture's broker-dealer and futures-commission-merchant registrations.

Why it matters

The deal brings one of crypto's most popular product types towards the regulated US market. ICE Chair and Chief Executive Jeffrey C. Sprecher described the venue as additive to ICE's futures markets, not a replacement for them. ICE's current business is more than 99% institutional, making retail a new market for the exchange group. The HYPE token surged about 15 to 17% on Thursday 29 October, trading near $91 to $95, within roughly 7% of its September all-time high of $97.98, according to CoinMarketCap data.

What is not decided yet

No customer trading start date has been announced. Trading still needs regulatory approvals, including for leveraged trading, so the onshore market is an agreed plan rather than a live venue. This article reports market developments only and is not financial advice.