ICE and Trade[XYZ] plan US market for Hyperliquid perps

Intercontinental Exchange (ICE), the New York Stock Exchange’s parent, agreed with Trade[XYZ] on Oct. 29 to bring Hyperliquid-based perpetual markets into the United States, potentially giving US retail traders round-the-clock access to contracts tied to crypto and other assets. The plan requires regulatory approvals, ICE’s announcement says.

The arrangement assigns different jobs to three firms. Hyperliquid provides the underlying technology through its HIP-3 system. Trade[XYZ] designs and implements the markets. ICE will be the exclusive operator of Trade[XYZ]’s regulated markets and intends to establish dedicated exchange and clearing infrastructure. Think of it as a relay: the protocol supplies the rails, Trade[XYZ] shapes the products, and ICE operates the regulated venue.

How would a US trader reach these markets?

ICE says the markets are intended for retail traders seeking short-term exposure, around the clock, to crypto, equities, indices, commodities, currencies and other real-world assets. A perpetual contract has no expiry date, unlike a traditional futures contract that settles on a set date. It gives a trader exposure to a market without locking in a future settlement date.

Under the proposed structure, customers would complete know-your-customer and anti-money-laundering checks, then access the contracts through futures commission merchants that join the platform. ICE says distribution is expected through brokers and platforms traders already use. One planned channel is ICE’s joint venture with OKX, but that venture’s US broker-dealer and futures commission merchant subsidiaries also need regulatory approval.

The new retail business would operate separately from ICE’s institutional futures and clearing franchise. ICE says the separate structure is intended to keep the trading and counterparty risks of the retail platform from reaching its existing institutional customers.

What is confirmed, and what still depends on approval?

The agreement is definitive, but the US market is a plan, not a launched service. ICE and Trade[XYZ] intend to seek approvals for a regulated market and clearing structure, including approvals needed for leveraged trading. The announcement does not give a launch date. The OKX distribution route has its own pending approvals.

ICE is also making a strategic investment in Trade[XYZ]. The company said the minority position is not expected to have a material impact on ICE’s 2026 adjusted financial results, capital return or deleveraging plans.

HYPE rose 15% on Thursday, trading around $91.21 at publication time, according to The Block’s report. That market move followed the announcement; it does not establish when or whether the proposed US venue will open.

Sources

• ICE’s announcement — ir.theice.com
• The Block’s report — theblock.co