ICE to Invest in Trade.xyz for US Hyperliquid Perps, Pending CFTC
Trade.xyz says NYSE parent ICE is investing in it and plans a U.S. venue, ICE[XYZ], for 24/7 Hyperliquid-based perps. The plan needs CFTC approval, and the investment size, regulated entity and launch date remain undisclosed.
U.S. traders could gain a regulated route to Hyperliquid-based perpetual futures, if the Commodity Futures Trading Commission signs off. Trade.xyz said on Thursday, October 29, that Intercontinental Exchange, the parent company of the New York Stock Exchange, is investing in the company and will work with it to offer 24/7 Hyperliquid-based perps to U.S. traders.
Trade.xyz runs stock, index and commodity perpetual futures markets on Hyperliquid. Perpetual futures, or perps, are derivatives with no expiry date that track an underlying price. In a post on X, Trade.xyz framed the venture around regulatory compliance.
"Innovation and the protections of U.S. regulation shouldn't be a trade-off,"
Trade.xyz, in an X post
The planned venue, branded ICE[XYZ], would have its own exchange and clearing infrastructure. It would list contracts on equities, indices, commodities, FX and crypto, reached through participating brokers and platforms, and would include dedicated clearing along with KYC and AML controls. Billionaire investor Stan Druckenmiller is also investing, as part of a small group of backers.
HYPE, Hyperliquid's token, briefly climbed to around $86 after the news. Market data quoted shortly afterward ranged from about $85, up 3.6% over 24 hours, to $86.40, up 6.20%; the gap reflects different reporting points.
Much remains undisclosed. Neither company has revealed the size or terms of ICE's investment, the ownership stake or a launch date. The announcement mentioned no filing with, or sign-off from, the CFTC, and ICE had not published its own statement at the time. Neither firm has named the registered exchange or clearing entity, or said whether an existing designated contract market license would be used. Trade.xyz said it will release more on products, eligibility and timing as approvals progress.
Trade.xyz says its Hyperliquid markets, live a little over a year, have handled more than $650 billion in volume. Its existing HIP-3 markets will keep running alongside the U.S. effort.
What it means for U.S. access
ICE's stance on Hyperliquid has shifted over the past few months. In May, ICE CEO Jeffrey Sprecher said the company had met Hyperliquid several times and called it bigger than NASDAQ. About two weeks earlier, Bloomberg reported that ICE and CME had urged U.S. regulators to look into Hyperliquid over manipulation risks.
The announcement also arrives three days after a separate proposal for U.S. access. Hyperliquid has planned Payward as the first CFTC-regulated HIP-3 deployer, with Bitnomial deploying and NinjaTrader Clearing carrying accounts. Unlike the ICE plan, that proposal names its regulated entities. Hyperliquid itself remains closed to U.S. users.
For now, nothing here is approved. The CFTC's response, and which licensed entities end up behind ICE[XYZ], will determine whether the announcement becomes a product.
