ICE Partners With TradeXYZ to Bring Hyperliquid Perpetual Futures to US
Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), has partnered with TradeXYZ to introduce perpetual futures markets based on Hyperliquid technology in the United States, subject to regulatory approval.
The planned platform will offer contracts linked to cryptocurrencies, stocks, market indices, commodities and foreign exchange. ICE intends to operate the exchange and clearing infrastructure, while TradeXYZ will develop the markets and Hyperliquid will provide the underlying technology through its HIP-3 framework.
As part of the agreement, ICE is also making a strategic investment in TradeXYZ. The new products are expected to reach traders through participating brokers and trading platforms, potentially expanding access to perpetual futures beyond crypto-native exchanges.
ICE sees the initiative as a way to serve growing demand for flexible trading opportunities, particularly among retail investors seeking access to markets outside traditional trading hours.
The company said the new perpetual futures products would complement its existing futures business rather than replace it. The partnership aims to connect traders with round-the-clock markets through platforms and brokers they already use.
HYPE token rises 15%
Hyperliquid's native HYPE token climbed 15% on Thursday, reaching around $91.21 at the time of publication. The rally brought the token closer to its record high of $97.96, set the previous month.
The announcement adds to the growing role of Hyperliquid's HIP-3 framework, which allows developers to launch their own perpetual futures markets on the protocol. TradeXYZ has already built a presence in these markets, offering contracts tied to traditional assets such as stocks, indices and commodities.
Demand for these products has highlighted interest in trading traditional financial instruments around the clock, rather than being restricted to conventional market hours. Open interest across Hyperliquid's HIP-3 markets reached $2.38 billion in April.
The ICE agreement could provide a path for these products to reach a broader US audience through a regulated exchange and clearing structure.
US regulatory efforts advance
The partnership comes as US regulators explore ways to accommodate perpetual futures within the country's financial framework.
In May, the Commodity Futures Trading Commission (CFTC) issued staff guidance and no-action relief related to perpetual futures, helping establish a potential route for these products to enter the US market. The move formed part of broader efforts to bring crypto-related trading activity under existing regulatory oversight.
In September, President Donald Trump also referenced Hyperliquid while discussing efforts to bring the protocol into the US market in a compliant manner.
Regulatory approval remains a key condition for the proposed ICE and TradeXYZ markets to launch. If cleared, the partnership would connect Hyperliquid's blockchain-based trading infrastructure with ICE's established exchange and clearing operations, creating a new route for perpetual futures trading in the United States.