Hyperliquid (HYPE) rose more than 15% on Thursday after Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, agreed to bring Trade[XYZ]'s Hyperliquid-based perpetual futures to the US market. The token traded near $79 early Thursday and climbed to approximately $93 by mid-afternoon UTC, according to CoinGecko data, leaving it about 5% below its September 23 record high of $98.
Under the agreement, ICE will serve as the exclusive operator of Trade[XYZ]'s regulated markets and plans to build a new retail clearing structure on Hyperliquid. The planned venue, called ICE[XYZ], requires approval from the Commodity Futures Trading Commission (CFTC). The platform will offer perpetual contracts covering equities, indices, commodities, currencies, and crypto assets, with customers accessing markets through futures commission merchants after completing identity and anti-money-laundering checks.
Trade[XYZ] currently operates markets through HIP-3, a Hyperliquid feature allowing developers to deploy proprietary perpetual futures markets. These markets have generated over $650 billion in volume in just over a year. The new US venue will operate separately from Trade[XYZ]'s existing non-US markets.
ICE emphasized the separation between its retail and institutional operations. The company noted that more than 99% of its current market participation is institutional, and its hedging customers will have no exposure to retail counterparty risk on the new platform. "We see these perp markets as additive to our futures markets, not a replacement for them," said Jeffrey Sprecher, Chair and CEO of ICE.
ICE has taken a minority stake in Trade[XYZ] as part of the deal, which the company said will not materially impact its 2026 adjusted financial results. Investor Stan Druckenmiller is joining as a backer of Trade[XYZ]. ICE previously took a stake in OKX in March and operates a joint venture with OKX called OKXICE, which filed with the SEC in October to trade tokenized shares of NYSE-listed companies. Trade[XYZ] expects its contracts to reach customers through this same venture once all necessary approvals are secured.
