Hyperliquid's native token HYPE surged approximately 20% Thursday following an announcement from Intercontinental Exchange (ICE), owner of the New York Stock Exchange, that it plans to offer US perpetual futures through Trade[XYZ]. HYPE traded above $96 at the time of the announcement, approaching September's all-time high of $97.96.
ICE and Trade[XYZ], which counts billionaire Wall Street investor Stanley Druckenmiller among its backers, said they would seek regulatory approval for markets covering cryptocurrencies, stocks, indexes, commodities and currencies. The proposed platform would target retail traders through a dedicated clearing structure, separate from ICE's institutional futures business.
Perpetual futures allow traders to take positions on asset prices without an expiration date. Hyperliquid currently operates the world's largest decentralized exchange for such instruments, according to DefiLlama data.
ICE disclosed that it is taking a minority stake in Trade[XYZ] but did not reveal the investment amount or launch timeline. The company said it would operate the retail venture separately to shield its existing institutional customers, which account for more than 99% of participation in its markets, from retail counterparty risks.
The proposal would provide US retail traders a regulated pathway to Hyperliquid-based perpetual futures. Distribution is expected through ICE's joint venture with OKX, pending separate regulatory approvals. ICE invested in OKX at a $25 billion valuation in March.
Customers would be required to undergo identity verification and Anti-Money-Laundering checks and trade through participating futures brokers. The arrangement remains conditional on regulatory approval, as the Commodity Futures Trading Commission (CFTC) reviews perpetual futures contracts on a case-by-case basis for asset classes beyond Bitcoin.
Druckenmiller announced his investment in Trade[XYZ] on social media, stating he looked forward to using its products. Elon Musk also shared attention to the agreement.
