ICE and Trade[XYZ] Partner to Bring Regulated Perpetual Futures to U.S. Retail Traders

Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), announced on Thursday a definitive agreement with Trade[XYZ] to establish a U.S.-regulated perpetual futures marketplace built on Hyperliquid infrastructure. The arrangement makes ICE the exclusive operator of Trade[XYZ]'s regulated markets and includes an undisclosed minority investment in the trading company.

Trade[XYZ] has processed more than $650 billion in trading volume in just over a year through its Hyperliquid markets. The platform offers perpetual contracts tied to stocks, indices, commodities, and currencies. Perpetual futures differ from traditional futures because they never expire, allowing traders to maintain leveraged exposure without fixed settlement dates.

ICE's Retail Strategy

ICE Chairman and CEO Jeffrey C. Sprecher described the initiative as an expansion into an increasingly international retail trading audience. "We've seen a clear increase in retail participation in markets, and that participation is becoming far more global, with retail traders increasingly seeking short-duration exposure, often around the clock," Sprecher said.

Sprecher emphasized that "we see these perp markets as additive to our futures markets, not a replacement for them." ICE plans to separate the new retail business from its established institutional clearing operations to shield commercial hedgers from the retail platform's trading and counterparty risks. ICE's existing futures participation is more than 99% institutional.

Regulatory Path and Distribution

The proposed marketplace would support contracts referencing equities, indices, commodities, foreign exchange, and cryptocurrencies. Customers would access products through participating futures commission merchants and brokers after completing identity verification and anti-money laundering (AML) requirements.

ICE's existing joint venture with OKX is positioned as a prospective distribution channel, although its broker-dealer and futures commission merchant approvals remain pending. Both ICE and Trade[XYZ] must obtain regulatory approvals before opening the proposed venue.

Trade[XYZ] disclosed that billionaire investor Stan Druckenmiller is joining a small group of financial backers supporting the initiative. The company's existing Hyperliquid markets will continue operating alongside the proposed U.S. platform. For ICE, the minority investment is not expected to materially affect its 2026 adjusted financial results.