ICE Partners with Hyperliquid Builder Trade[XYZ] to Launch U.S. Perpetual Futures Market

Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), is partnering with Trade[XYZ], a major builder on decentralized exchange Hyperliquid, to introduce a regulated perpetual futures market in the United States. The initiative remains subject to approval from the U.S. Commodity Futures Trading Commission (CFTC).

The partnership aims to bring perpetual futures trading for traditional financial assets and cryptocurrencies into the U.S. market, addressing current regulatory restrictions that limit access for American investors.

Partnership Details

Under the agreement, ICE and Trade[XYZ] plan to list perpetual futures linked to equities, stock market indices, commodities, foreign exchange (FX), and cryptocurrencies. The contracts would be accessible through participating brokers and trading platforms.

The planned infrastructure will include clearing systems alongside know-your-customer (KYC) and anti-money laundering (AML) compliance measures. The clearing system will manage counterparty risk and ensure trades are processed and settled according to applicable rules.

ICE will also make a strategic equity investment in Trade[XYZ], though financial terms have not been disclosed.

Trade[XYZ]'s Track Record

Trade[XYZ] has established a significant presence on Hyperliquid, reporting more than $650 billion in trading volume in just over a year. The company's builder-deployed markets account for roughly half of Hyperliquid's trading activity.

In March, Trade[XYZ] secured a license for an S&P 500 perpetual contract and has introduced products tied to crude oil and equity benchmarks.

Broader Market Developments

Other platforms are pursuing similar initiatives. Payward, Kraken's parent company, plans to introduce on-chain perpetual futures for eligible U.S. traders through Hyperliquid, pending regulatory approval. Crypto.com received SEC authorization to offer tokenized stock perpetual futures in the U.S. through its new futures exchange, OG.com, following discussions with the SEC and CFTC.