Intercontinental Exchange, the parent company of the New York Stock Exchange, has partnered with trade[XYZ] to develop a regulated U.S. perpetual futures market on Hyperliquid that would operate around the clock.
Summary
- NYSE owner ICE has partnered with trade[XYZ] to develop a regulated US perpetual futures market on Hyperliquid, with the proposed launch subject to CFTC approval.
- The planned market would offer 24/7 trading in perpetual futures tied to equities, indices, commodities, foreign exchange and cryptocurrencies through participating brokers and platforms.
- ICE is making a strategic investment in trade[XYZ], while billionaire investor Stan Druckenmiller is joining a group of investors backing the initiative.
- Trade[XYZ] said its existing Hyperliquid markets have processed more than $650 billion in trading volume in just over a year, with the company planning to continue expanding its HIP-3 offerings.
- The companies have yet to announce a launch date or specific contract details, with further information on products and customer eligibility expected as regulatory approvals progress.
According to an announcement from trade[XYZ], the companies plan to establish a dedicated U.S. trading venue with exchange and clearing infrastructure built on Hyperliquid, subject to approval from the Commodity Futures Trading Commission.
The proposed market would offer perpetual futures tied to equities, stock indices, commodities, foreign exchange, and cryptocurrencies, with eligible U.S. customers gaining access through participating brokers and trading platforms.
ICE is making a strategic investment in trade[XYZ] as part of the partnership, although the companies have not disclosed the size or financial terms of the investment.
Billionaire investor Stan Druckenmiller is joining a small group of investors backing the initiative. Trade[XYZ] said additional details about the products, customer eligibility, and launch timeline would be released as the regulatory approval process progresses.
ICE and trade[XYZ] plan regulated Hyperliquid markets
Under the proposed arrangement, ICE would contribute its experience in operating regulated financial markets, clearing transactions, and managing trading risks, while trade[XYZ] would provide the technology and market infrastructure it has developed on Hyperliquid.
ICE has more than 25 years of experience in financial market operations and owns several established exchanges and clearing businesses, including the New York Stock Exchange.
Trade[XYZ], meanwhile, has operated perpetual futures markets on Hyperliquid since October 2025, allowing traders to take positions on traditional financial assets without relying on conventional exchange trading hours.
According to the company, its markets have processed more than $650 billion in cumulative trading volume in just over a year, with contracts covering stocks, indices, and commodities.
The company said its existing markets have become reference points for traders seeking prices outside regular exchange hours, particularly during weekends and periods when traditional markets are closed.
Perpetual futures differ from conventional futures contracts because they do not have a fixed expiration date. Traders can maintain their positions as long as they meet margin requirements, while periodic funding payments help keep contract prices close to their reference assets.
The companies intend to bring this trading structure to the United States through a regulated market, where perpetual products offered on Hyperliquid have generally remained unavailable to American customers.
Trade[XYZ] expands its existing perpetual futures business
The partnership follows a period of growth for trade[XYZ], which has continued introducing perpetual contracts tied to traditional financial markets.
Earlier this week, the platform launched NIFTY 50 perpetual futures, allowing traders to take leveraged positions on India’s benchmark stock index around the clock.
The contract offers leverage of up to 20 times and settles profits and losses in USDC, without requiring traders to hold Indian rupees or purchase the underlying shares.
Trade[XYZ] has expanded its offerings through Hyperliquid’s HIP-3 infrastructure, which allows independent developers to create perpetual futures markets covering assets beyond cryptocurrencies.
According to research published by the Hyperliquid Research Collective in September, trade[XYZ] recorded $202.36 billion in trading volume during the second quarter of 2026, up 79.2% from the previous quarter.
Equity perpetual futures accounted for $58.9 billion of that total, while the platform’s share of HIP-3 trading volume reached 95.1% during the quarter. Open interest stood at $2.96 billion at the end of June.
Trade[XYZ] said it would continue developing its existing HIP-3 markets alongside the proposed U.S. venue, with plans to introduce more asset classes and trading products across both operations.
US regulators consider perpetual futures proposals
The ICE partnership follows other efforts to introduce regulated perpetual futures trading on Hyperliquid for American customers.
Earlier this week, crypto.news reported that Kraken parent Payward was pursuing a separate proposal to offer regulated U.S. perpetual futures through Bitnomial, using Hyperliquid’s infrastructure.
Under that arrangement, Bitnomial would create and administer the proposed markets and handle contract clearing and settlement, while NinjaTrader Clearing would maintain customer accounts.
The proposal would use permissioned HIP-3 markets, with access restricted to customers who complete the required onboarding procedures and appear on the participating entities’ approved lists.
Separately, trade[XYZ] and the Hyperliquid Policy Center submitted a request to the CFTC in August seeking regulatory permission for perpetual futures tied to energy commodities, including West Texas Intermediate crude, Brent crude, and Henry Hub natural gas.
The groups proposed safeguards covering leverage limits, pricing reliability, and risk management, while requesting regulatory treatment that would accommodate continuous trading and onchain settlement.
Hyperliquid introduced preliminary permissioning features for HIP-3 markets in September, allowing independent market operators to control participation through onchain allowlists.
The optional system allows deployers to restrict access to selected markets without changing the operation of existing unrestricted HIP-3 contracts.
