Key Takeaways
- • Intercontinental Exchange (ICE), parent of the New York Stock Exchange, is partnering with Trade[XYZ] to bring 24/7 perpetual futures trading to the U.S., pending approval from the Commodity Futures Trading Commission (CFTC).
- • Trade[XYZ] reports that its Hyperliquid-based markets have surpassed $650 billion in trading volume in just over a year.
- • Planned U.S. contracts would span equities, indices, commodities, foreign exchange and cryptocurrencies, with access through participating brokers and platforms.
- • ICE is making a strategic investment in Trade[XYZ], with both parties declining to disclose the amount; investor Stan Druckenmiller is among the market luminaries joining the effort.
- • No launch date, product details or customer eligibility rules have been finalized, and the U.S. venture will run in parallel with Trade[XYZ]'s existing HIP-3 markets.
Summary
Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is partnering with Trade[XYZ] to bring round-the-clock perpetual futures trading to the United States. The proposed venue would be a separate, dedicated U.S. market built on Hyperliquid's market technology, combining Trade[XYZ]'s product design and market-making technology with ICE's experience operating regulated exchanges, clearing and risk management. The launch is subject to CFTC approval.
According to Trade[XYZ], its markets on Hyperliquid have surpassed $650 billion in volume in just over a year. The firm says these markets provide continuous price discovery for stocks, indices and commodities when traditional markets are closed, and that non-U.S. participants have been able to trade them while Americans could not. Planned contracts would cover equities, indices, commodities, foreign exchange and cryptocurrencies, accessed through participating brokers and platforms. The companies have not yet released a launch date or finalized details on products and customer eligibility.
Perpetual futures differ from conventional futures in that they have no expiration date, allowing traders to hold positions indefinitely, with periodic funding payments used to keep contract prices aligned with the underlying market. The companies frame the U.S. venture as bringing this model under U.S. regulatory protections.
ICE is also making a strategic investment in Trade[XYZ], a private firm; both sides declined to disclose the amount. Investor Stan Druckenmiller is joining the group of market participants backing the initiative. Trade[XYZ] says the U.S. market will be developed in parallel with its existing HIP-3 markets, which it plans to continue expanding.
The agreement may give Hyperliquid perpetuals structured access to U.S. clients and underscores growing interest from traditional financial institutions in crypto derivatives and trading infrastructure. Timing and the total amount of ICE's investment were not disclosed.
According to Trade[XYZ], its markets on Hyperliquid have surpassed $650 billion in volume in just over a year. The firm says these markets provide continuous price discovery for stocks, indices and commodities when traditional markets are closed, and that non-U.S. participants have been able to trade them while Americans could not. Planned contracts would cover equities, indices, commodities, foreign exchange and cryptocurrencies, accessed through participating brokers and platforms. The companies have not yet released a launch date or finalized details on products and customer eligibility.
Perpetual futures differ from conventional futures in that they have no expiration date, allowing traders to hold positions indefinitely, with periodic funding payments used to keep contract prices aligned with the underlying market. The companies frame the U.S. venture as bringing this model under U.S. regulatory protections.
ICE is also making a strategic investment in Trade[XYZ], a private firm; both sides declined to disclose the amount. Investor Stan Druckenmiller is joining the group of market participants backing the initiative. Trade[XYZ] says the U.S. market will be developed in parallel with its existing HIP-3 markets, which it plans to continue expanding.
The agreement may give Hyperliquid perpetuals structured access to U.S. clients and underscores growing interest from traditional financial institutions in crypto derivatives and trading infrastructure. Timing and the total amount of ICE's investment were not disclosed.
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