Intercontinental Exchange has signed a final deal to move Trade[XYZ]’s perpetual markets onshore in the US, ICE said on 29 Oct. ICE would be the exclusive operator, through a new retail market and clearing house built for the purpose.
So-called perpetual futures, or perps, are contracts that track a price but never expire, so traders can hold a position for as long as they keep up the margin.
Trade[XYZ] runs perps on Hyperliquid that track stocks, stock indices, commodities and currencies. It offers them around the clock to eligible users outside the United States.
Hyperliquid supplies the trading and settlement infrastructure. Trade[XYZ] designs the contracts.
The deal needs regulatory approval, and neither company gave a timeline. ICE is also making a minority investment in Trade[XYZ] but did not disclose its size.
Why it matters: it puts the operator of the NYSE behind markets that began on a crypto network. It comes three days after Hyperliquid added allowlists so Kraken’s parent can run US perps.
Once approved, customers who pass identity and anti-money-laundering checks would trade through futures commission merchants, the brokers that become members of the new platform.
ICE said the business would sit apart from its existing futures and clearing operations. Today, more than 99% of trading on its venues comes from institutions.
“We intend to find retail traders where they want to be, through the partners, brokers, and platforms they already use,” said Jeffrey Sprecher, ICE’s chair and chief executive. “We see these perp markets as additive to our futures markets, not a replacement for them.”
How OKX fits the plan
ICE took a stake in OKX earlier this year. The two have a joint venture meant to connect OKX’s retail customers to ICE-run markets.
ICE said Trade[XYZ]’s regulated contracts are expected to be offered through that venture. That still depends on the venture’s own pending approvals as a US broker-dealer and futures commission merchant.
The same partnership is behind OKXICE, the tokenized share venue where 33 issuers have now objected to listings.
Round-the-clock equity perps have had rough moments. On 18 Oct, chip-stock perps fell as much as 7% in minutes on a Saturday, when the underlying shares were not trading.
ICE said the minority stake should not materially affect its adjusted results for 2026.
Hyperliquid’s HYPE token traded at $91.03 as of 14:44 UTC, up 13.9% in 24 hours, according to CoinGecko. The next milestone is a filing or approval from US regulators for the new ICE market.
This article is for information only and is not investment advice.