NYSE owner ICE and Trade[XYZ] plan regulated US market for Hyperliquid-based perpetual futures

Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, and Trade[XYZ], which runs perpetual futures markets on the decentralised exchange Hyperliquid, have signed a definitive agreement to bring Trade[XYZ]‘s markets into the United States, the companies announced on Thursday 29 October. The plan is subject to regulatory approvals.

Under the agreement, ICE will be the exclusive operator of Trade[XYZ]‘s regulated markets and intends to set up a new, dedicated retail market and clearing structure built on Hyperliquid, separate from its institutional futures business. ICE is also making a strategic investment in Trade[XYZ]; the terms were not disclosed, CoinDesk reported.

Perpetual futures are contracts that never expire. Trade[XYZ] currently offers them around the clock to eligible users outside the US on equities, indices, commodities and currencies. ICE said the US contracts would cover crypto, equities, commodities, foreign exchange and other assets, and would be available to customers verified under know-your-customer and anti-money-laundering rules through brokers that join the platform, including ICE’s joint venture with the exchange OKX.

“We see these perp markets as additive to our futures markets, not a replacement for them,” ICE chair and chief executive Jeffrey Sprecher said. ICE said its participation today is more than 99% institutional.

CoinDesk reported the venue will be called ICE[XYZ], needs approval from the Commodity Futures Trading Commission, and has no announced launch date. Trade[XYZ] says its Hyperliquid markets have handled more than $650 billion in volume in just over a year, according to CoinDesk.

As of 17:54 GMT, ICE shares were up 5.6%, according to Yahoo Finance data.