ICE to Bring Hyperliquid-Based Perps Onshore in the US

Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, announced a definitive agreement on October 29 with Trade[XYZ], a deployer of perpetual-futures markets built on Hyperliquid. The aim is to bring those markets into a US regulated framework. Launch depends on regulatory approvals, and no timeline was given.

Details

According to ICE's press release (also carried on Business Wire), ICE will operate Trade[XYZ]'s regulated markets and take a minority stake in the company. The amount was not disclosed; ICE said the investment is not expected to materially affect its 2026 adjusted results.

The venue is designed as a separate retail structure, walled off from ICE's institutional futures business, which the company says is more than 99% institutional. KYC/AML-verified customers would trade through futures commission merchants that join the platform. Bitcoin.com reports that distribution may run through ICE's joint venture with OKX. ICE chief executive Jeffrey Sprecher said he sees perp markets as additive to futures markets, not a replacement.

What it means for the market

Hyperliquid perps trade today outside the US regulated perimeter. ICE's deal is a step by a major traditional exchange toward offering American retail traders a comparable product under US rules. Everything hinges on regulators: until approvals arrive there is no launch date and no list of contracts.

For HYPE and other prices, see the daily brief and the coin page. Earlier today Binance announced perps on stocks, another sign of derivatives on traditional assets expanding.