ICE is taking a minority stake in Trade[XYZ] and planning a US market built on Hyperliquid, subject to regulatory approval. Its fee arrangements will shape the effect on HYPE.

Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, is planning a US perpetual-futures market built on Hyperliquid.

On Oct. 29, ICE and Trade[XYZ], a crypto startup building products on Hyperliquid, announced plans to establish a dedicated US market for round-the-clock perpetual futures covering crypto, equities, commodities, and currencies, subject to regulatory approval.

Billionaire investor Stanley Druckenmiller said he had invested in Trade[XYZ] and expected to use its products in his investment process.

In May, CryptoSlate reported on Bloomberg’s account that ICE and CME Group had raised concerns with US regulators about oil-linked trading on Hyperliquid, including possible market manipulation and sanctions evasion.

Those concerns emerged as traders increasingly used Hyperliquid's perpetual contracts to speculate on oil prices outside conventional exchange hours, particularly during periods of geopolitical uncertainty.

The new agreement provides ICE with a potential route into that business, opening a customer segment largely absent from its existing operations.

ICE says more than 99% of participation in its current markets comes from institutional customers, leaving retail derivatives trading as a major expansion opportunity.

Trade[XYZ] says its markets have handled more than $650 billion in cumulative trading volume on Hyperliquid in just over a year.

Its markets offer continuous exposure to equities, stock indices, and commodities through perpetual contracts that do not expire like traditional futures.

These instruments let traders maintain leveraged positions and respond to developments outside conventional trading hours, attracting customers whose trading patterns differ from ICE's institutional hedgers.

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