NYSE Owner ICE Plans U.S. Market for Hyperliquid-Based Perpetual Futures

TL;DR

• ICE and Trade[XYZ] plan a U.S.-regulated perpetual futures market built on Hyperliquid infrastructure, with dedicated clearing and compliance systems. Regulatory approval remains required.
• The proposed venue would cover equities, indexes, commodities, foreign exchange and crypto, operating around the clock through participating brokers and platforms for U.S. traders.
• ICE is taking an undisclosed stake in Trade[XYZ]. Existing Hyperliquid markets would continue separately, while launch timing, eligibility and contract details remain unannounced.

Intercontinental Exchange, owner of the New York Stock Exchange, plans to build a U.S.-regulated perpetual futures market with Trade[XYZ] using Hyperliquid infrastructure. The Bloomberg report says the venue would include dedicated clearing, know-your-customer and anti-money-laundering systems, while ICE is also taking an undisclosed stake in Trade[XYZ]. The proposal extends institutional interest around the Hyperliquid perpetuals ecosystem, but remains subject to regulatory approval. The planned structure is intended for the United States and would operate separately from Trade[XYZ]’s existing offshore markets.

ICE and Trade[XYZ] Build a Separate Regulatory Path for Perpetuals

The planned venue, branded ICE[XYZ], would offer perpetual futures tied to equities, equity indexes, commodities, foreign exchange and crypto assets through participating brokers and platforms. Unlike conventional futures, perpetual contracts do not expire, allowing traders to maintain exposure without rolling positions into later-dated contracts. Details on launch timing, product eligibility and specific contracts have not yet been announced, leaving the commercial rollout dependent on both regulatory clearance and subsequent implementation. Trading would be available around the clock continuously.

Trade[XYZ] already deploys markets on Hyperliquid and says those markets have processed more than $650 billion in volume in just over a year. Its existing Hyperliquid operations are expected to continue alongside the proposed U.S. venue, rather than being replaced by it. That distinction mirrors the broader push to create regulated U.S. access to Hyperliquid perpetuals while keeping offshore and permissioned market structures separate.

The project arrives as U.S. regulators have begun allowing regulated venues to list perpetual products, creating a pathway that was previously largely unavailable domestically. ICE would bring exchange and clearing infrastructure to a market format historically associated with offshore crypto trading, while Trade[XYZ] contributes the product layer built around Hyperliquid rails. The proposal also enters an active policy debate around innovation in U.S. futures markets, where the regulatory treatment of perpetual contracts remains contested.

For ICE, the partnership creates a potential route into retail trading activity that has often developed outside traditional U.S. derivatives venues. For Hyperliquid, it shows how its infrastructure could support products distributed through regulated intermediaries without making the protocol itself the direct operator of the U.S. venue. The central question is whether regulators approve the dedicated structure ICE and Trade[XYZ] intend to build. Until then, the initiative remains a proposed expansion, alongside the industry’s continuing debate over how U.S. perpetual markets should be regulated.