ICE Teams with Trade[XYZ] to Launch U.S. Hyperliquid Perpetual Futures Market

Exciting news for U.S. traders! Intercontinental Exchange, the parent of the New York Stock Exchange, announced a partnership with Trade[XYZ], the largest builder of markets on the decentralized exchange Hyperliquid.

The collaboration aims to launch a U.S. market for perpetual futures, a product that lets traders speculate on price movements without an expiration date. The plan awaits approval from the Commodity Futures Trading Commission.

ICE and Trade[XYZ] will develop a new exchange and clearing system, ensuring that trades settle reliably. ICE is also making a strategic investment in Trade[XYZ]; the financial terms were not disclosed.

ICE[XYZ] will offer contracts on equities, indices, commodities, foreign exchange and crypto, accessible through participating brokers and platforms. Trade[XYZ] said it will provide details on product offerings, eligibility and timing as regulatory approvals progress.

Trade[XYZ] highlighted that its Hyperliquid markets have generated more than $650 billion in volume in just over a year. Those markets will continue to operate alongside the new U.S. venue.

Investor Stan Druckenmiller is among a small group of backers supporting the project.

Earlier this year, Trade[XYZ] secured a license for the first official S&P 500 perpetual contract in March, and its builder‑deployed markets now drive roughly half of Hyperliquid’s total volume.

ICE previously agreed in October to invest up to $2 billion in Polymarket, underscoring its commitment to expanding innovative market infrastructure.

The initiative reflects a broader move toward tokenized equities, which can be issued with or without issuer sponsorship, allowing tokens to represent actual shares and preserve full rights.

With CFTC approval, U.S. investors could soon access perpetual futures that have been largely confined to offshore venues.