ICE to bring Hyperliquid-based perpetual futures to the U.S.; HYPE jumps 14%

Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, has signed a definitive agreement with Trade[XYZ], which runs perpetual futures markets on the decentralized exchange Hyperliquid, to bring those markets onshore in the United States, the companies said on Oct. 29. ICE is also making a strategic investment in Trade[XYZ]. The plan is subject to regulatory approvals.

A dedicated retail market run solely by ICE

ICE said in a press release that it will be the exclusive operator of Trade[XYZ]'s regulated markets and intends to create a new, dedicated retail market and clearing structure for them. The market is aimed at retail traders seeking short-duration, around-the-clock exposure to crypto, equities, commodities, foreign exchange and other assets. It will be run separately from ICE's institutional futures and clearing business, which accounts for more than 99% of ICE's current participation.

ICE said it intends to seek approvals for a regulated perpetual futures market with know-your-customer (KYC) and anti-money-laundering (AML) controls, including the approvals needed to support leveraged trading. Once approved, verified customers would access the markets through futures commission merchants (FCMs) that become members of the platform. ICE expects to distribute the products through partners, brokers and platforms, including its U.S. joint venture with crypto exchange OKX. ICE made a strategic investment in OKX earlier this year, and the joint venture is awaiting approval to register as a U.S. broker-dealer and FCM.

The size of the investment was not disclosed. ICE said the minority stake is not expected to have a material impact on its 2026 adjusted results, capital return or deleveraging plans. No launch date was given. CoinDesk reported that the market requires approval from the Commodity Futures Trading Commission (CFTC) and that Trade[XYZ] said it would share details on products, eligibility and timing as approvals progress.

"We see these perp markets as additive to our futures markets, not a replacement for them."

Jeffrey C. Sprecher, Chair and CEO of ICE

Perpetual futures, a market that grew on Hyperliquid

A perpetual future is a futures contract with no expiry date that can be held indefinitely. Periodic funding payments between longs (traders betting on a price rise) and shorts (traders betting on a fall) keep the contract's price close to the spot price. The product is common on crypto exchanges but has rarely been available on regulated U.S. exchanges.

Trade[XYZ] currently offers 24/7 perpetual contracts on equities, equity indices, commodities and currencies to eligible users outside the U.S. Trade[XYZ] designs the products, while Hyperliquid provides the underlying trading infrastructure. On March 18, S&P Dow Jones Indices licensed the S&P 500 index for what became the first official S&P 500 perpetual on Hyperliquid. According to CoinDesk, Trade[XYZ]'s markets have topped $650 billion in trading volume in just over a year.

This is not ICE's first investment in a crypto-linked company. In October 2025, ICE agreed to invest up to $2 billion in prediction market Polymarket, a deal Polymarket CEO Shayne Coplan confirmed on X.

HYPE jumps 14% after the announcement, remains unlisted on Korean won markets

Hyperliquid's HYPE token rallied on the evening of Oct. 29 Korean time, after the announcement. On Binance's spot market, HYPE was at $79.38 just before 7 p.m. KST, based on hourly candles, and traded at $90.77 at 10:32 p.m. KST, a gain of about 14% in three and a half hours. At that time it was up 12.7% over 24 hours, with an intraday high of $92.15.

Money also poured into futures. Open interest, the value of contracts not yet closed, in Binance's HYPE perpetual rose about 26%, from $322.5 million at 7 p.m. KST to $405.2 million at 10 p.m. KST. As of 10 p.m. KST, longs made up 57.8% of accounts and shorts 42.2%, and the eight-hour funding rate was 0.005%.

HYPE is not listed on the Korean won markets of Upbit or Bithumb. The "HYPER" token on Upbit's won market is a different coin, Hyperlane, and should not be mistaken for HYPE because of the similar name.