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<p>Intercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE), has partnered with Hyperliquid-linked trading platform Trade.xyz to develop a U.S.-regulated market for perpetual futures, with the exchange operator taking an undisclosed equity stake in the company.</p>
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   <li>NYSE parent Intercontinental Exchange has announced a partnership with Trade.xyz to develop a U.S.-regulated perpetual futures market.</li>
   <li>The proposed platform will use Hyperliquid infrastructure, with dedicated clearing, identity checks and anti-money laundering controls.</li>
   <li>Trade.xyz says its existing Hyperliquid markets have handled more than $650 billion in cumulative trading volume.</li>
   <li>ICE is making a strategic investment in Trade.xyz, but the companies have not disclosed its size or a launch date.</li>
   <li>HYPE briefly climbed to around $86 following the announcement, according to crypto.news market data.</li>
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<p>According to a post on X, the companies intend to build a dedicated trading venue using Hyperliquid’s infrastructure, subject to approval from the Commodity Futures Trading Commission (CFTC). The proposed market will offer contracts tied to stocks, equity indexes, commodities, foreign exchange and cryptocurrencies, with access through participating brokers and trading platforms.</p>
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   <p>trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.<br><br>In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for…</p>— trade.xyz (@tradexyz) <a href="https://x.com/tradexyz/status/2115755854125478285?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 29, 2026</a>
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<p>ICE’s investment comes as Trade.xyz reports more than $650 billion in cumulative trading volume on Hyperliquid over the past year. The companies have not disclosed the investment amount, the ownership stake ICE will receive or when the planned U.S. market could begin operating.</p>
<h2 class="wp-block-heading" id="strong-nyse-owner-ice-plans-regulated-trading-on-hyperliquid-strong"><strong>NYSE owner ICE plans regulated trading on Hyperliquid</strong></h2>
<p>Under the proposed arrangement, Trade.xyz and ICE will develop new exchange and clearing infrastructure designed for U.S. customers. The companies intend to introduce know-your-customer (KYC) checks and anti-money laundering (AML) controls while using Hyperliquid technology to support continuous trading.</p>
<p>Perpetual futures allow traders to take positions on an asset’s price without a fixed contract expiration date. Trade.xyz already operates such markets on Hyperliquid, including contracts tied to equities, indexes and commodities, although its existing offshore products are not available to U.S. customers.</p>
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<p>In its <a href="https://x.com/tradexyz/status/2115755854125478285" rel="noopener noreferrer nofollow">announcement</a>, Trade.xyz described the project as an effort to bring those products into the American regulated derivatives market.</p>
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 <p>“Innovation and the protections of U.S. regulation shouldn’t be a trade-off,” the company stated.</p>
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<p>The proposed venue remains subject to CFTC approval. Neither company has identified the specific registered exchange or clearing entity that would operate the new market, and the announcement does not establish whether it will use an existing designated contract market license or seek new regulatory approvals.</p>
<p>Trade.xyz confirmed that it will continue operating its existing Hyperliquid HIP-3 markets while developing the separate U.S. business.</p>
<h2 class="wp-block-heading" id="strong-ice-investment-follows-650-billion-in-trade-xyz-volume-strong"><strong>ICE investment follows $650 billion in Trade.xyz volume</strong></h2>
<p>Trade.xyz said its Hyperliquid markets have processed more than $650 billion in trading volume since launching just over a year ago. The platform provides around-the-clock price exposure to traditional financial assets, including periods when conventional stock and futures exchanges are closed.</p>
<p>Its recent expansion included <a href="https://crypto.news/trade-xyz-launches-nifty-50-perpetuals-with-20x-leverage/" rel="noopener noreferrer nofollow">NIFTY 50 perpetual futures</a> launched on October 27. The contract tracks India’s benchmark equity index, offers leverage of up to 20 times and settles profits and losses in USDC.</p>
<p>Earlier activity showed substantial demand for the platform’s products. Trade.xyz recorded $202.36 billion in volume during the second quarter of 2026, according to Hyperliquid Research Collective data, with equity-linked contracts accounting for $58.9 billion.</p>
<p>Beyond ICE’s participation, the company identified billionaire investor Stan Druckenmiller among a small group of investors joining the initiative. However, it did not disclose the group’s investment commitments or individual ownership interests.</p>
<p>Trade.xyz said it would release more information about available contracts, customer eligibility and launch timing as the regulatory process progresses.</p>
<h2 class="wp-block-heading" id="strong-hyperliquid-already-has-another-us-regulatory-proposal-strong"><strong>Hyperliquid already has another US regulatory proposal</strong></h2>
<p>ICE’s partnership follows a separate effort involving Kraken parent Payward, which has proposed offering U.S. perpetual futures through its CFTC-regulated Bitnomial businesses.</p>
<p>On October 26, Hyperliquid <a href="https://crypto.news/hyperliquid-payward-regulated-us-hip-3-markets/" rel="noopener noreferrer nofollow">outlined Payward’s proposed structure</a>, under which Bitnomial would create and administer selected contracts using a permissioned version of Hyperliquid’s HIP-3 infrastructure. NinjaTrader Clearing would maintain customer accounts, with participation restricted through approved access lists.</p>
<p>Unlike ICE’s newly announced arrangement, the Payward proposal identifies the regulated entities responsible for exchange operations, clearing and customer access.</p>
<p>The proposals remain separate, and neither announcement confirms that U.S. customers can begin trading the planned Hyperliquid-based contracts.</p>
<p>ICE chief executive Jeffrey Sprecher had previously discussed the company’s interest in the technology. As <a href="https://crypto.news/ice-ceo-questions-unequal-treatment-of-onchain-perpetuals-market/" rel="noopener noreferrer nofollow">crypto.news reported in May</a>, Sprecher said ICE had held discussions with regulators about blockchain-based perpetual futures and met with Hyperliquid representatives to understand the trading system.</p>
<h2 class="wp-block-heading" id="strong-hype-price-rises-following-ice-partnership-announcement-strong"><strong>HYPE price rises following ICE partnership announcement</strong></h2>
<p>Hyperliquid’s native token HYPE gained attention after news of the agreement. Market data showed the token briefly towards $86 following the announcement.</p>
<p>At press time, HYPE <a href="https://crypto.news/price/hyperliquid/" rel="noopener noreferrer nofollow">traded</a> at around $85, up 3.6% over 24 hours, according to crypto.news market data. The two readings reflect different reporting points during trading on October 29.</p>
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  HYPE price chart, source: crypto.news
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<p>At that price, HYPE remained among the largest cryptocurrencies by market capitalization, with approximately 239.4 million tokens in circulating supply.</p>
<p>Trade.xyz’s announcement did not specify whether HYPE would serve as collateral or carry any additional role within the proposed U.S. market.</p>
<p>The company said existing HIP-3 operations would continue independently while it works with ICE on regulatory approvals and the planned exchange infrastructure.</p>
<p>Read more: <a href="https://crypto.news/cardano-foundation-joins-cmta/" rel="noopener noreferrer nofollow"> Cardano Foundation joins Swiss group to support tokenized shares </a></p>

NYSE owner ICE teams up with Trade.xyz to bring Hyperliquid trading to the US

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