Family

Hyperliquid

George Soros

Anvil

The owner of the <a href="https://www.thestreet.com/crypto/tag/nyse" rel="noopener noreferrer nofollow">New York Stock Exchange</a> wants to bring round-the-clock futures trading to Americans, and one of <a href="https://www.thestreet.com/crypto/tag/wall-street" rel="noopener noreferrer nofollow">Wall Street</a>’s most closely watched investors is putting money behind the plan.
Intercontinental Exchange, or ICE, <a href="https://ir.theice.com/press/news-details/2026/Intercontinental-Exchange-and-TradeXYZ-to-Bring-Hyperliquid-Based-Perpetual-Markets-Onshore/default.aspx" rel="noopener noreferrer nofollow">announced</a> on Oct. 29 a definitive agreement with Trade[XYZ] to bring the firm’s 24/7 markets to the U.S.&nbsp;
Trade[XYZ] runs those markets on the crypto platform <a href="https://www.thestreet.com/crypto/tag/hyperliquid" rel="noopener noreferrer nofollow">Hyperliquid</a>.
<a href="https://www.thestreet.com/crypto/markets/top-analyst-calls-nasdaq-ai-firm-datavault-bitcoin-filing-one-of-the-ugliest-ever" rel="noopener noreferrer nofollow">Related: Top analyst calls Nasdaq AI firm’s SEC filing 'one of the ugliest' ever</a>
The same day, billionaire investor <a href="https://www.thestreet.com/crypto/tag/stanley-druckenmiller" rel="noopener noreferrer nofollow">Stanley Druckenmiller</a> said on X that he has invested in Trade[XYZ].
<blockquote>
 “I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States,” he wrote.
</blockquote>
He added that he plans to use the product himself to “enhance my investment process.”
<blockquote class="twitter-tweet">
 I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States. As a market participant, I am looking forward to to using their innovative product to enhance my investment process.— Stan Druckenmiller (@standuquesne) <a href="https://x.com/standuquesne/status/2115777839622689036?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 29, 2026</a>
</blockquote>
<h2 id="a-macro-legend-makes-his-move">A macro legend makes his move</h2>
Druckenmiller’s backing carries weight on Wall Street.&nbsp;
He is one of the most celebrated macro investors of his generation, known for anticipating big shifts in the global economy.&nbsp;
Forbes <a href="https://www.forbes.com/profile/stanley-druckenmiller/" rel="noopener noreferrer nofollow">estimates</a> his net worth at $8.9 billion.
He founded the hedge fund Duquesne Capital Management in 1981 and worked alongside George Soros until 2000. In 1992, the pair took a position against the British pound that earned them massive profits.
Druckenmiller shut down Duquesne in 2010, when it managed about $12 billion, and returned the money to clients. He now invests through the Duquesne Family Office.
<figure><img src="https://www.thestreet.com/.image/c_fit%2Ch_675%2Cw_1200/MjI3MjU3MTAxOTA5NTAwOTU5/stanley-druckenmiller.jpg" height="675" width="1012">
 <figcaption>
 Stanley Druckenmiller, Founder, Duquesne Family Office, speaks during the Bloomberg Invest event in New York, U.S,, on Wednesday, June 7, 2023. 
 Bloomberg via Getty Images
 </figcaption>
</figure>
Trade[XYZ] <a href="https://x.com/tradexyz/status/2115755854125478285" rel="noopener noreferrer nofollow">called him the first</a> of “a small group of market luminaries” backing the venture.
<h2 id="ice-takes-a-stake-in-trade-xyz">ICE takes a stake in Trade[XYZ]</h2>
Trade[XYZ] offers <a href="https://www.thestreet.com/crypto/tag/perpetual-futures" rel="noopener noreferrer nofollow">perpetual futures</a>, contracts that let traders speculate on an asset’s price without owning it and without an expiry date.
Its markets cover stocks, indices, commodities and currencies, and they trade around the clock. For now, they’re open only to eligible users outside the U.S.
<a href="https://www.thestreet.com/crypto/tag/hyperliquid" rel="noopener noreferrer nofollow">Hyperliquid</a>, where those markets run, is one of the largest decentralized derivatives platforms. It operates on a blockchain rather than through a traditional exchange.
Trade[XYZ] said its Hyperliquid markets have passed $650 billion in trading volume in just over a year.
<h3 id="also-read-on-thestreet-roundtable">Also Read on TheStreet Roundtable:</h3>
<ul>
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 <li><a href="https://www.thestreet.com/crypto/markets/anvil-research-labs-ceo-flags-buy-now-pay-laters-hidden-debt-risk" rel="noopener noreferrer nofollow">Anvil Research Labs CEO flags buy now, pay later’s hidden debt risk</a></li>
</ul>
Under the deal, ICE will operate a new regulated market for retail traders, separate from its institutional business. Planned contracts span crypto, equities, commodities, currencies and other real-world assets.
ICE is also taking a minority stake in Trade[XYZ], though it did not disclose the amount.
<blockquote>
 “We see these perp markets as additive to our futures markets, not a replacement for them,” said Jeffrey Sprecher, ICE’s chair and CEO.
</blockquote>
The plan still depends on regulators signing off, and ICE and Trade[XYZ] have given no launch date. Once it’s approved, verified customers would trade through brokers that join the platform.
<h2 id="hyperliquid-s-token-jumps">Hyperliquid’s token jumps</h2>
Hyperliquid’s native token, HYPE, rallied on the news.
The token traded at $91.06 at the time of writing, up 13.9% over 24 hours, <a href="https://www.coingecko.com/en/coins/hyperliquid" rel="noopener noreferrer nofollow">according to CoinGecko</a>. Over that period, it swung between $78.11 and $91.85.
<figure>
 <figcaption>
 HYPE price performance on October 29. Source: <a href="https://www.coingecko.com/en/coins/hyperliquid" rel="noopener noreferrer nofollow">Coingecko</a>
 </figcaption>
</figure>
The move lifted HYPE’s market value to about $21.8 billion, making it the 10th-largest cryptocurrency in CoinGecko’s rankings. Trading volume over the past 24 hours reached nearly $1.6 billion.
The token is up 16.8% over the past week and 87% over the past year.
Activity on the platform has been strong too.&nbsp;
Hyperliquid handled about $206.9 billion in perpetual futures trading over the past 30 days, <a href="https://defillama.com/protocol/hyperliquid" rel="noopener noreferrer nofollow">according to DefiLlama</a>. Over the same period, it collected $80.4 million in fees and earned $63.5 million in revenue.
Traders currently hold about $7.8 billion in open positions on the platform, a figure known as open interest. Total value locked, the amount of money deposited on Hyperliquid, stands at about $8.4 billion.
<h2 id="the-roundtable-100">The Roundtable 100</h2>
If you follow our market coverage, don’t miss the <a href="https://roundtable100.com/tab/rankings" rel="noopener noreferrer nofollow">Roundtable 100</a>. Updated every Friday, it's a power ranking of the 100 most investable tech stocks, including digital assets. Check out the latest <a href="https://roundtable100.com/" rel="noopener noreferrer nofollow">RTB 100</a> rankings at <a rel="noopener noreferrer nofollow">roundtable100.com</a>
<a href="https://www.thestreet.com/crypto/markets/grant-cardone-challenges-bitcoin-bear-to-1-million-bet" rel="noopener noreferrer nofollow">Related: Grant Cardone challenges Bitcoin bear to $1 million bet</a>

Billionaire Stanley Druckenmiller reveals his next investment

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