Donald Trump

Hyperliquid

President Donald Trump

Hyperliquid’s native token HYPE surged about 20% Thursday after New York Stock Exchange owner Intercontinental Exchange (ICE) announced plans for US perpetual futures with Trade[XYZ], whose investors include billionaire Wall Street investor Stanley Druckenmiller.
HYPE traded above $96 at the time of writing, up by around 20% in the past 24 hours, according to<a href="https://www.coingecko.com/en/coins/hyperliquid" rel="noopener noreferrer nofollow"> CoinGecko</a>, flirting with September’s all-time record of $97.96.
Perpetual futures allow traders to take positions on asset prices without an expiration date. Hyperliquid is the largest decentralized exchange in the world to trade such instruments, DefiLlama <a href="https://defillama.com/perps" rel="noopener noreferrer nofollow">data</a> shows.
<img src="https://s3-images.ctmedia.io/media/content/2026/10/01M649PJQTD5W0QXMS7E58ZWTE/pasted-image-758.jpeg" alt="" width="2048" height="1158">
HYPE surged about 20% on Thursday. Source: CoinGecko
The companies <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">said</a> Thursday they would seek regulatory approval for markets covering cryptocurrencies, stocks, indexes, commodities and currencies. The proposed market would target retail traders. ICE said it would operate separately from its institutional futures business, with a dedicated clearing structure.
More than 99% of participation in its markets is institutional, ICE said, with the separate clearing structure intended to shield existing customers from retail counterparty risks.
The proposal would give US retail traders a regulated route to Hyperliquid-based perpetual futures, and ICE a new route into retail trading. President Donald Trump said on Aug. 19 that Commodity Futures Trading Commission (CFTC) Chair Michael Selig <a href="https://ct.com/markets/hype-price-jumps-trump-hyperliquid-us-access" rel="noopener noreferrer nofollow">was working to bring Hyperliquid into the country</a> in a “fully compliant and legal fashion.”&nbsp;
Related: <a href="https://ct.com/news/wall-street-wealth-creation-unsustainable-hyperliquid-ceo" rel="noopener noreferrer nofollow">Wall Street wealth creation model is unsustainable for most participants: Hyperliquid CEO</a>
<h2 id="druckenmiller-investment-draws-musk-reaction">Druckenmiller investment draws Musk reaction</h2>
“I am excited to be an investor in trade(xyz),” Druckenmiller <a href="https://x.com/standuquesne/status/2115777839622689036" rel="noopener noreferrer nofollow">wrote</a> on X, adding that he looked forward to using its products.
Elon Musk also drew attention to the agreement, <a href="https://x.com/elonmusk/status/2115823011399938182" rel="noopener noreferrer nofollow">sharing</a> Druckenmiller’s post with the one-word comment “Interesting.”
ICE is taking a minority stake in Trade[XYZ], but disclosed neither the investment amount nor a launch date. Cointelegraph reached out to ICE and Trade[XYZ] for comment but had not received a response by publication.
Customers would undergo identity and Anti-Money-Laundering checks and trade through participating futures brokers.
Distribution is expected through ICE’s joint venture with OKX, pending separate approvals. ICE<a href="https://ct.com/news/nyse-intercontinental-exchange-invests-okx-25b-valuation" rel="noopener noreferrer nofollow"> invested in OKX at a $25 billion valuation</a> in March.&nbsp;
Related: <a href="https://ct.com/news/ice-cme-press-us-regulators-rein-hyperliquid-dex" rel="noopener noreferrer nofollow">ICE, CME press US regulators to ‘rein in’ Hyperliquid energy trading: Report</a>
<h2 id="okx-venture-faces-issuer-objections">OKX venture faces issuer objections</h2>
Meanwhile, ICE’s separate tokenized stock venture with OKX has disclosed objections from 38 companies, up from<a href="https://ct.com/news/intel-ibm-oracle-ionq-object-okx-ice-tokenized-stocks" rel="noopener noreferrer nofollow"> 26 reported by Cointelegraph on Oct. 27</a>.&nbsp;
Its Oct. 28 <a href="https://www.okx.com/cdn/assets/okfe/web3-activities/okxicetsv/notices/OKXICE_Tokenized_Securities_Venue_Public_Notice_26.10.28.pdf" rel="noopener noreferrer nofollow">notice</a> adds Walmart, Eli Lilly, Carnival, Arcos Dorados and Cigna. However, those objections concern tokenized shares, while the Trade[XYZ] proposal involves perpetual futures and remains subject to separate regulatory approvals.
The regulatory opening remains conditional. The CFTC <a href="https://ct.com/news/cftc-crypto-perpetual-contracts-trading-advisory" rel="noopener noreferrer nofollow">approved Kalshi’s Bitcoin perpetual contract in May</a>, but said perpetuals referencing other asset classes should receive case-by-case review.
Magazine: <a href="https://ct.com/magazine/hype-price-could-suffer-as-binance-takes-its-revenue-alice-liu" rel="noopener noreferrer nofollow">HYPE price could suffer as Binance takes its revenue: Alice Liu</a>

HYPE teases all-time high as NYSE owner ICE eyes US Hyperliquid perps

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