- Intercontinental Exchange is teaming up with Trade[XYZ], the largest builder of markets on decentralized exchange Hyperliquid, to bring perpetual futures to the US. The plan calls for a dedicated market with new exchange and clearing infrastructure and is subject to CFTC approval.
- The venue, branded ICE[XYZ], would list contracts on equities, indices, commodities, FX and crypto through participating brokers and platforms. Timing, products and eligibility have not been announced.
- ICE is taking a stake. The NYSE parent is making a strategic investment in Trade[XYZ] on undisclosed terms, and investor Stan Druckenmiller is among a small group of backers joining the project.
- Trade[XYZ] brings real scale. Its Hyperliquid markets have topped $650 billion in volume in just over a year and will keep running alongside the US venue, and builder-deployed markets now drive roughly half of Hyperliquid’s volume.
What Happened?
ICE and Trade[XYZ] announced the plan in a press release Thursday. Perpetual futures let traders bet on an asset’s price rising or falling without the contract ever expiring, and they are heavily traded in crypto but mostly on offshore venues that US investors cannot use. Trade[XYZ] secured a license for the first official S&P 500 perpetual in March. ICE has been expanding into crypto-native markets, having agreed last October to invest up to $2 billion in Polymarket.
Why It Matters?
The deal would put one of the world’s biggest exchange operators behind an onshore version of a product that has largely lived outside US regulation. Round-the-clock perps on stocks and indices would give US investors leveraged, non-expiring exposure that today mostly requires offshore crypto platforms. It also signals that DeFi market builders like Trade[XYZ] are becoming partners, not just rivals, to traditional exchanges.
What’s Next?
The key milestone is CFTC approval of the new exchange and clearing setup, after which Trade[XYZ] said it will share details on products, eligibility and timing. Investors will watch which brokers sign on as distribution partners and whether the US venue draws volume away from offshore perps markets.
Affected Tickers and Coins: ICE, HYPE, BTC
Source: CoinDesk
