Hyperliquid’s HYPE token surged about 13% on Thursday to roughly $91 after Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, signed a definitive agreement to bring Hyperliquid-based perpetual futures to the United States through Trade[XYZ], a company that runs markets for real-world assets on Hyperliquid. The deal still requires regulatory approvals and has no launch date.
HYPE climbed from a daily open of $80.69 to a high of $92.10 on KuCoin, leaving it about 7% below the record near $98 it set in September. The token’s market capitalisation is now around $22.4 billion.
Perpetual futures are derivatives with no expiry date that allow traders to take leveraged positions using borrowed money. Trade[XYZ] already offers eligible users outside the US around-the-clock perpetuals on stocks, equity indices, commodities and currencies, with Hyperliquid providing the underlying infrastructure.
Under the agreement, ICE becomes the exclusive operator of Trade[XYZ]’s regulated markets and is taking a strategic stake in the company. ICE will build a dedicated retail market and clearing structure for the product, which still needs regulatory approvals. ICE Chair and CEO Jeffrey Sprecher described the perpetuals as “additive to our futures markets, not a replacement for them.” ICE says more than 99% of its participation today is institutional, so retail traders represent new business, and it will run the unit separately from its institutional futures and clearing franchise.
Macro investor Stanley Druckenmiller publicly backed the deal as an investor in Trade[XYZ]. “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,” Druckenmiller said on X. “As a market participant, I am looking forward to using their innovative product to enhance my investment process.”
ICE plans to distribute the product through its joint venture with OKX, which has its own approvals pending. President Donald Trump said the CFTC was working to let Hyperliquid operate legally in the United States, where the exchange is currently geofenced. Verified customers would connect through futures commission merchants, and ICE will seek approvals to support leveraged trading. US markets are meant to comply with know-your-customer and anti-money-laundering rules.
Analysis
Why This Matters
- A major traditional exchange operator (ICE) entering crypto perpetual futures signals growing institutional acceptance and could open US retail access to a product currently restricted outside the country.
- The deal pairs a regulated clearing structure with 24/7 markets, potentially reshaping how retail traders gain leveraged exposure to stocks, indices and commodities.
- Regulatory approvals (CFTC, etc.) will set a precedent for how crypto-native derivatives can be offered to US customers under existing frameworks.
Background
Hyperliquid is a decentralised exchange built on its own Layer 1 blockchain, offering perpetual futures and spot trading. Trade[XYZ] runs tokenised real-world asset markets on Hyperliquid. ICE, parent of the New York Stock Exchange, has been expanding into digital assets, including a March investment in OKX. The US market for perpetual futures has been largely closed to retail due to regulatory uncertainty; the CFTC’s stance is now a key variable.n
Key Perspectives
ICE Chair and CEO Jeffrey Sprecher: Described perpetuals as “additive to our futures markets, not a replacement for them,” and said the retail unit will be run separately from its institutional franchise.n
Billionaire investor Stanley Druckenmiller: Expressed excitement as an investor in Trade[XYZ], saying he looks forward to using the product to enhance his investment process.n
President Donald Trump: Said the CFTC was working to allow Hyperliquid to operate legally in the United States.n
What to Watch
- Whether the CFTC grants approvals and on what timeline, any delay or condition could affect the product’s launch and HYPE’s price.
- ICE’s progress in building the dedicated retail clearing structure and integrating with its OKX joint venture.
- HYPE’s price action relative to its September record near $98 as speculation about the US launch builds.
Checked
12 claims in this story checked against 1 source: 10 supported.
Show each claim
- Reports differHYPE surged about 13% on Thursday.Decrypt: “HYPE, the token behind the Hyperliquid exchange, jumped about 13% on Thursday”
- SupportedICE is moving to bring Hyperliquid-based perpetual futures to the United States.Decrypt: “Hyperliquid's HYPE Jumps 13% as NYSE Owner ICE Moves to Bring Its Perpetual Futures to the US.”
- SupportedICE and Trade[XYZ] signed a definitive agreement making ICE the exclusive operator of Trade[XYZ]’s regulated markets.Decrypt: “ICE and Trade[XYZ], a company that runs markets for real-world assets on Hyperliquid, signed a definitive agreement that makes ICE the exclusive operator of Trade[XYZ]'s regulated markets”
- SupportedICE is taking a strategic stake in Trade[XYZ].Decrypt: “ICE is taking a strategic stake in the company.”
- SupportedThe deal requires regulatory approvals and has no launch date.Decrypt: “ICE will build a dedicated retail market and clearing structure for the product, which still needs regulatory approvals and has no launch date.”
- SupportedHYPE rose from a daily open of $80.69 to a high of $92.10 on KuCoin.Decrypt: “The token climbed from a daily open of $80.69 to a high of $92.10 on KuCoin”
- SupportedHYPE was about 7% below its September record near $98.Decrypt: “leaving it about 7% below the record near $98 it set in September.”
- SupportedHYPE’s market capitalisation was around $22.4 billion.Decrypt: “Hyperliquid’s token now trades at around a $22.4 billion market capitalization.”
- SupportedJeffrey Sprecher described the perpetuals as “additive to our futures markets, not a replacement for them.”Decrypt: “ICE Chair and CEO Jeffrey Sprecher described the perpetuals as “additive to our futures markets, not a replacement for them.””
- SupportedICE says more than 99% of its participation is institutional.Decrypt: “ICE says more than 99% of its participation today is institutional”
- SupportedStanley Druckenmiller backed the deal as a Trade[XYZ] investor and said, “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,” and, “As a market participant, I am looking forward to using their innovative product to enhance my investment process.”Decrypt: ““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,” Druckenmiller on X. “As a market participant, I am looking forward to using their innovative product to enhance my investment process.””
- Partly supportedPresident Donald Trump said the CFTC was working to let Hyperliquid operate legally in the United States.Decrypt: “President Donald Trump that the CFTC was working to let Hyperliquid operate legally in the United States”