NYSE Parent Makes Move to Bring Hyperliquid’s Crypto Perpetuals to the U.S.

Intercontinental Exchange (ICE), the company behind the New York Stock Exchange, is working with Trade[XYZ], Hyperliquid’s largest market builder, to bring perpetual futures trading to the United States. The proposed venture will move forward only after receiving approval from the Commodity Futures Trading Commission (CFTC).

Perpetual futures are derivative contracts that let traders speculate on the price movements of assets such as stocks, commodities, currencies, and cryptocurrencies without an expiration date. While these products are common in crypto markets, most trading currently takes place on offshore platforms that are generally inaccessible to U.S. investors.

According to the announcement, ICE and Trade[XYZ] plan to develop a dedicated U.S. trading venue backed by new exchange and clearing infrastructure. The clearing system will help ensure transactions are properly settled. ICE will also make a strategic investment in Trade[XYZ], although the companies have not revealed the investment’s size or terms.

The planned platform, ICE[XYZ], is expected to offer perpetual futures linked to equities, stock indices, commodities, foreign exchange, and cryptocurrencies. Access will be provided through participating brokers and trading platforms.

Trade[XYZ] said it would release more information about the contracts, participation requirements, and launch schedule as the regulatory process progresses.

The company has reported more than $650 billion in trading volume across its Hyperliquid markets in just over a year. It plans to continue running those markets alongside the proposed U.S. platform.

Billionaire investor Stan Druckenmiller is among a small group of backers supporting the initiative.

Trade[XYZ] has grown rapidly within the Hyperliquid ecosystem. In March, it secured a license to launch the first official perpetual futures contract tracking the S&P 500. Markets deployed by independent builders now account for roughly half of Hyperliquid’s total trading volume.

ICE has also been increasing its exposure to digital asset businesses. In October 2025, the exchange operator agreed to invest as much as $2 billion in Polymarket, a prediction market platform.