The short version
- ICE Hyperliquid deal: ICE, owner of the New York Stock Exchange, is investing in trade.xyz and plans a US market for 24/7 perpetual futures built on Hyperliquid.
- It needs CFTC approval and has no date, but it would let US traders reach markets that have done over $650 billion in volume, through brokers, for stocks, indices, commodities, currencies and crypto.
- The crew is watching HYPE at its 50-day average of $84.74 after a 9% jump in half an hour, and which brokers sign up first.
The ICE Hyperliquid tie-up brings the biggest Wall Street name yet onto the exchange. On Thursday, October 29, trade.xyz, the largest market builder on Hyperliquid, said it will work with ICE, owner of the New York Stock Exchange, on a new US market for perpetual futures that trade around the clock. ICE is also making a strategic investment in trade.xyz.
HYPE jumped from $79.33 to $86.53 within half an hour of the post, and 15-minute trading volume ran about 80 times its morning pace. It trades at $86.38 at the time of writing, up 6% in 24 hours.
Here is the announcement trade.xyz posted on X at 10:41 UTC:
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for
What Is in the ICE Hyperliquid Plan?
A plan, not a launch. Subject to CFTC approval, the two want to set up a dedicated US market with its own exchange and clearing, built on Hyperliquid.
Planned contracts span stocks, indices, commodities, currencies and crypto. US traders would get in through brokers and trading apps that sign up; Hyperliquid’s own website stays closed to them. The company said it will share products, eligibility and timing “as approvals progress,” and gave no date. Hedge fund veteran Stan Druckenmiller is joining as an investor too. Neither side has said how much ICE is putting in.
Founder shoku added more three minutes later. ICE picked trade.xyz as its exclusive partner for 24/7 perps in the US, he wrote, and the plan includes cross-margining, so one pool of collateral can back stock, commodity and crypto positions in a single account:
trade[XYZ] launched its first market on Hyperliquid 381 days ago. Today, we are joining forces with ICE, parent company of the New York Stock Exchange, to bring perpetual futures on Hyperliquid to U.S. regulated markets.
I don’t usually write long posts, but today merits
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Why Does This Matter for Hyperliquid?
Because a Hyperliquid US market would open its order books to the one big market that can’t use them today. The trade xyz markets have passed $650 billion in volume in just over a year, a pace shoku puts at about $1 trillion a year.
Those markets already carry weight. They hold about $3.97 billion in open interest across 141 markets, according to Hyperliquid’s API, with an officially licensed S&P 500 contract as the largest. Traders use them as a price check on weekends, when Wall Street is shut.
It is the second US route onto Hyperliquid in four days. On Monday, Hyperliquid laid out how Kraken’s parent Payward would run CFTC-regulated perps there through its futures exchange Bitnomial. Both plans still wait on the CFTC. This time the partner owns the New York Stock Exchange, and the existing trade.xyz markets keep running for everyone else next to the US one.
SIDE TRAIL: Kraken Parent Wants to Bring Hyperliquid Perps to US Traders. HYPE Barely Noticed This Time
What Is the HYPE Price Doing?
The HYPE price now sits above its 50-day moving average at $84.74, a line it hasn’t closed above since October 12. A daily close over it would be the first real sign this news lasts longer than Monday’s pop did.
TRAIL MAP: Futures and Leverage Explained: Perps, Margin and How Liquidation Really Works
In crypto since 2017. A technical trader with years of experience in DeFi and onchain data.
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