Hyperliquid (HYPE) soared more than 15% on Thursday after New York Stock Exchange owner Intercontinental Exchange (ICE) agreed to introduce Trade(XYZ) hyperliquid-based perpetual futures contracts in the United States.
The token was trading near $79 early Thursday, according to CoinGecko. By mid-afternoon UTC, it was trading near $93, up more than 16% in a day. This left HYPE about 5% below its record high of $98, set on September 23.
Trade (XYZ) operates its markets through HIP-3, a Hyperliquid feature that allows developers to deploy their own perpetual futures markets. Hyperliquid’s documentation requires each deployer to stake 500,000 HYPE. Trade(XYZ) said its hyperliquid markets have surpassed $650 billion in just over a year.
ICE is building a separate retail site
Under the terms of the agreement, ICE becomes the exclusive operator of the regulated markets of Trade(XYZ). To this end, it plans to create a new retail market and clearing structure for Hyperliquide. Trade (XYZ) said the plan must be approved by the Commodity Futures Trading Commission (CFTC). It calls the intended location ICE (XYZ).
The planned contracts cover stocks, indices, commodities, currencies and cryptocurrencies. A perpetual contract never expires, so it provides traders with short-term exposure without a fixed settlement date. Likewise, customers would enter into these contracts through the futures commission merchants who join the platform, after identity and anti-money laundering checks. Obviously, these customers are new to Trade(XYZ), which today only serves eligible users outside of the United States.
The retail business will operate independently of ICE’s institutional futures and clearing franchise. ICE said more than 99% of its stake today is institutional and its commercial hedgers will not be exposed to the counterparty risk of retail traders on the new platform.
“We view these perp markets as a complement to our futures markets, not a replacement,” said Jeffrey Sprecher, chairman and CEO of ICE.
ICE Takes Stake in Trading (XYZ)
ICE took a stake in OKX in March and the two companies operate a joint venture called OKXICE. This company filed an application with the SEC on October 4 to trade tokenized shares of 63 companies listed on the NYSE. ICE expects Trade(XYZ) contracts to reach customers through the same company, once it obtains its own approvals as a futures broker and commission trader.
Thursday’s deal adds a minority stake in Trade(XYZ) itself. ICE said this stake would not have a material impact on its adjusted financial results for 2026. Notably, investor Stan Druckenmiller is joining as a backer.
Trade (XYZ) will continue to operate its HIP-3 markets alongside the planned US location. For the US site, Trade (XYZ) said it will share products, eligibility and timeline as approvals progress.
HYPE Price Rises 15% Following NYSE Plan to Bring Hyperliquid Perps to US appeared first on CryptoPotato.
About the Author
