ICE to Launch Regulated Hyperliquid Perpetual Futures in US

Intercontinental Exchange, the parent company of the New York Stock Exchange, announced a strategic partnership with Trade[XYZ] to launch regulated perpetual futures in the United States. The two companies signed a definitive agreement that designates ICE as the exclusive operator of Trade[XYZ]'s regulated markets. ICE is taking a minority stake in Trade[XYZ], subject to regulatory approvals. The companies did not disclose the investment amount or specify a launch date for the new product.

The new market will be distributed through ICE's joint venture with OKX, which has its own approvals pending. ICE stated it will operate this retail market separately from its institutional futures business using a dedicated clearing structure. Customers will undergo identity and Anti-Money-Laundering checks and trade through participating futures brokers. The companies said they would seek regulatory approval for markets covering cryptocurrencies, stocks, indexes, commodities, and currencies.

ICE Chair and CEO Jeffrey Sprecher described the perpetuals as additive to existing futures markets rather than a replacement. Stan Druckenmiller, an investor in Trade[XYZ], publicly backed the deal on social media, expressing excitement about the partnership. Elon Musk shared Druckenmiller's post with the comment "Interesting." The CFTC approved Kalshi's Bitcoin perpetual contract in May, noting that perpetuals referencing other asset classes should receive case-by-case review.

President Donald Trump said in August that the CFTC was working to let Hyperliquid operate legally in the United States. He stated that CFTC Chair Michael Selig was working to bring Hyperliquid into the country in a fully compliant and legal fashion. Following the announcement, the HYPE token surged approximately 20% in the past 24 hours. The token traded above $96 at the time of writing, rising from a daily open of $80.69 to a high of $92.10 on KuCoin.