ICE Partners With Hyperliquid Builder Trade[XYZ] to Develop U.S. Perpetual Futures Market

vICE and Trade[XYZ] plan a U.S. perpetual futures market covering cryptocurrencies, equities, commodities, foreign exchange, and stock indices.

Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), is partnering with Trade[XYZ], a major market builder on decentralized exchange Hyperliquid, to develop a perpetual futures market for U.S. investors covering cryptocurrencies and traditional financial assets. The proposed platform remains subject to approval from the U.S. Commodity Futures Trading Commission (CFTC), Bloomberg reported.

The initiative aims to expand access to perpetual futures in the United States, where regulatory restrictions have limited the availability of these products. The planned offering would connect established financial market infrastructure with trading markets built around blockchain technology.

ICE and Trade[XYZ] Plan Perpetual Futures Across Multiple Asset Classes

Under the agreement, ICE and Trade[XYZ] intend to list perpetual futures contracts linked to equities, stock market indices, commodities, foreign exchange (FX), and cryptocurrencies. Perpetual futures are derivative contracts that do not have a fixed expiration date.

The products would be distributed through participating brokers and trading platforms. The planned infrastructure would also include clearing systems and compliance procedures covering know-your-customer (KYC) requirements and anti-money laundering (AML) measures.

Clearing would support the processing and settlement of trades under applicable rules while helping manage counterparty risk. ICE also plans to make a strategic equity investment in Trade[XYZ]. The financial terms of that investment have not been disclosed.

Trade[XYZ] Reports More Than $650 Billion in Trading Volume

Trade[XYZ] has established a significant presence on Hyperliquid, reporting more than $650 billion in trading volume over a period of just over one year. Markets deployed by builders on the platform account for approximately half of Hyperliquid's trading activity, according to the source report.

The company also secured a license for an S&P 500 perpetual contract in March and has launched products linked to assets including crude oil and equity benchmarks.

The proposed partnership would combine ICE's experience in exchange operations and clearing with Trade[XYZ]'s established activity in decentralized derivatives markets. Whether the planned U.S. market proceeds will depend on the relevant regulatory approval.

Other Companies Pursue U.S. On-Chain Derivatives

ICE and Trade[XYZ] are not the only companies pursuing cryptocurrency-linked derivatives for U.S. traders. Payward, the parent company of Kraken, also plans to offer on-chain perpetual futures through Hyperliquid to eligible U.S. users, subject to regulatory approval.

Crypto.com CEO Kris Marszalek separately announced that the company had received SEC authorization to offer tokenized stock perpetual futures in the United States through its new futures exchange, OG.com. The announcement followed discussions with the U.S. Securities and Exchange Commission and the CFTC.

These developments followed criticism from Ark Invest, which questioned Hyperliquid's ambition to become an “everything exchange.” The firm pointed to concerns involving limited decentralization, an anonymous team, and negligible spot trading.

source: ambcrypto

Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.

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