NYSE Parent Explores Bringing Hyperliquid Perpetual Futures to U.S. Markets

Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is partnering with Trade[XYZ], the leading market developer on the decentralized exchange Hyperliquid, to introduce perpetual futures trading in the United States. The proposed launch depends on approval from the Commodity Futures Trading Commission (CFTC).

Perpetual futures allow traders to speculate on the price movements of assets such as stocks, commodities, and currencies without facing a contract expiration date. These products are widely used in cryptocurrency markets, although much of the trading activity takes place on offshore platforms that are generally inaccessible to U.S. investors.

According to a press release, ICE and Trade[XYZ] intend to establish a dedicated U.S. trading venue supported by new exchange and clearing infrastructure. The clearing system will handle the processes required to ensure trades are properly settled. ICE is also making a strategic investment in Trade[XYZ], though the companies have not revealed the financial terms.

The planned platform, called ICE[XYZ], would offer perpetual futures linked to equities, stock indices, commodities, foreign exchange, and cryptocurrencies. Traders would access the products through participating brokers and trading platforms.

Trade[XYZ] said further information about available contracts, participation requirements, and the launch schedule would be announced as the regulatory approval process advances.

The company reported that trading volume across its Hyperliquid markets has exceeded $650 billion in just over a year. It plans to continue operating those markets alongside the proposed U.S. venue.

Billionaire investor Stan Druckenmiller is among a select group of investors backing the initiative.

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

ICE has also been expanding its exposure to digital asset markets. In October 2025, the company agreed to invest up to $2 billion in Polymarket, a prediction market platform.