Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is partnering with Trade[XYZ] to bring blockchain-based perpetual futures trading into the United States under a regulated market structure. The agreement, announced on October 29, combines ICE’s exchange and clearing infrastructure with Trade[XYZ]’s experience developing markets on Hyperliquid, one of the largest decentralized derivatives platforms.
The planned venue will offer perpetual contracts linked to cryptocurrencies, individual equities, stock indices, commodities and foreign exchange. Trading is intended to operate around the clock, including outside traditional market hours. The initiative remains subject to regulatory approvals, and no launch date has been announced.
ICE is also making a strategic investment in Trade[XYZ], although the companies have not disclosed the financial terms.
The agreement divides responsibilities between three participants.
ICE will be the exclusive operator of the new regulated markets, providing the exchange and clearing infrastructure. Trade[XYZ] will contribute its expertise in designing and operating perpetual futures products. Hyperliquid will provide the underlying blockchain technology through its HIP-3 infrastructure, which allows third parties to deploy markets on the network.
The new business will operate through a dedicated regulatory and clearing structure, separate from ICE’s existing institutional futures operations. This distinction is important because ICE wants to reach retail traders without changing the structure of its traditional markets, which primarily serve institutional investors and commercial hedgers.
The proposed venue will require Know Your Customer (KYC) and Anti-Money Laundering (AML) checks. Eligible customers are expected to access the products through participating futures commission merchants (FCMs), rather than directly through the existing offshore Hyperliquid exchange.
Distribution could also involve ICE’s joint venture with crypto exchange OKX. However, offering the new contracts through that partnership depends on separate regulatory approvals for its US broker-dealer and FCM subsidiaries.
Perpetual futures, commonly called perps, are derivative contracts that allow traders to speculate on an asset’s price without holding the underlying asset or facing a fixed expiration date.
Unlike traditional futures, which have specific settlement dates, perpetual contracts can remain open indefinitely as long as traders maintain sufficient margin. Funding payments between long and short positions help keep contract prices aligned with the underlying market.
Their appeal comes partly from continuous trading and the ability to use leverage. Crypto traders have increasingly adopted perps because they provide exposure to price movements without requiring direct ownership of the assets.
Hyperliquid has become a major venue for this activity, extending beyond cryptocurrencies into contracts referencing traditional assets. Trade[XYZ] has been among the most active developers of these markets, reporting more than $650 billion in trading volume across its Hyperliquid-based markets in just over a year, according to CoinDesk.
For ICE, the partnership offers an opportunity to capture trading activity that has largely developed outside traditional US financial infrastructure. CEO Jeffrey Sprecher said retail participation is becoming increasingly global and that the new products are intended to complement, rather than replace, ICE’s existing futures business.
The partnership follows a series of regulatory developments that have opened the door to perpetual futures in the United States.
In May 2026, the Commodity Futures Trading Commission (CFTC) provided regulatory relief and guidance that helped establish a pathway for certain perpetual futures products on US-regulated venues. However, this does not represent blanket approval for every contract or trading platform. Individual products and market structures remain subject to applicable regulatory requirements.
ICE and Trade[XYZ] must establish the necessary exchange and clearing arrangements before the planned venue can begin operating.
The move also comes amid debate over the risks of leveraged perpetual products. Their continuous trading and margin requirements can expose retail traders to rapid liquidations, particularly during periods of extreme volatility. Funding payments can also become expensive when positions remain open for extended periods.
Traditional derivatives operators have raised concerns about the products. CME Group CEO Terry Duffy previously warned that highly leveraged perpetual futures could create significant risks for retail investors and the wider financial system.
The agreement represents an important institutional validation of Hyperliquid’s technology. Rather than competing exclusively with traditional exchanges, the network is becoming infrastructure that established financial operators may use to develop regulated products.
The announcement also affected market sentiment around Hyperliquid’s native HYPE token. The Block reported that HYPE gained approximately 15% following the announcement, reflecting investor expectations that institutional adoption could increase demand for the ecosystem.
However, the partnership does not guarantee that all activity on the new venue will translate into direct demand for HYPE. The precise economic relationship between the regulated business and Hyperliquid’s token has not been fully disclosed.
ICE’s move highlights a broader shift in financial markets: traditional exchanges are increasingly exploring blockchain infrastructure and trading formats that first gained traction in crypto markets. Whether this partnership succeeds will depend on regulatory approval, broker participation and actual retail demand.
If launched successfully, the new venue could bring a significant part of the perpetual futures market into US-regulated financial infrastructure, creating a closer connection between traditional finance and decentralized trading technology.