Intercontinental Exchange (ICE), which owns the New York Stock Exchange, has partnered with Trade[XYZ], the largest market developer on decentralized exchange Hyperliquid, to explore launching perpetual futures trading in the United States. The proposed platform will require approval from the Commodity Futures Trading Commission (CFTC) before it can begin operations.
Perpetual futures allow traders to speculate on price movements in assets such as stocks, commodities, currencies, and cryptocurrencies without a fixed expiration date. These contracts are popular in crypto markets, but much of the activity takes place on offshore platforms that U.S. investors generally cannot access.
Under the agreement, ICE and Trade[XYZ] plan to establish a dedicated U.S. trading venue supported by new exchange and clearing infrastructure. The clearing system will handle the processes needed to ensure trades are settled correctly. ICE will also make a strategic investment in Trade[XYZ], although the companies have not disclosed the investment amount or other financial details.
The proposed venue, branded ICE[XYZ], is expected to offer perpetual contracts tied to equities, stock indices, commodities, foreign exchange, and digital assets. Products would be made available through participating brokers and trading platforms.
Trade[XYZ] said it would provide additional details about the contracts, eligibility requirements, and expected launch timeline as regulatory reviews progress.
The company reported that its markets on Hyperliquid have generated more than $650 billion in trading volume in just over a year. Trade[XYZ] intends to continue operating its existing Hyperliquid markets while developing the new U.S. platform.
Billionaire investor Stan Druckenmiller is among a small group of backers supporting the initiative.
Trade[XYZ] has established a significant presence within Hyperliquid’s ecosystem. In March, it secured a license to introduce the first officially authorized perpetual futures contract tracking the S&P 500. Markets launched by independent builders now account for roughly half of Hyperliquid’s overall trading volume.
ICE has continued to expand its involvement in digital asset markets. In October 2025, the exchange operator agreed to invest as much as $2 billion in Polymarket, a prediction market platform.
