Jeff Sprecher, founder and CEO of Intercontinental Exchange (ICE) – the owner of the New York Stock Exchange – has made waves by declaring that the decentralized perpetuals platform Hyperliquid is “bigger than Nasdaq.” Speaking at the Bernstein conference, Sprecher revealed that ICE has held multiple meetings with the Hyperliquid team and is exploring potential collaboration, while simultaneously advocating for a level playing field in onchain derivatives regulation.
“This Hyperliquid that we’re talking – if you haven’t heard about it, it’s bigger than NASDAQ, okay? It’s 11 people,” Sprecher said, emphasizing the platform’s tiny team yet massive impact. He praised the founders as “extremely smart” and confirmed that ICE is “actively talking to these people and learning about it.”
Sprecher highlighted Hyperliquid’s weekend oil trading as a key driver of institutional attention, noting that geopolitical events in the Middle East often unfold when traditional markets are closed. “Traditional players … are watching the price discovery happening on Hyperliquid,” he said. ICE is working with OKX to list perpetual oil contracts linked to its Brent and WTI benchmarks, signaling its own push into around-the-clock commodity derivatives.
The CEO also pointed to Hyperliquid’s SpaceX derivative – with SpaceX expected to go public on June 11 – as a potential watershed moment. He noted that the platform offers up to 100:1 leverage, meaning retail-driven volume could rival the actual IPO. “We’re just going to have to get used to the interplay of retail and professional trading 24/7, 365,” he concluded.
Separately, Sprecher clarified that ICE’s recent conversations with Capitol Hill were not aimed at shutting down Hyperliquid but at seeking parity. “Why are we prohibited from doing it when it’s already happening? And if they don’t consider it legal, why don’t they receive the same threatening letters they send to us?” he said, underscoring the push for fair rules in onchain perpetuals.
