Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is partnering with trade.xyz to create a regulated U.S. perpetual futures market built on Hyperliquid, according to Bloomberg. The proposed venue would offer 24/7 trading in perpetual contracts tied to equities, stock indices, commodities, foreign exchange and cryptocurrencies, with ICE taking a strategic stake in trade.xyz. The size of the investment has not been disclosed.
The platform would combine Hyperliquid’s blockchain infrastructure with ICE’s own clearing, know-your-customer and anti-money laundering systems to comply with U.S. regulations. The companies said launch timing and contract details remain subject to approval from the Commodity Futures Trading Commission. Billionaire investor Stan Druckenmiller is also joining a group of investors backing the initiative.
Trade.xyz said its existing Hyperliquid markets have processed more than $650 billion in cumulative trading volume in just over a year. The company has expanded through Hyperliquid’s HIP-3 infrastructure, which allows independent developers to create perpetual futures markets beyond cryptocurrencies. Earlier this week, trade.xyz launched NIFTY 50 perpetual futures with up to 20x leverage settled in USDC. In the second quarter of 2026, trade.xyz recorded $202.36 billion in trading volume, up 79.2% from the prior quarter, with equity perpetual futures accounting for $58.9 billion and open interest reaching $2.96 billion at the end of June.
The ICE partnership follows a separate proposal by Kraken parent Payward and Bitnomial to offer regulated U.S. perpetual futures using Hyperliquid infrastructure. Trade.xyz and the Hyperliquid Policy Center also submitted a CFTC request in August seeking permission for energy commodity perpetuals, including WTI crude, Brent crude and Henry Hub natural gas. Hyperliquid introduced preliminary permissioning features for HIP-3 markets in September, allowing market operators to control participation through onchain allowlists.
