Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is partnering with Trade xyz to establish a regulated perpetual futures market in the United States. The initiative was reported by Bloomberg and highlighted by crypto commentator WuBlockchain. If approved, the venture aims to use Hyperliquid’s infrastructure to support trading in perpetual contracts tied to equities, indexes, commodities, and foreign exchange markets.
The planned market would operate with dedicated know-your-customer and anti-money-laundering compliance frameworks. ICE will also acquire an equity stake in Trade xyz under undisclosed terms, underscoring the growing integration of traditional financial structures with crypto market infrastructure. The collaboration is intended to address demand for regulated derivatives products and could potentially attract institutional traders.
Separately, 21Shares published an analysis explaining how perpetual futures differ from traditional futures. Unlike standard contracts that settle weekly, monthly, or quarterly, perpetual futures have no expiration date. They rely on a funding rate, typically paid every eight hours, to keep the contract price aligned with the spot market. When perpetual futures trade above spot, longs pay shorts, and when they trade below, shorts pay longs. 21Shares noted that the concept dates back to economist Robert Shiller’s 1992 proposal, but the instruments became widely used in crypto markets during the 2010s. The report highlights 24/7 trading as a major advantage, while recurring funding payments remain a key cost consideration.
