HYPE rallied 16.43% to $93.57 over 24 hours, with daily trading volume jumping 200.1% to $2.25 billion and Hyperliquid’s market capitalization rising to $23.73 billion, ranking ninth on CoinMarketCap.
The move followed an announcement that Intercontinental Exchange (ICE) plans to launch a U.S. perpetual futures market using Hyperliquid’s infrastructure through HIP-3. Trade[XYZ], which will design and implement the market, said existing markets already provide continuous price discovery across stocks, indices, and commodities. The proposed U.S. contracts would trade around the clock, including periods when traditional markets are closed.
Billionaire investor Stan Druckenmiller posted on X on October 29, 2026, that he was excited to invest in Trade[XYZ] and anticipated using its product in his investment process. Elon Musk replied “Interesting” to that statement. The planned offering still requires CFTC approval.
Under the announced structure, Hyperliquid would supply neutral infrastructure through HIP-3, Trade[XYZ] would design and implement markets, and ICE would operate the regulated market and clearing structure. Planned contracts cover equities, indices, commodities, foreign exchange, and crypto. ICE also plans a strategic investment in the perpetuals platform, alongside Druckenmiller’s participation.
Technical analysis highlighted a rebound from support near $76.60, with resistance around $95 and a chart target of $100.50. Lower marked support levels are $52.70 and $44.80.
