Trade.xyz, a platform known for offering perpetual futures on stocks, indices, and commodities via Hyperliquid, announced that Intercontinental Exchange (ICE), parent company of the New York Stock Exchange, has invested in the firm. ICE also plans to collaborate with Trade.xyz to bring nonstop Hyperliquid-based perpetual futures trading to U.S. markets.
ICE partnership and plans for US market
ICE oversees several major financial marketplaces and clearing houses worldwide, including the NYSE, making its involvement with Trade.xyz notable for the crypto derivatives sector. The collaboration aims to establish a dedicated U.S. exchange and clearing setup utilizing Hyperliquid technology.
Trade.xyz stated these offerings will cover equities, indices, commodities, foreign exchange, and crypto. Access would be facilitated through select brokers and trading platforms. The firm emphasized that the launch remains conditional on gaining Commodity Futures Trading Commission (CFTC) approval, with no formal application or approval currently in place.
Trade.xyz indicated, “Anything. Anytime. On ICE[XYZ],” while also confirming it will share further details about products, eligibility, and timing as regulatory approvals progress.
ICE has not released its own statement regarding the investment yet. Trade.xyz did not provide information about the size or terms of ICE’s financial commitment.
Investment details and additional backers
Trade.xyz revealed that billionaire investor Stan Druckenmiller will also join as an external backer alongside ICE. According to the company, Druckenmiller is the first of several experienced market participants expected to become involved.
Trade.xyz credited ICE with more than 25 years of expertise in running regulated exchanges and clearing operations, while positioning itself as an innovator in product and market design.
Trade.xyz wrote, “Innovation and the protections of U.S. regulation shouldn’t be a trade-off.”
Mini dictionary: Hyperliquid – Hyperliquid is a decentralized exchange protocol designed for highly liquid, 24/7 trading of perpetual futures contracts spanning traditional assets and crypto. The network is not currently accessible to U.S. residents due to regulatory constraints.
Ongoing Hyperliquid initiatives and regulatory updates
Trade.xyz reported that its Hyperliquid markets, active for just over a year, have processed over $650 billion in trading volume. In March, S&P Dow Jones Indices licensed the S&P 500 index to Trade.xyz for a perpetual contract available to eligible non-U.S. investors. The company stated that its existing HIP-3 markets on Hyperliquid will continue operating and expanding even as U.S. plans develop.
At a May conference, ICE CEO Jeffrey Sprecher remarked on repeated meetings with Hyperliquid, calling it “bigger than NASDAQ.” Two weeks prior, Bloomberg reported that ICE and CME, another major exchange operator, had urged U.S. regulators to examine Hyperliquid for potential manipulation risks.
| Event | Date | Details |
|---|---|---|
| ICE CEO’s comments on Hyperliquid | May | Described Hyperliquid as larger than NASDAQ during a conference |
| Regulatory concerns raised | Late April | ICE and CME requested regulatory review of Hyperliquid |
Hyperliquid itself has remained unavailable to U.S. users, but other firms are exploring paths to bring related products stateside. For example, Payward, the parent company of crypto exchange Kraken, has put forward a proposal for U.S. traders to access Hyperliquid-linked perpetuals via its Bitnomial exchange.
In August, President Donald Trump commented that CFTC Chair Mike Selig was working to introduce Hyperliquid to the U.S. market, but no public filings have been made. Neither Trade.xyz nor ICE offered updates regarding direct discussions with regulators as of this report.
Trade.xyz reassured users that existing Hyperliquid markets would remain operational globally and continue to grow alongside U.S. business development efforts.
