Skip to content
$BTC$79,931−0.9%$ETH$2,318−0.7%$SOL$100.42−0.9%$XRP$1.29−1.9%$TON$1.22−31.6%MCap$2.64T−1.3%BTC.D60.6%Fear&Greed51 NeutralGas0.07 gwei·1 sat/vBNews mood13% bullish
Basis Desk

New from Basis Desk: free Telegram proxies for places where Telegram is blocked or slowed down.Connect in one tap →

Institutions & ETFs · 1 min read

ICE Backs Trade.xyz to Launch 24/7 Hyperliquid Perpetual Futures in the US

The NYSE parent and investor Stan Druckenmiller have backed Trade.xyz to build a CFTC-cleared venue for around-the-clock trading.

Editorial oversight: Julian Mercer, Chief Editor
Bullish
$HYPE $89.11 +10.7%

At a glance Announced

What happened
ICE and Stan Druckenmiller invested in Trade.xyz to develop a CFTC-regulated exchange and clearinghouse offering 24/7 Hyperliquid perpetual futures in the US.
Why it matters
The venture marks an effort by the NYSE parent to bring perpetual swap contracts into the regulated US financial system.
Who is affected
US derivatives traders, retail brokers, and traditional exchange operators.
What's next
Trade.xyz stated it will disclose more information on product eligibility and timing as regulatory reviews progress.
Primary source
unchainedcrypto.com: NYSE Owner ICE to Bring Hyperliquid Perps to the US Through Trade.xyz Partnership

Key points

  • ICE and Stan Druckenmiller made strategic investments in Trade.xyz to launch a US-regulated 24/7 perpetual futures market on Hyperliquid.
  • The planned clearinghouse and exchange venue would offer perpetuals covering equities, commodities, FX, and crypto, pending CFTC approval.
  • Trade.xyz reported its existing non-US Hyperliquid markets have executed over $650 billion in volume to date.

Intercontinental Exchange (ICE), the parent operator of the New York Stock Exchange, has made a strategic investment in Trade.xyz to establish a dedicated US exchange and clearinghouse offering 24/7 perpetual contracts powered by Hyperliquid 1. The initiative, announced by Trade.xyz on Oct. 29, remains subject to regulatory approval from the Commodity Futures Trading Commission (CFTC) 1. Billionaire investor Stan Druckenmiller is also participating as an outside investor, though the financial terms of the deal were not disclosed 1. At the time of writing, Hyperliquid's native token $HYPE traded up 7.3% at $87.36.

Under the proposed structure, Trade.xyz and ICE plan to build an independent US market and clearing infrastructure running on Hyperliquid 1. Planned derivatives will include contracts tied to equities, indices, commodities, foreign exchange, and digital assets, accessible through participating US brokerages and trading platforms 1. The project marks an attempt to import perpetual futures into the federally regulated domestic landscape, where Hyperliquid itself remains unavailable to US residents 1. Trade.xyz stated that its existing offshore markets—which have generated over $650 billion in volume across stock, index, and commodity perpetuals—will continue operating uninterrupted 1.

Institutional Push for Onchain Perps

The partnership follows a period of shifting engagement between ICE and onchain derivatives architectures 1. In May, ICE Chief Executive Officer Jeffrey Sprecher disclosed that the firm had held several meetings with Hyperliquid, describing the network as "bigger than NASDAQ" during remarks at Bernstein’s Strategic Decisions Conference 1. Sprecher's comments came shortly after reports indicated ICE and rival CME Group had previously pressed US regulators over market manipulation concerns on the network 1. Broader domestic interest has gathered momentum elsewhere; in August, President Donald Trump stated CFTC Chair Mike Selig was examining pathways to bring Hyperliquid-based markets to domestic participants, while Kraken parent company Payward proposed accessing Hyperliquid-linked contracts via Bitnomial 1. Trade.xyz noted that further product terms, participant eligibility, and launch timelines will be released as regulatory reviews advance 1.

Sources

  1. [1] NYSE Owner ICE to Bring Hyperliquid Perps to the US Through Trade.xyz Partnership — unchainedcrypto.com, October 29, 2026

Written by Basis Desk's newsroom system from the primary sources above and machine-verified against them before publication. Market figures marked "at the time of writing" come from live exchange data. Report an error: corrections@basisdesk.news · corrections policy.

Community read
How do you read this story for the assets involved? One vote a day, anonymous.
Be the first to vote
Share X Telegram Bluesky Markdown

The Daily Brief, in your inbox at 07:00 ET

Five stories, the numbers that moved, what to watch. Three minutes. No hype, no advice, unsubscribe in one click.

Not financial advice. Basis Desk publishes information, not recommendations. Crypto assets are volatile and you can lose what you invest.