---
title: "ICE Backs Trade.xyz to Launch 24/7 Hyperliquid Perpetual Futures in the US"
description: "The NYSE parent and investor Stan Druckenmiller have backed Trade.xyz to build a CFTC-cleared venue for around-the-clock trading."
url: https://basisdesk.news/news/ice-trade-xyz-hyperliquid-us-perpetual-futures
published: 2026-10-29T11:51:24.659Z
modified: 2026-10-29T11:51:24.659Z
section: Institutions & ETFs
author: Basis Desk Newsroom (AI-generated, source-verified)
sentiment: bullish
tickers: [HYPE]
tags: [hyperliquid, ice, cftc, derivatives, perpetual-futures]
license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice.
---

# 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.

## At a glance

- **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.
- **Status:** announced
- **Primary source:** [NYSE Owner ICE to Bring Hyperliquid Perps to the US Through Trade.xyz Partnership](https://unchainedcrypto.com/nyse-owner-ice-to-bring-hyperliquid-perps-to-the-us-through-trade-xyz-partnership/) — unchainedcrypto.com

## 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.

## Editorial remark

- **Context:** Perpetual futures have historically existed almost exclusively outside US oversight, blocking retail and institutional US market participants. Hyperliquid's decentralized architecture has rapidly expanded across asset classes, including a March licensing deal with S&P Dow Jones Indices for non-US S&P 500 perps.
- **Impact:** If approved, US institutional and retail brokers could offer around-the-clock perpetual swaps directly within domestic legal frameworks. This would bridge decentralized matching infrastructure with traditional clearing, directly competing against legacy CME futures.
- **Watch:** Regulatory submissions or formal acknowledgment from the CFTC, alongside public statements or regulatory filings from ICE regarding clearinghouse structures.

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. [NYSE Owner ICE to Bring Hyperliquid Perps to the US Through Trade.xyz Partnership](https://unchainedcrypto.com/nyse-owner-ice-to-bring-hyperliquid-perps-to-the-us-through-trade-xyz-partnership/) — unchainedcrypto.com, 2026-10-29

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Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai