Intercontinental Exchange (ICE), the parent of the New York Stock Exchange, announced it will launch a regulated U.S. perpetual futures market built on Hyperliquid's blockchain and developed by TradeXYZ, in which ICE will take a minority stake. No launch dates have been set, and regulators must still approve the deal. In the 30 days ended October 30, about $217.2 billion in perpetuals traded on Hyperliquid, generating $64.1 million in revenue. TradeXYZ holds 97% of the $4.1 billion in open interest across Hyperliquid's third-party markets, and almost all of the platform's fees go toward open-market HYPE purchases. Payward, the parent of the Kraken exchange, also plans to offer U.S. clients perps through Bitnomial, a CFTC-regulated exchange.
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Related tickers and likely impact
HYPE/USDT
▲ Likely positiveHyperliquid
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $21.0B |
| Close on 11/02/2026 | 84.09 |
| Change that session | -4.28% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Hyperliquid's HYPE Jumps 13% as NYSE Owner ICE Moves to Bring Its Perpetual Futures to the US
HYPE, the token behind the Hyperliquid exchange, rose about 13% to roughly $91 after Intercontinental Exchange, owner of the New York Stock Exchange, announced a deal to bring Hyperliquid-based perpetual futures to the United States. Under the agreement, ICE will be the exclusive operator of Trade[XYZ]'s regulated markets and take a strategic stake in the company, and it will build a dedicated retail market and clearing structure for the product. The product still needs regulatory approvals and has no launch date. HYPE hit a high of $92.10 on KuCoin, about 7% below its September record near $98, and its market capitalization is around $22.4 billion. Investor Stan Druckenmiller publicly backed the deal, and ICE plans to distribute the product through its joint venture with OKX, which also has approvals pending.
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Pump.fun, a leading meme coin launchpad on Solana, has launched perpetual futures that run on Hyperliquid's order books, and Pump.fun collects a builder fee on each trade. Hyperliquid uses part of its fee revenue to buy back HYPE, having repurchased $1.26 billion, but 778 million tokens still await circulation and could add selling pressure. The article says Solana gets no direct benefit, since Pump.fun trades match and settle on Hyperliquid, and SOL remains 65% below its all-time high. The product is not available in the U.S. or Ontario.
- Stanley Druckenmiller's first X post backs Hyperliquid venture after $23 million indirect investment
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- HYPE teases all-time high as NYSE owner ICE eyes US Hyperliquid perps
HYPE, the native token of Hyperliquid, surged about 20% on Thursday after Intercontinental Exchange (ICE) and Trade[XYZ], whose investors include Stanley Druckenmiller, announced plans for US perpetual futures. HYPE traded above $96, close to September's all-time record of $97.96. The companies said they would seek regulatory approval for markets covering crypto, stocks, indexes, commodities and currencies, targeting retail traders through a clearing structure separate from ICE's institutional business. ICE is taking a minority stake in Trade[XYZ], with the investment amount and launch date undisclosed. Distribution is expected through ICE's joint venture with OKX, pending separate approvals, and the regulatory path remains conditional.
- NYSE owner takes steps to bring Hyperliquid perpetual futures to U.S.
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