Hyperliquid's native token $HYPE rose sharply on October 29 after Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, announced a plan to bring perpetual futures built
Hyperliquid's native token $HYPE rose sharply on October 29 after Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, announced a plan to bring perpetual futures built on @HyperliquidX infrastructure to the U.S. market. CoinGecko data showed HYPE price surging by 14% in the past 24 hours following the news.
The token was also up about 4% in the past hour at the time of writing.
ICE and Trade[XYZ], a deployer of real-world-asset perpetual futures markets on Hyperliquid, announced a definitive agreement to bring Trade[XYZ]'s perpetual markets onshore in the United States, subject to regulatory approvals.Under the agreement, ICE is the exclusive operator of Trade[XYZ]'s regulated markets and intends to establish a new, dedicated, regulated retail market and clearing structure.ICE is also making a strategic investment in Trade[XYZ].The size of the investment was not disclosed.
Planned contracts will span equities, indices, commodities, FX, and crypto, with access offered through participating brokers and platforms.Once approvals are obtained, Know Your Customer and Anti Money Laundering-verified customers are expected to access the markets through futures commission merchants that become members of the platform.An ICE-OKX joint venture is expected to distribute the contracts, subject to approvals.
Perpetual futures, or perps, are derivatives with no expiry date. They allow investors to trade price moves without directly holding the underlying asset, are typically available for round-the-clock trading and can be used with leverage.
Hyperliquid operates outside the US and isn't officially open to American traders. Trade.xyz is subject to the same restrictions. The proposed venue would give the ecosystem a route into regulated U.S. markets. The Commodity Futures Trading Commission this year allowed domestic companies to launch perpetual futures, prompting a series of related product rollouts.
Trade[XYZ] operates under Hyperliquid's HIP-3 framework. The company said its Hyperliquid markets have processed more than $650 billion in trading volume since launching just over a year ago.It confirmed it will continue operating its existing HIP-3 markets while developing the separate U.S. business.
Details on the token's role remain unclear. The announcement did not specify whether HYPE would serve as collateral or carry any additional role within the proposed U.S. market. Launch also depends on regulators. It remains subject to approval from the Commodity Futures Trading Commission (CFTC).
ICE has shown interest in Hyperliquid before. In May, HYPE climbed nearly 10% after ICE CEO Jeff Sprecher told investors that the decentralized derivatives platform had grown bigger than Nasdaq.
Price moves vary by reporting window. HYPE briefly climbed to around $86 following the announcement, according to crypto.news market data. Other outlets reported smaller gains over different periods, so figures may shift as trading continues.
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