Hyperliquid's HYPE Jumps 16% After ICE Backs Trade[XYZ] US Futures Market

Hyperliquid's native token, $HYPE, rose 16.6% in 24 hours to about $94.43, lifting its market capitalisation to $23.9 billion and making it the ninth-largest cryptocurrency. Trading volume more than tripled to $2.3 billion over the same period. Over the week, the token is up 21.7%.

The move followed news that Intercontinental Exchange (ICE), owner of the New York Stock Exchange, will run a US-regulated version of Trade[XYZ]'s futures markets built on @HyperliquidX, pending approval. ICE is also taking a stake in Trade[XYZ].

What ICE and Trade[XYZ] Have Agreed

On October 29, 2026, ICE signed a definitive agreement with Trade[XYZ] with the goal of creating a new regulated market for perpetual futures in the United States. The planned market would have its own clearing, know-your-customer and anti-money laundering systems. It would use Trade[XYZ] products tied to the price of equities, equity indexes, commodities and currencies, pending regulatory approval.

Under the agreement, ICE becomes the exclusive operator of Trade[XYZ]'s regulated markets, and it is also taking a minority stake in the company. The companies have not disclosed the investment amount, the size of ICE's stake or when the US market could begin operating. ICE said the stake will not have a material impact on its 2026 adjusted financial results. Investor Stan Druckenmiller is also joining as a backer.

Perpetual futures let traders take positions on an asset's price without a fixed expiry date. Trade[XYZ] already operates such markets on Hyperliquid, but its existing offshore products are not available to US customers. The company reports more than $650 billion in cumulative trading volume on Hyperliquid over the past year.

ICE Chairman and CEO Jeffrey Sprecher said the company intends to reach retail traders through partners, brokers and platforms they already use, and sees the perp markets as additive to its futures markets, not a replacement.

What It Means for HYPE

ICE is buying equity in Trade[XYZ], not HYPE tokens, but every HIP-3 deployer must stake 500,000 HYPE. The US venue will have its own exchange and clearing setup, and the announcement does not say whether those staking and fee rules carry over. That leaves open how directly US trading would benefit the token.

HYPE traded near $93 by mid-afternoon UTC, still about 5% below its record of $98 set on September 23. The proposal remains subject to separate regulatory approvals. A separate proposal from Kraken parent Payward would also use Hyperliquid for US onchain perpetual futures through its own regulated entities.

Sources

Bloomberg Law: NYSE Owner Plans Market for Hyperliquid Perpetuals in USCryptoPotato: HYPE Price Rises 15% Following NYSE Plan to Bring Hyperliquid Perps to the UScrypto.news: NYSE Owner ICE Teams Up With Trade.xyz to Bring Hyperliquid Trading to the US