Why Is HYPE Up 17% Today? NYSE Owner ICE Backs Hyperliquid-Based US Trading

Key takeaways

• NYSE owner ICE announces major Hyperliquid infrastructure partnership
• HYPE rallies as US perpetual futures expansion approaches
• New exchange still requires regulatory approval before launch

Hyperliquid's HYPE token surged on October 29 after Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, announced plans to bring Hyperliquid-based perpetual futures trading into the regulated US market.

HYPE climbed from approximately $79 to above $86 shortly after the announcement, with some market snapshots showing gains exceeding 10%. The cryptocurrency's rally followed confirmation that ICE will invest in Trade[XYZ], a major developer of financial derivatives markets on Hyperliquid.

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According to ICE's official announcement, the companies signed a definitive agreement to establish a new US trading venue, subject to regulatory approval.

ICE Plans 24/7 US Trading Using Hyperliquid Infrastructure

Under the agreement, ICE and Trade[XYZ] intend to develop a dedicated US market offering perpetual futures linked to equities, stock indices, commodities, foreign exchange and cryptocurrencies.

Unlike traditional futures, perpetual contracts have no fixed expiration date, allowing traders to maintain leveraged positions while meeting margin and funding requirements.

The planned business would operate around the clock and include separate clearing infrastructure, customer identification procedures and anti-money-laundering controls.

ICE will serve as the exclusive operator of Trade[XYZ]'s regulated markets and make a strategic investment in the company. The financial terms remain undisclosed.

The development follows months of increasing interest in regulated access to Hyperliquid.

In August, an announcement concerning a possible US regulatory pathway triggered a separate HYPE rally.

Earlier, ICE and CME had reportedly called for tighter Hyperliquid oversight, citing concerns about derivatives market integrity.

The latest partnership signals a shift toward developing regulated products using infrastructure associated with the platform.

Trade[XYZ] Has Already Processed $650 Billion in Volume

Trade[XYZ] says its Hyperliquid-based markets have processed more than $650 billion in cumulative trading volume in just over a year.

Its products provide exposure to assets normally traded on conventional financial exchanges, including stocks, gold, oil and equity indices.

The platform's expansion has already attracted institutional attention.

Earlier this month, Bloomberg Terminal integration brought Hyperliquid-linked perpetual-market data into professional trading workflows.

Meanwhile, African exchange VALR previously introduced plans for more than 200 perpetual markets using Hyperliquid infrastructure.

The ICE agreement could create another distribution channel through brokers and retail trading platforms, including the exchange operator's joint venture with OKX.

However, neither company has announced a launch date, and US customers cannot yet access the proposed regulated venue.

Will the ICE Partnership Push HYPE Higher?

The announcement has raised expectations that Hyperliquid's infrastructure could gain broader acceptance within traditional financial markets.

But the agreement does not automatically translate into additional revenue for HYPE holders.

ICE is investing in Trade[XYZ], not announcing a direct purchase of HYPE tokens. The companies also have not disclosed whether trading fees generated by the proposed US venue would contribute to Hyperliquid's existing token-buyback mechanisms.

Those mechanisms have previously supported HYPE's investment narrative.

Coinpaper reported that Hyperliquid's fee model directs substantial trading revenue toward token repurchases, creating a potential connection between platform activity and token demand.

The exchange's growing institutional footprint has also attracted financial firms, including Coinbase, which became involved in USDC treasury operations.