NYSE owner ICE plans a US market for Hyperliquid-based perpetual futures
ICE would run a new regulated retail market and clearing structure for Trade[XYZ]'s perps and make a strategic investment in the company. The market needs CFTC and other approvals, and no launch date has been set.
By Jennifer Walsh ·
Why it matters: The NYSE's owner wants to bring perpetual futures, a crypto staple mostly traded offshore, to US retail traders under regulation, if the CFTC and others approve.
For information only, not investment advice. Prices delayed.
Intercontinental Exchange ($ICE), the NYSE's parent, has signed a definitive agreement with Trade[XYZ], a builder of perpetual futures markets on Hyperliquid, to bring those markets onshore in the US, subject to regulatory approvals, ICE said Thursday. ICE would be the exclusive operator, set up a new, dedicated retail market and clearing structure, and make a strategic investment in Trade[XYZ]; financial terms weren't disclosed, CoinDesk reported.
Perpetual futures never expire and are heavily traded in crypto, but mostly on offshore venues US investors can't use, per CoinDesk. The planned market targets retail traders seeking around-the-clock exposure across crypto, equities, commodities and FX. ICE says its participation today is more than 99% institutional. CEO Jeffrey Sprecher said: "We see these perp markets as additive to our futures markets, not a replacement for them."
Stanley Druckenmiller wrote in an X post, his first on the platform per CoinDesk: "I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States." His representatives confirmed the statement to the Financial Times, CNBC reported. The size of his stake wasn't disclosed. Options on Hyperliquid Strategies ($PURR) traded at more than six times their 30-day average, CNBC said.
No launch date has been announced. The market still needs approvals from the CFTC and others, including for leveraged trading. Separately, CME Group is suing the CFTC over how perpetual contracts are classified.
Sources
- Intercontinental Exchange and Trade[XYZ] to Bring Hyperliquid-Based Perpetual Markets Onshore, Intercontinental Exchange
- Stan Druckenmiller post on X, Stan Druckenmiller (@standuquesne) on X
- Rare Stanley Druckenmiller post sends crypto-linked stock surging, CNBC
- Stanley Druckenmiller's first X post backs Hyperliquid venture, CoinDesk
- NYSE owner takes steps to bring Hyperliquid perpetual futures to U.S., CoinDesk
Tags: exchanges · regulation · defi