HYPE surges 15% as NYSE parent ICE moves to bring Hyperliquid perps to US

Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, has agreed to partner with TradeXYZ to bring Hyperliquid-based perpetual futures markets to the U.S. under a regulated framework, subject to regulatory approvals.

ICE plans to operate the markets and establish dedicated exchange and clearing infrastructure for perpetual contracts tied to cryptocurrencies, equities, indices, commodities, and forex.

ICE is also making a strategic investment in TradeXYZ, with the new markets expected to be accessible through participating brokers and platforms. CEO Jeffrey Sprecher previously framed ICE's interest around creating a level regulatory playing field for onchain perpetuals.

"We've seen a clear increase in retail participation in markets, and that participation is becoming far more global, with retail traders increasingly seeking short-duration exposure, often around the clock," Sprecher said Thursday. "We intend to find retail traders where they want to be, through the partners, brokers, and platforms they already use. We see these perp markets as additive to our futures markets, not a replacement for them."

The HYPE token surged 15% on Thursday, trading around $91.21 at publication time. The token's all-time high hit $97.96 last month.

Under the structure, Hyperliquid will serve as the underlying technology infrastructure via HIP-3, TradeXYZ designs and implements the markets, and ICE operates the regulated market and clearing structure.

The deal builds on TradeXYZ's rapid growth on Hyperliquid, where its builder-deployed perp markets have driven a growing share of activity in contracts tied to stocks, indices and commodities. Hyperliquid's HIP-3 markets have attracted demand for around-the-clock trading of traditional assets, with open interest reaching $2.38 billion in April.

The Commodity Futures Trading Commission in May issued a staff advisory and no-action relief, clearing the way for perps to come to the U.S. Then in September, President Donald Trump namedropped Hyperliquid, mentioning the CFTC's effort to bring the protocol into the U.S. in a "fully compliant and legal fashion."