NYSE owner ICE moves to bring Hyperliquid-style perpetual futures to the US
ICE will partner with and invest in Trade[XYZ] to launch regulated perps built on Hyperliquid. The HYPE token jumped as much as 15%, and Stanley Druckenmiller disclosed a stake.
Intercontinental Exchange, the company that owns the New York Stock Exchange, wants to bring a crypto-native trading product to regulated US markets.
What happened
ICE signed a deal to partner with and invest in Trade[XYZ] to launch regulated perpetual futures in the United States, built on the Hyperliquid blockchain. Hyperliquid’s HYPE token rose between 13% and 15% on the news and moved close to its all-time high.
Billionaire investor Stanley Druckenmiller used his first post on X to back the venture. He disclosed a $23 million indirect investment in Trade[XYZ]. His family office had previously reported owning shares in a treasury company focused on HYPE.
Background
Perpetual futures, or perps, are contracts that let traders bet on an asset’s price with leverage and no expiry date. They are the most traded product in crypto, but have mostly been offered by offshore exchanges that do not serve US customers.
Hyperliquid is a blockchain built for trading perps. It has grown quickly by offering fast, on-chain order books that work much like a traditional exchange, without a central company holding users’ funds.
Why it matters
ICE’s move is a strong signal that traditional market operators see decentralised trading technology as something to build on, not just compete with.
If US regulators approve the product, American traders could get access to crypto-style perps through a regulated venue for the first time at scale. For Hyperliquid, backing from the owner of the NYSE and a well-known macro investor adds a level of credibility few crypto projects have achieved.
Written by Tech Security with AI assistance. Not financial advice. See our disclaimer.