ICE Teams Up With Trade.xyz for U.S. Hyperliquid Trading

Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, has announced a partnership with Hyperliquid-linked trading platform Trade.xyz to develop a U.S.-regulated perpetual futures market. As part of the initiative, the exchange operator is taking an undisclosed equity stake in Trade.xyz.

According to CryptoNews, the proposed venue will utilize Hyperliquid infrastructure, featuring dedicated clearing, identity checks, and anti-money laundering controls. The platform aims to offer contracts tied to stocks, equity indexes, commodities, foreign exchange, and cryptocurrencies through participating brokers and trading platforms, subject to approval from the Commodity Futures Trading Commission (CFTC).

Growth and Infrastructure

Trade.xyz reported that its existing offshore Hyperliquid markets have handled more than $650 billion in cumulative trading volume since launching over a year ago. The platform provides continuous price exposure to traditional financial assets, including the NIFTY 50 perpetual futures contract launched on October 27.

Under the proposed arrangement, the companies intend to introduce know-your-customer checks alongside continuous trading technology. Trade.xyz confirmed it will continue operating its existing HIP-3 markets independently while developing the separate U.S. business.

Market Impact

Following the announcement, Hyperliquid's native token $HYPE briefly climbed to around $86. Billionaire investor Stan Druckenmiller was also identified among a small group of investors joining the initiative, though specific financial commitments were not disclosed.

Key facts

• Intercontinental Exchange partnered with Trade.xyz to build a U.S.-regulated perpetual futures market.
• The proposed venue relies on Hyperliquid infrastructure and requires Commodity Futures Trading Commission approval.
• Trade.xyz recorded over $650 billion in cumulative trading volume on Hyperliquid over the past year.
• ICE took an undisclosed equity stake in Trade.xyz as part of the strategic investment.