Hyperliquid's native token HYPE rallied more than 15% on Thursday, reaching an intraday high of $96 and pushing within reach of the $100 mark, even as the broader cryptocurrency market declined. The move followed an announcement by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, that it will offer Hyperliquid-based perpetual futures (perps) — derivative contracts with no expiration date and a fixture of crypto trading venues — to U.S. traders.

ICE revealed a deal with TradeXYZ, the company deploying real-world asset (RWA) perps on Hyperliquid, that will bring Hyperliquid perps onshore, subject to regulatory approval. The onshore structure would place trading of the product under U.S. regulatory oversight rather than on offshore platforms.

ICE Takes Stake in TradeXYZ, Becomes Exclusive U.S. Operator

As part of the agreement, ICE is also making a strategic investment in TradeXYZ, taking a stake in the company. While the financial details were not disclosed, the arrangement makes ICE the exclusive operator of TradeXYZ's regulated markets in the United States.

According to the announcement, ICE will establish a new dedicated market for the perps, with the clearing structure built on Hyperliquid. The market will focus on retail traders, a segment ICE has identified as a growth opportunity. The exchange operator has mostly focused on institutional users until now, as they account for 99% of its participation, but it sees the deal as an opportunity to bring on retail customers, including those already transacting offshore.

“Retail participation in markets has grown significantly in recent years and is becoming far more global, with retail traders increasingly seeking short-duration exposure, often around the clock,” the post reads.

The deal still requires regulatory approval before Hyperliquid perps can start trading on U.S.-regulated channels. Once approvals are obtained, eligible customers — who must undergo KYC/AML verifications — will gain access to the markets, the announcement noted. That review now stands between the arrangement and its launch, making the regulatory timeline the key development to watch.

HYPE Marches Toward $100 as ICE Expands Crypto Exposure

Thursday's surge drove HYPE to a high of $96 before it eased to $94, leaving the token close to the $100 threshold. HYPE is already one of the best-performing crypto assets this year, with a 270% rise in value fueled by Hyperliquid's growth, and it now has a market capitalization of around $23 billion.

While its performance today stands out — with the rest of the crypto market falling — it is not entirely surprising. Talk of Hyperliquid's U.S. entry has grown in recent months, and the Commodity Futures Trading Commission (CFTC) issued a staff advisory on perps in May, an early signal that the product category was on the regulator's agenda.

An X account attributed to renowned macro investor Stanley Druckenmiller also posted on X about the deal, noting that he is an investor in TradeXYZ. It was the first tweet ever by the account.

The deal also highlights how ICE continues to expand its exposure to the crypto industry. Earlier this year, it entered a joint venture with crypto exchange OKX and took a minority stake in the company to develop a tokenized stock venue. It has also invested in prediction market platform Polymarket, recently committing $600 million to the platform, having previously said it would invest up to $2 billion. Taken together, the moves trace a consistent pattern: a traditional exchange heavyweight progressively wiring crypto-native products — tokenized stocks, prediction markets and now perps — into its regulated-market franchise.

This article originally appeared on The Market Periodical.