Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is partnering with Trade[XYZ] to bring round-the-clock perpetual futures trading to the United States. The proposed venue will run on Hyperliquid's market technology infrastructure while drawing on ICE's long track record in regulated exchanges and clearing. The plan remains subject to approval from the Commodity Futures Trading Commission (CFTC), the federal agency that oversees U.S. futures markets.

Trade[XYZ] announced the partnership in a statement posted on X on October 29, 2026:

trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States. In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch. We intend to change that.

Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We'll share more on products, eligibility, and timing as approvals progress.

ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid. Innovation and the protections of U.S. regulation shouldn't be a trade-off. Together, we plan to prove it.

ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We're proud to have him with us for the next one.

We're building the U.S. market in parallel with our existing HIP-3 markets, which we'll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.

To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You'll forever be a part of this story.

Anything. Anytime. On ICE[XYZ].

— trade.xyz (@tradexyz) October 29, 2026

A Dedicated U.S. Market, Pending CFTC Approval

The companies plan to establish a separate market for perpetual futures on the U.S. exchange, contingent on approval from the CFTC. Planned contracts would cover cryptocurrencies as well as traditional assets, including stocks, stock indexes, commodities, and foreign exchange.

Continuous operation is the other defining feature of the proposal. Traditional U.S. futures markets operate in sessions that close nightly and over weekends, a gap the announcement referenced directly in describing Hyperliquid-based contracts as trusted reference points when traditional markets are shut.

Access would be provided through participating brokers and platforms. The companies have not released a launch date or finalized details on products and customer eligibility, and they said more information will be shared as approvals progress.

Under the proposed division of roles, ICE would contribute exchange operations, clearing, and risk management expertise, while Trade[XYZ] would supply the product design and market technology it has developed on Hyperliquid.

What Are Perpetual Futures?

Unlike conventional futures, perpetual contracts have no expiration date. Traders can hold positions indefinitely, subject to margin requirements, and typically pay or receive periodic funding payments that keep contract prices in line with the underlying market price. The structure originated in cryptocurrency markets, where it has become one of the most heavily traded derivatives formats, though the product has been largely absent from U.S.-regulated exchanges.

The proposed platform is intended to bring this trading model under U.S. regulatory oversight, pairing around-the-clock markets with ICE's exchange and clearing infrastructure.

$650 Billion in Hyperliquid Volume

Trade[XYZ] said its markets on Hyperliquid have surpassed $650 billion in cumulative trading volume in just over a year. Through its existing products, users can trade perpetual contracts on assets such as stocks, indexes, and commodities outside of traditional market hours.

According to the announcement, these markets provide continuous price discovery and have become trusted reference points for retail and institutional participants when traditional markets are closed. The firm said it intends to keep expanding these established HIP-3 markets in parallel with the proposed U.S. venue, describing a long roadmap for both, from new asset classes to new ways to trade them.

Strategic Investment and Druckenmiller Backing

ICE is making a strategic investment in Trade[XYZ], a private company, with both sides declining to disclose the amount. According to the announcement, a small group of market luminaries is also joining, beginning with investor Stan Druckenmiller.

"For more than four decades, few investors have anticipated the great turns in markets as often as Stan," the statement said. "We're proud to have him with us for the next one."

The partnership pairs ICE's market infrastructure with Trade[XYZ]'s experience building markets on a 24/7 decentralized trading network. The eventual U.S. product line remains subject to regulatory approvals and may depend on which approvals are received.

A Potential U.S. Gateway for Hyperliquid

If approved, the agreement could give Hyperliquid-based perpetuals structured access to U.S. customers. It also highlights increased activity among traditional finance institutions in crypto derivatives and trading platforms, with the integration of around-the-clock trading into U.S. exchange and clearing platforms standing out as a notable development for the crypto industry.

The companies have not specified when trading would begin, and the size of ICE's investment in the market has not been disclosed. For now, the immediate markers are the CFTC review itself and the follow-up details on products, eligibility, and timing that the companies have said they will share as approvals progress.