Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, plans to bring Hyperliquid-based perpetual markets to the United States through an agreement with Trade[XYZ], according to an official announcement. The proposed venue would offer retail traders round-the-clock access to perpetual contracts spanning cryptocurrencies, equities, indices, commodities and foreign exchange. Perpetual contracts, a format that became a staple of cryptocurrency trading, are derivatives without a fixed expiration date, and continuous trading would contrast with the fixed daytime sessions of U.S. stock exchanges. However, the launch remains contingent on regulatory approvals — a condition ICE underscored in a revised version of its announcement.

Under the agreement, ICE will exclusively operate Trade[XYZ]'s regulated markets and establish a dedicated trading and clearing structure. Trade[XYZ] brings experience deploying real-world-asset perpetual contracts on Hyperliquid, a decentralized derivatives platform.

Separate Structure for Retail Trading

The proposed venue would operate separately from ICE's institutional futures and clearing business, which serves commercial hedgers through traditional futures, forward-curve pricing and centrally cleared settlements. ICE CEO Jeffrey C. Sprecher likewise described the proposed retail markets as distinct from the company's existing institutional operations.

Eligible U.S. traders would access the markets through regulated futures commission merchants. These intermediaries would carry out Know Your Customer (KYC) and Anti-Money Laundering (AML) checks — standard compliance requirements in regulated U.S. financial markets — before granting access. ICE and Trade[XYZ] will also seek approvals supporting compliant perpetual contracts and leveraged trading across the platform's asset classes.

OKX Joint Venture and Strategic Investment

ICE expects distribution through existing brokers, partners and trading platforms, including its joint venture with OKX, although that arrangement would require separate regulatory approvals.

ICE is also making a strategic investment in Trade[XYZ]. The company said its minority stake would not materially affect its 2026 adjusted financial results, capital returns or deleveraging plans.

Deleted and Reposted Announcement Drew Speculation

Journalist Eleanor Terrett reported that ICE removed the original announcement post the previous night before publishing a revised version, a move that prompted speculation on X that the partnership had been canceled.

The revised announcement retained the agreement and placed greater emphasis on regulatory conditions, with ICE stating that it plans to launch the markets subject to approvals. Terrett suggested the revised wording reflected additional caution from the company's legal team.