Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, plans to bring round-the-clock perpetual futures built on Hyperliquid to the US together with Trade[XYZ], subject to regulatory approvals. Under a definitive agreement, the exchange operator will serve as the exclusive operator of regulated Trade[XYZ] markets in the US, while taking a minority equity stake in the firm. The announcement coincided with a public disclosure from prominent macro investor Stan Druckenmiller that he is an investor in Trade[XYZ].

Perpetual futures — commonly called perps — are futures contracts with no expiry date, and traders usually use them with leverage. Unlike conventional exchange-traded futures, which trade during set session hours, perps stay open around the clock. Hyperliquid is an onchain trading platform that handles execution, while Trade[XYZ] designs the products built on top of it: perps on stocks, stock indices, commodities, and currencies, so far available only to eligible users outside the US. In addition to the New York Stock Exchange, ICE operates futures exchanges and clearing houses. In March 2026, Trade[XYZ] secured the license for the first official S&P 500 perpetual, and more than USD 650 billion in trading volume has run through its markets in just over a year. ICE had previously invested in Polymarket and OKX. A start date for US trading remains open.

ICE Becomes Exclusive Operator of US Markets on Hyperliquid

ICE and Trade[XYZ] have signed a definitive agreement, although it remains subject to regulatory approvals — including clearance from the Commodity Futures Trading Commission (CFTC), the agency that oversees US futures and derivatives markets. Under the agreement, ICE will become the exclusive operator of the regulated Trade[XYZ] markets. To achieve this, the exchange group is building its own market and clearing structure for retail clients on Hyperliquid. The plan covers perpetual futures with KYC and AML checks, including approval for leveraged trading.

ICE is also taking a minority stake in Trade[XYZ]. The amount, stake size, and valuation remain undisclosed. The company said it expects no material impact on its adjusted 2026 earnings, capital returns, or debt reduction.

Retail business is new territory for ICE: institutional players currently account for more than 99% of participation in the group's markets. The new segment will run separately from the institutional futures and clearing business, meaning commercial hedgers carry no counterparty risk from the retail operation. Retail investors will gain access through futures commission merchants (FCMs) — the intermediaries that traditionally connect US customers to futures markets — which follow KYC and AML rules and become members of the platform. ICE named its joint venture with OKX as one of several distribution channels, although its FCM and broker-dealer subsidiaries still need their own approvals.

"We intend to find retail traders where they want to be, through the partners, brokers, and platforms they already use. We see these perp markets as additive to our futures markets, not a replacement for them." — Jeffrey C. Sprecher, Chair and CEO, Intercontinental Exchange

Trade[XYZ] plans to share details on products, eligibility, and timing only once the approvals move forward. Neither company has named a launch date. In the meantime, the existing markets outside the US will continue running alongside the planned US structure.

Druckenmiller Plans to Use Trade[XYZ] in His Investment Process

Stan Druckenmiller made his stake public on X on the day of the announcement, writing that he is an investor in Trade[XYZ] (post on X). As a market participant, he also plans to use the product in his investment process. He thus presents himself as a future user of the platform, not just as a backer.

The industry views Druckenmiller as a macro investor, making his post a signal from the world of macro investing to an onchain trading venue. He did not disclose the size of his stake, however, and little is known for certain about his capital. His Duquesne Family Office does not publish a total figure for assets under management. As of June 30, 2026, its latest 13F filing with the SEC — the quarterly disclosure institutional investment managers file for their US-listed equity holdings — shows around USD 5.21 billion in 90 US long positions, but the filing does not cover other assets, so the figure does not reflect his total wealth. The next 13F is due in mid-November 2026. As long as the stake size and the asset base remain unconfirmed, the signal carries limited weight.

Hyperliquid Provides the Infrastructure for Trade[XYZ]

Trade[XYZ] runs its markets under HIP-3, the framework for perpetual futures that external developers build on Hyperliquid. Whoever launches such a market — known as a deployer — sets the offering, the price sources, and the leverage limits, while execution runs on Hyperliquid's onchain engine. Deployers must stake 500,000 HYPE. Hyperliquid therefore provides the infrastructure, while Trade[XYZ] designs the products.

The concentration in this segment stands out. According to data from TokenPost, open interest across all HIP-3 markets stood at USD 4.12 billion on October 28, 2026, spanning 169 markets offered by four actively operating venues. Trade[XYZ]'s markets accounted for 97% of that total, while markets built by external developers drive about half of all trading volume on Hyperliquid. In practice, Trade[XYZ] dominates the HIP-3 segment.

It remains unclear how exactly the planned US structure will use Hyperliquid and HIP-3. The ICE announcement mentions neither HYPE staking nor any share in fees or revenue. Furthermore, ICE is taking equity in Trade[XYZ], not in the HYPE token, so the role HYPE will play as collateral or a staking instrument in the regulated version is unknown. Ultimately, the deal does not answer whether any economic value flows back to HYPE holders.

ICE Continues Its Crypto Strategy

Trade[XYZ] is the next building block in a crypto strategy ICE has been expanding since October 2025. That month, ICE announced plans to invest up to USD 2 billion in Polymarket at a USD 9 billion post-money valuation, and a further USD 600 million followed in March 2026. Also in March, ICE took a strategic stake in OKX at a USD 25 billion valuation, with a board seat. In June 2026, the two companies set up the 50/50 joint venture OKXICE (official announcement), which is to operate as a US broker-dealer and FCM. Trabue Bland, Senior Vice President Futures Exchanges at ICE, and Andrew Cuomo share the chair; the former New York governor has sat on the OKX board since July 2026. In October 2026, OKX added further investors, including Circle, Ripple, and Standard Chartered. Taken together, the moves give ICE exposure across prediction markets, crypto exchange infrastructure, and — with Trade[XYZ] — onchain perps aimed at retail traders.

The venture does not enter an empty market. In late May 2026, the CFTC approved Kalshi's BTCPERP, which became the first true perpetual without expiry on a registered US platform. Alongside the approval, the agency issued a policy statement, with CFTC Chairman Mike Selig saying perpetuals "have become a foundational risk management and price discovery tool." Coinbase Financial Markets received a no-action letter for certain perps, and in June 2026 further no-action letters followed for Bitnomial and Coinbase, allowing both firms to drop the expiry dates on existing futures in perpetual style. Kraken's parent company Payward had announced its acquisition of Bitnomial in April and completed it in early May; in mid-June, Kraken launched perps in the US on cryptocurrencies such as Bitcoin, Ether, and Solana.

Legally, this framework remains unsettled. The policy statement is guidance, not a rule, so a future CFTC leadership could reverse it. Trade[XYZ] differs from Kalshi, Coinbase, and Kraken mainly in its offering: its perps cover stocks, indices, commodities, and currencies and trade on Hyperliquid. Whether ICE can roll out this offering in the US is up to the CFTC.