HYPE Price Surges as ICE Targets US Perpetuals

• ICE has partnered with TradeXYZ to introduce regulated Hyperliquid perpetual futures in the United States.
• The HYPE price surged about 15% to $91.21 following the October 29 announcement.
• ICE will operate the proposed regulated markets, while TradeXYZ will develop the contracts.
• Hyperliquid’s HIP-3 technology will support perpetual futures linked to cryptocurrencies and traditional assets.
• ICE is taking a minority stake in TradeXYZ as part of the agreement.

Intercontinental Exchange (ICE), parent of the New York Stock Exchange, has partnered with TradeXYZ to propose regulated U.S. perpetual futures on Hyperliquid. The October 29 announcement lifted the HYPE price, but the market still needs regulatory approval.

ICE Sets Out Plans for U.S. Trading

ICE would operate the exchange and its clearing system, which settles trades. TradeXYZ would develop contracts, while Hyperliquid would provide HIP-3 technology. Markets could cover cryptocurrencies, stocks, indices, commodities, and foreign currencies.

ICE will take a minority stake in TradeXYZ. The investment amount remains undisclosed. The company plans to keep retail trading separate from its institutional futures business.

The agreement follows Payward’s proposal for regulated Hyperliquid trading on October 26. Payward, Kraken’s parent, plans to use its Bitnomial exchange and clearinghouse for U.S. markets. That project also awaits approval.

How the Proposed Perpetual Markets Work

Perpetual futures have no expiry date, unlike standard futures contracts. Traders can keep positions open while meeting margin rules. Leverage can increase both profits and losses. TradeXYZ already offers around-the-clock contracts on traditional assets outside the United States.

U.S. customers would face identity and anti-money-laundering checks. ICE expects access through registered brokers and its OKX joint venture. The joint venture still needs separate U.S. regulatory approvals.

ICE CEO Jeffrey Sprecher said, “We see these perp markets as additive to our futures markets, not a replacement for them.”

Separately, Hyperliquid co-founder Jeff Yan described the network as shared infrastructure, not a direct exchange rival.

HYPE Price Advances After ICE Announcement

The HYPE price rose about 15% to $91.21 following the announcement. The token remained below its September record of $97.96. ICE and TradeXYZ have not announced a launch date for the regulated U.S. service.

TradeXYZ reports more than $650 billion in trading volume across its Hyperliquid markets in just over a year. Those figures cover its existing business, not the proposed U.S. operation. Billionaire investor Stanley Druckenmiller also said he had invested in TradeXYZ and wanted to use its products.

In a recent assessment of HYPE’s competition, BitMEX co-founder Arthur Hayes warned that HYPE could trail Ether and Zcash, even with demand for decentralized perpetual futures. The comments preceded Thursday’s announcement. The Commodity Futures Trading Commission issued guidance and limited relief concerning certain perpetual contracts in May.