ICE backs US perpetual futures market built on Hyperliquid infrastructure

The NYSE owner plans to operate a regulated, retail-focused perps venue with Trade[XYZ], pending CFTC approval The company that owns the New York Stock Exchange wants a piece of crypto’s favorite trading product. Intercontinental Exchange (ICE) has confirmed a strategic deal with Trade[XYZ] to build a regulated market for perpetual futures in the United States. The interesting part is the plumbing underneath. The market would run on Hyperliquid’s infrastructure, the same onchain trading system that has become a hub for offshore derivatives activity. What ICE and Trade[XYZ] agreed to The agreement was confirmed on October 29, 2026. Under its terms, ICE would be the exclusive operator of the new US market, with Trade[XYZ] as its partner. ICE is also taking a minority stake in Trade[XYZ]. The terms of that investment were not disclosed, so the size of ICE’s bet remains private for now. A quick primer for anyone not living on a trading terminal. A traditional futures contract has an expiration date, like a carton of milk. A perpetual future has no expiry, so traders can hold a leveraged position for as long as they keep it funded. The new venue would use Hyperliquid’s HIP-3 deployment ...