ICE wants Hyperliquid-based markets in the US. What changes?

ICE and Trade[XYZ] plan to put perpetual futures on Hyperliquid inside a separate US trading and clearing structure. Access would come through regulated brokers, while the companies still need approvals for the proposed business. Summary ICE announced its Trade[XYZ] agreement on October 29, with regulatory approvals still pending. More than 99% of ICE’s existing participation is institutional, according to the company. Trade[XYZ] says its existing markets have processed over $650 billion in cumulative volume. Hyperliquid’s published HIP-3 specification requires deployers to maintain 500,000 HYPE in stake. Payward announced a separate US Hyperliquid proposal on September 16 through Bitnomial and NinjaTrader Clearing. ICE has agreed to develop a US perpetual futures business on Hyperliquid with Trade[XYZ], targeting a retail market outside an existing futures franchise whose participation is more than 99% institutional. ICE’s October 29 announcement says the companies intend to seek approval for a dedicated market and clearing structure, including permission to support leveraged trading. The proposed contracts would cover crypto, equities, commodities, currencies and other assets. Am...