ICE plans regulated Hyperliquid futures for US as HYPE rises about 13%

Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, has signed an agreement with Trade[XYZ] to offer regulated perpetual futures built on Hyperliquid in the United States. ICE will become the exclusive operator of Trade[XYZ]'s regulated markets and take a strategic stake in the company. Regulatory approvals are still required, and no launch date has been announced.

Following the announcement, Hyperliquid's HYPE token rose about 13% on Thursday to roughly $91. It reached an intraday high of $92.10 on KuCoin. The source put its market capitalization at approximately $22.4 billion.

Perpetual futures are derivatives without an expiry date that allow traders to take leveraged positions. Trade[XYZ] already provides eligible users outside the US with round-the-clock trading in these contracts on stocks, equity indices, commodities and currencies. Hyperliquid supplies the underlying infrastructure. ICE plans to build a separate retail market and clearing structure for the US offering, distinct from its institutional futures operations.

The proposed US markets are intended to comply with customer identification and anti-money-laundering requirements. Verified customers would access them through futures commission merchants, intermediaries that manage customer futures accounts. ICE plans to distribute the product through its joint venture with OKX, which also has approvals pending. ICE will separately seek permission to support leveraged trading.