Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is joining forces with Trade[XYZ], the biggest market builder on decentralized exchange Hyperliquid, to develop a U.S.-based perpetual futures trading platform. The initiative remains subject to approval from the Commodity Futures Trading Commission (CFTC).
Perpetual futures enable traders to speculate on whether an asset’s price will rise or fall without requiring the contract to expire. These instruments are widely used in cryptocurrency trading, but most activity occurs on offshore platforms that are generally unavailable to U.S. investors.
According to a company announcement, ICE and Trade[XYZ] will work together to establish a dedicated U.S. marketplace with new exchange and clearing systems. The clearing infrastructure will support the settlement of transactions. As part of the partnership, ICE will also invest strategically in Trade[XYZ], although neither company has disclosed the terms of the deal.
The planned platform, named ICE[XYZ], is expected to provide perpetual futures contracts tied to stocks, market indices, commodities, foreign exchange, and cryptocurrencies. The products will be distributed through participating brokers and trading platforms.
Trade[XYZ] said information about the available contracts, access requirements, and launch timeline will be released as the regulatory process moves forward.
The company stated that its markets on Hyperliquid have recorded more than $650 billion in trading volume in slightly over a year. It plans to maintain those operations while building the new U.S. venue.
Among the project’s supporters is billionaire investor Stan Druckenmiller, who is part of a limited group of backers.
Trade[XYZ] has expanded its role in the Hyperliquid ecosystem over the past year. In March, it obtained a license to launch the first official perpetual futures contract linked to the S&P 500. Markets introduced by independent builders now generate around half of Hyperliquid’s total trading volume.
ICE has also increased its exposure to digital asset-related businesses. In October 2025, the company agreed to invest up to $2 billion in Polymarket, a prediction market platform.
