NYSE owner ICE strikes deal to bring Hyperliquid-based perpetual futures to the U.S., and HYPE jumps

Summary

Intercontinental Exchange, the owner of the New York Stock Exchange, signed a deal with Trade[XYZ] to launch regulated perpetual futures built on Hyperliquid in the United States and is taking a stake in the company, Decrypt, The Block and CoinDesk reported.

CoinDesk said the planned ICE[XYZ] venue would offer 24/7 perpetual futures on stocks, commodities and crypto, pending approval from the Commodity Futures Trading Commission; Decrypt said the product still needs regulatory approvals and has no launch date.

Under the agreement ICE becomes the exclusive operator of Trade[XYZ]'s regulated markets and will build a dedicated retail market and clearing structure, with verified customers connecting through futures commission merchants, according to Decrypt.

Hyperliquid's HYPE token rallied on the news; Decrypt put the gain at about 13%, to roughly $91, while The Block reported a 15% surge.

Updates

• Update, Thu, 29 Oct 2026 19:20:00 UTC: Update (Oct. 29): CoinDesk reported that Stanley Druckenmiller used his first post on X to say he is an investor in Trade[XYZ], and that his Duquesne Family Office reported holding 2.94 million shares of HYPE treasury company Hyperliquid Strategies (PURR), valued at $23.15 million as of June 30, according to an August SEC filing that does not show whether it still holds them. CoinDesk said HYPE was up nearly 20% on the day, and Cointelegraph reported the token was nearing its all-time high.

Key facts

• Trade[XYZ] already offers eligible users outside the U.S. around-the-clock perpetuals on stocks, equity indices, commodities and currencies, with Hyperliquid providing the underlying infrastructure, Decrypt reported. (Decrypt)
• Decrypt said HYPE climbed from a daily open of $80.69 to a high of $92.10 on KuCoin, about 7% below its September record near $98. (Decrypt)
• ICE plans to distribute the product through its joint venture with OKX, which has its own approvals pending, Decrypt reported. (Decrypt)
• ICE Chair and CEO Jeffrey Sprecher called the perpetuals "additive to our futures markets, not a replacement for them," and ICE says more than 99% of its participation today is institutional, per Decrypt. (Decrypt)
• Investor Stan Druckenmiller said on X he is an investor in Trade[XYZ] and is looking forward to using the product, Decrypt reported. (Decrypt)
• The Block said ICE will partner with and invest in Trade[XYZ] to launch regulated, Hyperliquid-based perpetual futures in the U.S. (The Block)
• Trade[XYZ] said its existing markets have generated more than $650 billion in trading volume in just over a year, and ICE is taking a minority stake with financial terms undisclosed, CoinDesk reported. (CoinDesk)