The New York Stock Exchange's owner, Intercontinental Exchange, is collaborating with trade.xyz to use Hyperliquid technology to offer perpetual futures trading in the US around-the-clock. Subject to the Commodity Futures Trading Commission's clearance, the proposed venue will cover stocks, indices, commodities, foreign currency, and cryptocurrencies.

Stan Druckenmiller, a billionaire investor, is one of the backers of trade.xyz, and ICE is making a strategic investment in the project. The HYPE token increased as a result of the announcement.

ICE Invests in Trade.xyz to Build a US Trading Venue

As both companies aim to create a specific US market based on Hyperliquid technology, ICE is strategically investing in trade.xyz. Perpetual futures contracts covering stocks, indices, commodities, foreign exchange, and cryptocurrencies will be available 24/7 on the proposed platform.

Instead of only allowing American traders to access already-existing Hyperliquid markets, the companies intend to construct new exchange and clearing infrastructure for the venue. Product availability, eligibility restrictions, and launch timing will be revealed as regulatory clearances move forward. Access is anticipated through participating brokers and platforms.

The CFTC must still approve the scheme. The proposed US trading venue cannot be considered an operating, fully approved market until that approval is obtained.

Hyperliquid Markets Have Crossed $650 Billion in Volume

In less than a year, Trade.xyz claims that its Hyperliquid marketplaces have produced over $650 billion in trade activity. Even when conventional exchanges are closed, traders can react to market movements because of the platform's continuous price discovery for stocks, indices, and commodities.

In addition to adding a specialised exchange and clearing framework, the proposed US venue will expand on this current market activity. Under the terms of the agreement, ICE will be the sole operator of the regulated markets, combining trade.xyz's product creation and market design capabilities with its experience in exchange operations, clearing, and risk management.

The companies also intend to continue developing their existing HIP 3 markets alongside the new US platform. This means their current market expansion efforts are expected to proceed while they work towards the regulated American launch.

Intercontinental Exchange (ICE) and trade[XYZ] have announced their plan to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US traders across crypto, equities, commodities, foreign exchange, and other real-world assets, subject to regulatory approvals. ICE operates NYSE and some of the largest exchanges and clearing houses globally.

In this structure:

• Hyperliquid serves as the underlying technology infrastructure via HIP-3*
• trade[XYZ] designs and implements the markets
• ICE operates the regulated market and clearing structure

Existing trade[XYZ] HIP-3 markets will remain unchanged.

Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.

— Hyperliquid (@HyperliquidX) October 29, 2026

CFTC Approval, Clearing & Customer Verification

The primary prerequisite for the proposed location to serve US customers is still regulatory permission. ICE and trade.xyz plans to create a specific framework for retail perpetual futures, incorporating anti-money laundering and know-your-customer protocols.

It is anticipated that eligible clients will obtain the contracts through additional distribution partners and participating futures commission merchants. After the required permissions and membership agreements are in place, these middlemen will grant access to the regulated market.

ICE intends to keep its current institutional futures and clearing operations apart from this retail-focused firm. According to the company, institutional customers account for over 99% of its existing market involvement; therefore, retail trading is an extra business potential rather than a replacement for its established institutional activities.

Distribution through ICE's joint venture with OKX is also anticipated. Approvals for the pertinent US broker-dealer and futures commission merchant companies are among the regulatory requirements specific to that arrangement. As a result, access via this channel is still conditional rather than assured.

Stan Druckenmiller Backs the Initiative as HYPE Rises

Stan Druckenmiller, a billionaire investor, is one of the business leaders supporting the project. His involvement gives the group backing trade.xyz a well-known name, as it collaborates with ICE to incorporate perpetual futures into US regulations. The amount of ICE's investment has not been made public by the corporations.

The price of Hyperliquid's native HYPE token increased in tandem with the news. As traders reacted to the possibility of a link between Hyperliquid-based markets and a significant traditional exchange operator, HYPE reportedly increased by 8 to 9%, rising beyond $85.

I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States. As a market participant, I am looking forward to to using their innovative product to enhance my investment process.

— Stan Druckenmiller (@standuquesne) October 29, 2026

Through regulated channels, the proposed venue may provide qualified US traders with 24-hour access to derivatives linked to conventional assets and cryptocurrencies. The exact product portfolio, client eligibility requirements, and launch date, however, are still pending.

The arrangement gives trade.xyz a way to grow outside of its current markets. It preserves ICE's institutional futures business while creating a distinct retail-focused potential. Before the intended US market opens up, both businesses must complete the necessary governmental approvals.

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