HYPE Goes Wall Street: ICE’s 24/7 Perpetual Plan Gives Hyperliquid an Overnight Trading Desk

HYPE rose about 13% to roughly $91 on Thursday after Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, agreed to bring Hyperliquid-based perpetual futures to the United States. The token climbed from a daily open of $80.69 to a high of $92.10 on KuCoin, leaving it about 7% below its record near $98 set in September, while its market capitalization reached around $22.4 billion.

ICE and Trade[XYZ], which operates real-world asset markets on Hyperliquid, signed a definitive agreement making ICE the exclusive operator of Trade[XYZ]’s regulated markets. ICE is also taking a strategic stake in the company and will build a dedicated retail market and clearing structure for perpetual futures covering stocks, equity indices, commodities, currencies and cryptocurrencies. The proposal still requires regulatory approvals and has no launch date.

Trade[XYZ] already offers eligible users outside the U.S. with around-the-clock perpetual futures on stocks, equity indices, commodities and currencies, using Hyperliquid’s underlying infrastructure. Its Hyperliquid markets have surpassed $650 billion in trading volume in less than a year. Perpetual futures have no expiration date and allow traders to take leveraged positions.

Verified customers would connect through futures commission merchants, while ICE plans to distribute the product through its joint venture with OKX, which has its own approvals pending. ICE bought into OKX at a $25 billion valuation in March. ICE Chair and CEO Jeffrey Sprecher described the perpetuals as “additive to our futures markets, not a replacement for them.”

Stan Druckenmiller, the macro investor who ran the Duquesne Capital hedge fund for about 30 years and said it never had a losing year, is backing Trade[XYZ] as an investor. “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,” Druckenmiller wrote on X. “As a market participant, I am looking forward to using their innovative product to enhance my investment process.”

ICE says more than 99% of its current participation is institutional, so it will operate the retail unit separately from its institutional futures and clearing franchise. The announcement also follows Ripple Prime’s introduction of traditional-finance perpetuals through Trade[XYZ] on Hyperliquid. President Donald Trump said in August that the CFTC was working to allow Hyperliquid to operate legally in the United States, where the exchange is currently geofenced.