coindesk.com
Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is teaming up with Trade[XYZ], the largest builder of markets on decentralized exchange Hyperliquid, to bring perpetual futures to the U.S. The plan is subject to CFTC approval.
Perpetual futures let traders bet on whether the price of an asset, such as a stock, commodity or currency, will rise or fall, without the contract ever expiring. They’re heavily traded in crypto, but mostly on offshore venues that U.S. investors can’t use.
ICE and Trade[XYZ] plan to build a dedicated U.S. market with new exchange and clearing infrastructure, according to Bloomberg. Clearing is the back-end system that ensures trades settle. ICE is also making a strategic investment in Trade [XYZ], although terms weren’t disclosed.
The venue, branded ICE[XYZ], would list contracts on equities, indices, commodities, FX and crypto, offered through participating brokers and platforms. Trade [XYZ] said it will share details on products, eligibility and timing as approvals progress.
Trade [XYZ] says its Hyperliquid markets have topped $650 billion in volume in just over a year. It will keep running those markets alongside the U.S. venue. Investor Stan Druckenmiller is among the small group of backers joining the project.
Trade[XYZ] has grown quickly on Hyperliquid. It secured a license for the first official S&P 500 perpetual in March, and builder-deployed markets now drive roughly half of Hyperliquid’s volume. ICE also agreed last October to invest up to $2 billion in Polymarket.
