Intercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE), is partnering with Trade.xyz to launch a U.S. market for perpetual futures on Hyperliquid’s infrastructure, Bloomberg reported.
ICE will also take an equity stake in Trade.xyz as part of the agreement, though specific investment terms were not disclosed.
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A market subject to regulatory approval
The proposed market venue would offer contracts linked to equities, stock indexes, commodities, and currencies. It would have its own independent clearing, KYC, and anti-money laundering systems.
However, the launch remains subject to regulatory approval.
Trade.xyz has already deployed perpetual markets on Hyperliquid across those asset classes, alongside pre-IPO markets.
Perpetual futures let crypto traders take leveraged positions on price movements without a fixed contract expiration date.
Exchange operators expand blockchain plans
ICE has already expanded its crypto derivatives business. On February 10, 2026, it launched cash-settled, dollar-denominated futures based on seven CoinDesk indexes, including Bitcoin, Ethereum, and broader crypto benchmarks.
The plan follows earlier discussions between ICE and Hyperliquid. Jeffrey Sprecher, chair and CEO of ICE, said in May that the teams had met multiple times to discuss overlapping business areas, The Block reported.
On September 16, Kraken parent Payward announced plans to bring Hyperliquid-based perpetual futures to U.S. clients, which also remains subject to regulatory approval.
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