Intercontinental Exchange (ICE) and Trade[XYZ] announced an agreement to create a U.S.-regulated perpetual futures market built on Hyperliquid infrastructure. The market cannot open until both parties obtain regulatory approvals. ICE would be the exclusive operator of Trade[XYZ]’s regulated markets and make an undisclosed minority investment.
The proposed market would offer contracts tied to equities, indices, commodities, foreign exchange and cryptocurrencies. Customers would need to use participating brokers or futures commission merchants and complete identity and anti-money-laundering checks. ICE’s joint venture with OKX is a possible distribution channel, but its broker-dealer and futures commission merchant approvals are still pending. Trade[XYZ] says its existing Hyperliquid markets have processed more than $650 billion in trading volume in just over a year and will continue operating alongside the proposed U.S. market.
