![NYSE owner ICE teams with Trade[XYZ] to bring Hyperliquid perpetual futures to the U.S.](/media/2024/09/Bitcoin-Forecast_-BTC-rises-towards-65k-NEAR-TON-outperform_1200x600-512x260.jpg)
The owner of the New York Stock Exchange is partnering with Trade[XYZ] to build a U.S. market for Hyperliquid-based perpetual futures. The plan needs CFTC approval, and the companies have not announced timing. The HYPE token rose on the news.
Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is teaming up with Trade[XYZ] to bring perpetual futures to the U.S. Trade[XYZ] is the largest builder of markets on the decentralized exchange Hyperliquid, and the plan is subject to approval from the CFTC.
A dedicated venue with its own clearing
Perpetual futures let traders bet on whether an asset's price will rise or fall without the contract ever expiring. They are 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 as cited by CoinDesk. The venue, branded ICE[XYZ], would list contracts on equities, indices, commodities, FX and crypto through participating brokers and platforms.
The exchange operator is also making a strategic investment in Trade[XYZ], but the terms weren't disclosed. Investor Stan Druckenmiller is among the small group of backers joining the project, according to crypto.news.
What the companies have not said
Neither company has disclosed the size of the investment or a launch date. Trade[XYZ] said it will share details on products, eligibility and timing as approvals progress.
The companies intend to introduce know-your-customer checks and anti-money laundering controls, according to crypto.news. According to Trade.xyz: "Innovation and the protections of U.S. regulation shouldn't be a trade-off."
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.
HYPE jumps on the report
Hyperliquid's native token moved on the news. HYPE surged 10% after reports of the ICE plan, according to Crypto Briefing.
Separately, crypto.news said HYPE briefly climbed to around $86 following the announcement.
Sources: CoinDesk, crypto.news, Crypto Briefing
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