Key Insights:
- Crypto news reports that NYSE parent ICE has taken a stake in Trade.xyz to support plans for a regulated US perpetual futures market
- Trade.xyz plans to use Hyperliquid infrastructure to offer perpetual futures linked to stocks, indexes, commodities, and currencies.
- NYSE parent ICE and Trade.xyz are awaiting regulatory approval for a market with dedicated clearing and anti-money laundering controls.
Crypto news turned to traditional finance after Intercontinental Exchange (ICE), the NYSE parent, partnered with Trade.xyz to plan a US perpetual futures market built on Hyperliquid, subject to regulatory approval. ICE will take an equity stake in Trade.xyz, with financial terms undisclosed for now.
NYSE Parent ICE Plans US Perpetual Futures Market
Intercontinental Exchange, the parent company of the New York Stock Exchange, is moving into crypto-linked trading through a planned partnership with Trade.xyz. Bloomberg reported the agreement as ICE seeks to bring perpetual futures products into regulated US markets.
The planned exchange will run on Hyperliquid infrastructure. It will have its own clearing system and anti-money laundering controls. The market will also require know-your-customer checks, subject to regulatory approval.
The products will track traditional assets, including individual stocks, equity indexes, commodities, and foreign exchange rates. This would allow traders to gain exposure to price movements across several markets through perpetual futures contracts. ICE will take an equity stake in Trade.xyz as part of the deal. However, the companies have not disclosed the size of the investment or other financial terms.
The agreement brings together a major traditional financial exchange operator and a business working with Hyperliquid, a blockchain-based trading platform. It also signals an effort to bring products already available in offshore crypto markets into the US regulatory system.
For ICE, the planned venture offers a route into a market that connects digital asset infrastructure with traditional financial products. For Trade.xyz, the partnership could help it expand its offering if regulators approve the proposed market.
Trade.xyz Expands Hyperliquid Beyond Crypto Assets
Hyperliquid has grown into one of the larger venues for perpetual futures trading, attracting traders who want to speculate on asset prices without a contract expiry date.
Unlike standard futures contracts, which have set expiry dates, perpetual futures can remain open indefinitely. Traders typically use funding payments to help keep contract prices aligned with the prices of their underlying assets.
Trade.xyz has helped extend this model beyond cryptocurrencies. Its products include contracts linked to crude oil, stock indexes, and other traditional assets. The ICE partnership would build on that work by seeking access to the US market. However, the planned venue is not yet confirmed as an approved trading market. Its launch depends on regulatory clearance.
The move also gives Hyperliquid a role in a proposed venture involving a major name in traditional finance. Rather than limiting blockchain-based trading to crypto assets, the plan would use its infrastructure for contracts tied to familiar financial markets.
This could broaden the range of assets available through the platform. Still, the proposed market must meet the relevant regulatory requirements before it can begin operating in the United States.
Crypto News Turns to US Regulation and Market Access
The partnership comes as Trade.xyz and Hyperliquid have sought changes to US rules governing perpetual futures and other trading products.
The companies have also lobbied regulators to allow pre-initial public offering perpetual futures in the United States. They argue that instruments that never expire could improve price discovery during the traditional process of preparing companies for public listings.
Such products could offer traders a way to express views on a company’s potential valuation before its shares begin trading publicly. However, the proposal remains part of a broader effort to change how these products are treated under US rules.
Hyperliquid operates outside the United States, making regulatory access an important issue for its wider expansion. A partnership with ICE could give Trade.xyz a path toward a regulated US offering, although approval is not guaranteed.
The deal therefore places crypto infrastructure and traditional finance closer together. Its next major step will be regulatory approval, which will determine whether the proposed perpetual futures market can move from plans to live trading.
