ICE Partners With TradeXYZ to Launch US Hyperliquid Futures

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Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, announced a definitive agreement with TradeXYZ to bring Hyperliquid-based perpetual futures into a regulated US market. ICE will operate TradeXYZ’s regulated markets and take a minority stake in the company, and the separate retail trading and clearing structure will launch only once regulatory approval is secured.

Retail Trading and Market Separation

ICE said more than 99% of its existing market participation is institutional. The company intends to operate the new retail business separately from its established futures and clearing operations.

This separation is designed to prevent commercial hedgers and existing institutional customers from bearing trading or counterparty exposure arising from the proposed retail platform.

ICE Chair and Chief Executive Officer Jeffrey C. Sprecher said: “We intend to find retail traders where they want to be, through the partners, brokers, and platforms they already use. We see these perp markets as additive to our futures markets, not a replacement for them.”

TradeXYZ already provides perpetual contracts to eligible customers outside the United States. CoinDesk reported that its offshore markets had exceeded $650 billion in trading volume in just over a year and would continue operating alongside the proposed American venue.

Distribution and Regulatory Requirements

Once regulatory approvals are obtained, eligible customers are expected to access the new markets through participating futures commission merchants, following identity verification and anti-money-laundering checks.

ICE also expects distribution through its existing OKX joint venture, although that channel depends on separate approvals for its broker-dealer and futures commission merchant subsidiaries.