ICE Brings Perpetual Futures to US, Boosting Hyperliquid HYPE 13%

HYPE Token Surges on Intercontinental Exchange Deal for Perpetual Futures in U.S.

The token powering the Hyperliquid exchange, HYPE, saw a significant surge of approximately 13% on Thursday, reaching around $91. This rally followed an announcement by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, detailing a partnership to introduce Hyperliquid-based perpetual futures to the United States market.

The token’s ascent saw it climb from a daily opening price of $80.69 to a high of $92.10 on the KuCoin exchange. Despite the substantial gain, it remains about 7% shy of its all-time high of nearly $98, which was set in September. Hyperliquid’s token now boasts a market capitalization of approximately $22.4 billion.

Strategic Partnership and Market Development

ICE and Trade[XYZ], a firm that operates markets for real-world assets on the Hyperliquid platform, have formalized their collaboration with a definitive agreement. This deal positions ICE as the exclusive operator of Trade[XYZ]’s regulated markets and includes a strategic investment by ICE into the company.

Under the terms of the agreement, ICE will establish a dedicated retail market and clearing infrastructure for the new product. However, the offering is contingent on securing regulatory approvals and currently has no set launch date.

Perpetual Futures Explained

Perpetual futures are a type of derivative contract that, unlike traditional futures, do not have an expiration date. They allow traders to engage in leveraged positions, effectively amplifying their bets with borrowed capital. Trade[XYZ] already provides 24/7 perpetual trading for eligible users outside the U.S. across various asset classes, including stocks, equity indices, commodities, and currencies, with Hyperliquid serving as the underlying technological infrastructure.

Prominent Backing and Regulatory Landscape

The deal has garnered public support from notable investors, including macro investor Stan Druckenmiller, who previously managed the Duquesne Capital hedge fund. Druckenmiller, an investor in Trade[XYZ], expressed his enthusiasm in a post on X, stating, “I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States. As a market participant, I am looking forward to using their innovative product to enhance my investment process.”

The proposed U.S. markets are designed to adhere to stringent know-your-customer (KYC) and anti-money-laundering (AML) regulations, which mandate identity verification. ICE will pursue the necessary approvals to facilitate leveraged trading within this framework.

Distribution and Future Outlook

Verified customers are expected to access the product through futures commission merchants, which are brokers responsible for managing customer futures accounts. ICE also plans to distribute the product via its joint venture with OKX, a cryptocurrency exchange whose own regulatory approvals are pending. ICE made a strategic investment in OKX in March, valuing the company at $25 billion.

Jeffrey Sprecher, ICE Chair and CEO, characterized the perpetual futures as an enhancement to their existing futures markets rather than a replacement. He noted that over 99% of ICE’s current market participation comes from institutional clients, indicating that the retail segment represents a new avenue for growth. This new unit will operate independently from ICE’s established institutional futures and clearing business.

Previously, in August, President Donald Trump indicated that the Commodity Futures Trading Commission (CFTC) was working towards enabling Hyperliquid to operate legally within the United States, where the exchange is currently subject to geographic restrictions.