Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, is partnering with Trade[XYZ], the largest market builder on decentralized exchange Hyperliquid, to develop a perpetual futures trading platform for the U.S. market. The proposed venture will need approval from the Commodity Futures Trading Commission (CFTC) before launching.

Perpetual futures are derivatives that allow traders to bet on price movements in assets such as stocks, commodities, currencies, and cryptocurrencies without an expiration date. Although these contracts are widely traded in crypto markets, much of the activity takes place on offshore exchanges that U.S. investors generally cannot access.

ICE and Trade[XYZ] plan to establish a dedicated U.S. marketplace with new exchange and clearing infrastructure, according to their announcement. The clearing system will support the settlement of trades. ICE will also make a strategic investment in Trade[XYZ], but the companies have not provided details about the size or terms of the investment.

The proposed venue, called ICE[XYZ], would list perpetual futures tied to equities, indices, commodities, foreign exchange, and cryptocurrencies. The contracts would be available through participating brokers and trading platforms.

Trade[XYZ] said it would announce further details about the products, access requirements, and launch schedule as the regulatory approval process advances.

The company reported that its markets on Hyperliquid have generated more than $650 billion in trading volume in just over a year. It intends to continue operating those markets while developing the new U.S. platform.

Billionaire investor Stan Druckenmiller is among a small group of investors supporting the project.

Trade[XYZ] has rapidly expanded its presence on Hyperliquid. In March, it obtained a license to introduce the first official perpetual futures contract tracking the S&P 500. Markets launched by independent builders now account for approximately half of Hyperliquid’s total trading volume.

ICE has also been expanding its involvement in digital asset markets. In October 2025, the exchange operator agreed to invest up to $2 billion in Polymarket, a platform focused on prediction markets.