Intercontinental Exchange (@ICE_Markets), the operator of the @NYSE, has partnered with and invested in @TradeXYZ to develop a federally regulated, round-the-clock perpetual futures exchange
![ICE Partners With trade[XYZ] on 24/7 Hyperliquid Perpetual Futures Market for US Brokers](https://nyc3.digitaloceanspaces.com/cryptocompass-assets/uploads/1793282125271-coinmarketcap-cover-1793282125271.jpg)
Intercontinental Exchange (@ICE_Markets), the operator of the @NYSE, has partnered with and invested in @TradeXYZ to develop a federally regulated, round-the-clock perpetual futures exchange built on @HyperliquidX. The venture, called ICE[XYZ], needs approval from the @CFTC before it can launch.
The move would bring a product that has thrived on offshore crypto venues into the US regulated market, with Hyperliquid's infrastructure doing the trading work. It is also one of the clearest signs yet that traditional exchange operators are looking at on-chain derivatives, tracked by $HYPE holders and wider DeFi markets alike.
ICE[XYZ] is intended to provide on-chain perpetual trading and clearing for equities, commodities, foreign exchange and digital asset products. Access would run through licensed US broker-dealers and trading platforms. According to crypto.news, the proposed platform would use dedicated clearing, identity checks and anti-money laundering controls.
Perpetual futures have no fixed expiry date. As Talos explains in its research, traders pay a small funding rate to keep positions open while the contract price stays tied to the spot price. These products dominate offshore crypto trading but have largely stayed outside formal US regulatory frameworks, Archyde reported, citing Bloomberg.
The companies have not disclosed the size of ICE's investment, its ownership stake or a launch date, crypto.news noted.
The deal follows a strong year for trade[XYZ], which says its markets on Hyperliquid have processed more than $650 billion in trading volume. The platform runs on Hyperliquid's HIP-3 framework, which Talos says made the creation of perpetual futures markets permissionless when introduced in October 2025. Builders can deploy their own markets on the network.
trade[XYZ] and the Hyperliquid Policy Center had earlier pressed the CFTC on related issues. The Crypto Times reported that they previously submitted comments supporting regulated energy-linked perpetual contracts. The Crypto Times also noted that ICE has been developing a platform for tokenized securities with 24/7 trading and on-chain settlement, subject to regulatory approvals.
Much now depends on the CFTC. Until it signs off, ICE[XYZ] remains a proposal. If approved, it would give US brokers a regulated route to the kind of continuous, on-chain derivatives trading that has so far been concentrated offshore.
