Wall Street plugs into Hyperliquid
The NYSE's owner will run a US exchange for Hyperliquid-style futures on stocks, oil and crypto, pending approval.
What's happening
A perpetual future, or perp, is a bet on a price that never expires. A regular future has an end date and has to be rolled into a new one. A perp doesn't, it trades 24 hours a day, seven days a week, and traders usually use borrowed money. Hyperliquid runs the busiest perp exchange on a blockchain, and since its HIP-3 upgrade outside builders can list their own markets on it. Trade[XYZ] used that to list perps on Nvidia, Tesla, the S&P 500, oil and pre-IPO SpaceX. By July, markets like these made up close to half of Hyperliquid's volume, up from about 2% in January. Americans can't use any of it. Under the Oct. 29 deal, ICE will run a separate US exchange and clearinghouse for Trade[XYZ]'s markets, take an undisclosed stake in Trade[XYZ] and sell access through futures brokers. It needs regulators' approval first, and there's no launch date.
Who wins, who pays, and why
ICE gets customers it never had. More than 99% of its trading today comes from institutions. This adds a 24/7 retail business that ICE both runs and clears, and clearing is where exchanges earn their fees. In May, ICE and CME were warning Washington that Hyperliquid's anonymous traders could manipulate oil prices. Five months later ICE chose to own the business instead. CME stands to lose the most: it has no partner yet, and its oil and index futures now face a rival that never closes. Coinbase already sells perps to Americans under CFTC relief from May and June, and now competes with an NYSE-backed venue. The catch for HYPE holders: nothing published says US fees reach the token. ICE keeps the exchange and the clearing, and those are where the money is made.
Where it stands ICE announced the deal Oct. 29. HYPE rose about 13% to roughly $91, and Hyperliquid Strategies about 20%. Next: CFTC approval, a launch date and which brokers sign on.
Who wins, who loses
- Intercontinental Exchange (NYSE owner)ICEnot in the 100
Will be the only US operator of Trade[XYZ]'s markets and takes a stake. It's the first retail business for a firm that is 99% institutional.
- Hyperliquid StrategiesPURRnot in the 100
A Nasdaq-listed company holding over 35 million HYPE tokens. It rose about 20% on Oct. 29 as HYPE jumped.
- CME GroupCMEnot in the 100
The biggest US futures exchange, with no Hyperliquid partner. Its oil and index futures face a 24/7 rival. It raised concerns about Hyperliquid in Washington in May.
Already sells perps to US traders under CFTC relief from May and June. Now competes with a venue backed by the NYSE's owner.
Read the breakdown →
When it moved markets
- Week of Oct 26On Oct. 29 ICE agreed to run a US exchange for Trade[XYZ]'s Hyperliquid markets. HYPE rose about 13% to roughly $91, and Hyperliquid Strategies rose about 20%.
- Week of Aug 31Bloomberg reported Hyperliquid was in talks to reach US traders through Bitnomial, the exchange owned by Kraken's parent. ICE fell 1.5% and Nasdaq 1.4%.
Sources
- 1HYPE surges 15% as NYSE parent ICE moves to bring Hyperliquid perps to US · The Block, 2026-10-29
- 2Hyperliquid's HYPE jumps 13% as NYSE owner ICE moves to bring its perpetual futures to the US · Yahoo Finance, 2026-10-29
- 3ICE plans US-regulated Hyperliquid perps with TradeXYZ · The Defiant, 2026-10-29
- 4Hyperliquid Strategies (NASDAQ:PURR) stock sees heavy call option buying · MarketBeat, 2026-10-29
- 5How Hyperliquid defied crypto's DAT death spiral · Fortune, 2026-10-05
- 6ICE and Nasdaq shares fall on rumor Hyperliquid is eyeing US entry · Investing.com, 2026-08-31
- 7Onchain stocks now drive nearly half of Hyperliquid's perp volume · CoinPaprika, 2026-07-14
- 8Derivatives, legislative and regulatory weekly update (May 29, 2026) · Gibson Dunn, 2026-05-29
- 9NYSE parent ICE held multiple talks with Hyperliquid to evaluate onchain perps market, CEO says · The Block, 2026-05-29
- 10Hyperliquid, XYZ, and HIP-3 · trade.xyz, 2026-10-29