- ICE plans to operate regulated Hyperliquid-based perpetual markets covering crypto, equities, indices, commodities and foreign exchange.
- U.S. traders would access the proposed platform through regulated futures commission merchants responsible for KYC and AML checks.
- ICE is making a strategic investment in Trade[XYZ] and expects distribution through brokers and partners, including its OKX joint venture, subject to separate approvals.
Intercontinental Exchange (ICE) plans to bring Hyperliquid-based perpetual markets to the U.S. through an agreement with Trade[XYZ]. The proposed venue would offer retail traders round-the-clock access to crypto, equities, indices, commodities and foreign exchange. However, the launch depends on regulatory approvals, which ICE emphasized in its revised announcement.
ICE Sets Out Separate Structure for Retail Trading
Under the agreement, ICE will exclusively operate Trade[XYZ]’s regulated markets and establish a dedicated trading and clearing structure. Trade[XYZ] brings experience deploying real-world-asset perpetual contracts on Hyperliquid, a decentralized derivatives platform.
The proposed venue would operate separately from ICE’s institutional futures and clearing business. Its existing franchise serves commercial hedgers through traditional futures, forward-curve pricing and centrally cleared settlements.
Meanwhile, eligible U.S. traders would access the markets through regulated futures commission merchants. These intermediaries would conduct Know Your Customer and Anti-Money Laundering checks before providing access.
ICE and Trade[XYZ] will also seek approvals supporting compliant perpetual contracts and leveraged trading. The platform would offer trading across several asset classes, including cryptocurrencies, stocks, indices, commodities and currencies.
OKX Partnership and Investment Support Distribution
ICE expects distribution through existing brokers, partners and trading platforms. These include its joint venture with OKX, although that arrangement requires separate regulatory approvals.
ICE is also making a strategic investment in Trade[XYZ]. However, the company said its minority investment would not materially affect its 2026 adjusted financial results, capital returns or deleveraging plans.
Revised Announcement Emphasizes Regulatory Conditions
Journalist Eleanor Terrett reported that ICE reposted its announcement after deleting the original post the previous night. The removal prompted speculation on X that the partnership had been canceled.
However, the revised announcement retained the agreement and placed greater emphasis on regulatory conditions. ICE stated that it plans to launch the markets subject to approvals.
Terrett suggested that the revised wording reflected additional caution from the company’s legal team. ICE CEO Jeffrey C. Sprecher also described the proposed retail markets as separate from its existing institutional operations.
