ICE Lines Up First Big Test of CFTC’s US Perps Path

Intercontinental Exchange, parent of the New York Stock Exchange, and Trade[XYZ] announced a deal on October 29 to bring Hyperliquid-based perpetual futures to the U.S., pending CFTC approval.

The announcement sets a three-way structure: ICE would operate the exchange and clearing infrastructure, Trade[XYZ] would design the markets, and Hyperliquid would supply the technology through its HIP-3 framework, the mechanism that lets independent builders deploy their own markets on the protocol. ICE is also taking a minority stake in Trade[XYZ], with the size undisclosed. The venue would cover crypto, equities, indices, commodities and forex contracts, reached through participating brokers.

The deal is the largest test yet of the path the CFTC opened in May, when its staff issued an advisory and no-action relief clearing the way for perpetual futures in the United States, and cleared Kalshi’s bitcoin perp contract. Hyperliquid’s perp platform currently runs outside the U.S. and is not officially accessible to U.S. participants. The planned market would change that, with identity checks under know-your-customer and anti-money-laundering rules, and ICE seeking separate approvals to support margin trading.

ICE CEO Jeffrey Sprecher said in the announcement that retail participation in markets is rising and increasingly global, and that the company intends to meet traders through the partners and brokers they already use. “We see these perp markets as additive to our futures markets, not a replacement for them,” he said.

The agreement also marks a reversal for ICE. As recently as May, Bloomberg reported ICE and CME Group were pressing U.S. regulators to scrutinize Hyperliquid over manipulation and sanctions-evasion risk. In August, President Trump said CFTC Chair Michael Selig was working to bring Hyperliquid into the U.S. in a “fully compliant and legal fashion.”

Distribution may extend through ICE’s joint venture with OKX, though that venture’s U.S. approvals remain pending. The token moved on the news: HYPE rose from an $80.69 open to a $92.10 high on October 29, per KuCoin figures, and later traded above $96, around 20% higher over 24 hours, per CoinGecko, nearing its $97.96 record from September.