NYSE owner ICE plans US-regulated Hyperliquid-based perpetual markets with Trade.xyz, a market operator on the crypto platform, and takes a stake in Trade.xyz (Katherine Doherty/Bloomberg)

Hyperliquid's native token HYPE skyrocketed about 20% following news of Intercontinental Exchange (ICE) and Trade[XYZ] teaming up to develop US perpetual futures. ICE, owner of the New York Stock Exchange, announced the plans in collaboration with Trade[XYZ], an investment firm with billionaire Stanley Druckenmiller among its investors.

HYPE reached above $96 at the time of writing, hovering around the September all-time high of $97.96. Perpetual futures allow traders to bet on asset prices without expirations. Hyperliquid is the biggest decentralized exchange to offer such instruments, as per DefiLlama data. The companies aim to secure regulatory approval for markets covering crypto, stocks, indices, commodities, and currencies.

The proposed market would cater to retail traders, while ICE would operate its futures business separately with a dedicated clearing structure. Over 99% of participation in ICE's markets is currently institutional. The proposal would provide US retail traders a regulated route to Hyperliquid-based perpetual futures and give ICE a new avenue into retail trading.

President Trump mentioned the CFTC chair Michael Selig was working to bring Hyperliquid into the US legally. Druckenmiller expressed excitement about investing in Trade[xyz] and using its products. Elon Musk shared Druckenmiller's post on X, commenting "Interesting." ICE is taking a minority stake in Trade[XYZ], but shared no investment amount or launch date.

Cointelegraph contacted ICE and Trade[XYZ] for comment, receiving no response as of publication. Customers would undergo identity and Anti-Money-Laundering checks, trading through futures brokers. Distribution is expected through ICE's joint venture with OKX, pending additional approvals. ICE's joint tokenized stock venture with OKX faces objections from 38 companies, up from 26 previously reported.

However, the objections concern tokenized shares, while the Trade[XYZ] proposal deals with perpetual futures and requires separate regulatory approvals. The regulatory outlook remains conditional, with the CFTC approving Bitcoin perpetual contracts in May but stating other asset classes require case-by-case review.