NYSE Owner Backs trade.xyz to Bring Hyperliquid Perps to the US
ICE, which owns the New York Stock Exchange, is investing in trade.xyz and plans for a US version of its Hyperliquid markets, pending CFTC approval.
ICE, the owner of the New York Stock Exchange, is taking a minority stake in trade.xyz, the largest builder of markets on Hyperliquid, to bring its equity perpetuals to the US, with investor Stan Druckenmiller also on board.
What's the Scoop?
The Plan: Subject to CFTC approval, the pair plan a new US market, ICE[XYZ], with its own exchange and clearing (the system that settles trades) built on Hyperliquid. It would list stocks, indices, commodities, currencies and crypto for ID-verified traders, reached through brokers and ICE's joint venture with OKX. Deal terms and a launch date weren't disclosed.
The Backers: ICE will exclusively run trade.xyz's US markets and says its business is more than 99% institutional today, so retail is new ground for it. Druckenmiller wrote that he is "excited to be an investor in trade(xyz)" and plans to use the product himself.
Zooming Out: trade.xyz says its Hyperliquid markets passed $650B in volume in just over a year, and they will keep running. The deal lands days after Hyperliquid backed Kraken parent Payward's push for US-regulated perps, and ICE already agreed to invest up to $2B in Polymarket. HYPE is up ~13% in 24 hours, per CoinGecko.
David Christopher
David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
