# NYSE Owner Backs trade.xyz to Bring Hyperliquid Perps to the US

*Author: David Christopher*
*Published: Oct 29, 2026*
*Source: https://www.bankless.com/read/news/nyse-owner-druckenmiller-back-trade-xyz-hyperliquid-perps-us*

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ICE, the owner of the New York Stock Exchange, is [taking a minority stake](https://ir.theice.com/press/news-details/2026/Intercontinental-Exchange-and-TradeXYZ-to-Bring-Hyperliquid-Based-Perpetual-Markets-Onshore/default.aspx) in trade.xyz, the [largest builder](https://www.coindesk.com/markets/2026/10/29/nyse-owner-takes-steps-to-bring-hyperliquid-perpetual-futures-to-u-s) of markets on Hyperliquid, to bring its equity perpetuals to the US, with investor Stan Druckenmiller [also on board](https://x.com/standuquesne/status/2115777839622689036). 

## What's the Scoop?

- **The Plan:** Subject to CFTC approval, the pair [plan](https://x.com/tradexyz/status/2115755854125478285) 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](https://ir.theice.com/press/news-details/2026/Intercontinental-Exchange-and-TradeXYZ-to-Bring-Hyperliquid-Based-Perpetual-Markets-Onshore/default.aspx). 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](https://x.com/standuquesne/status/2115777839622689036) that he is "excited to be an investor in trade(xyz)" and plans to use the product himself. 

- **Zooming Out:** trade.xyz [says](https://x.com/tradexyz/status/2115755854125478285) 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](https://www.bankless.com/read/news/hyperliquid-formally-backs-kraken-parents-push-for-us-regulated-perps) for US-regulated perps, and ICE already [agreed to invest up to $2B](https://ir.theice.com/press/news-details/2025/ICE-Announces-Strategic-Investment-in-Polymarket/) in Polymarket. HYPE is up ~13% in 24 hours, per [CoinGecko](https://www.coingecko.com/en/coins/hyperliquid).
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