HYPE nears record high on ICE plan for Hyperliquid futures

Hyperliquid’s HYPE token rose about 20% Thursday, approaching its September record of $97.96 after Intercontinental Exchange, the owner of the New York Stock Exchange, announced plans to seek U.S. regulatory approval for perpetual futures linked to Hyperliquid through Trade[XYZ].

HYPE traded above $96, according to CoinGecko. Perpetual futures allow traders to take positions on asset prices without a fixed expiration date. Hyperliquid is the largest decentralized exchange for these products by trading activity, according to DeFiLlama.

The proposed markets could cover cryptocurrencies, stocks, indexes, commodities and currencies. They would target retail traders and could launch only after receiving approval from U.S. regulators.

ICE plans to operate the business separately from its institutional futures operations and use a dedicated clearing structure. More than 99% of participation in ICE’s current markets is institutional, the company said. The separate structure would keep retail counterparty risks apart from existing institutional customers.

U.S. customers would need to complete identity and anti-money-laundering checks and trade through participating futures brokers. Distribution is expected through ICE’s joint venture with crypto exchange OKX, subject to separate approvals.

ICE is taking a minority stake in Trade[XYZ]. The companies have not disclosed the investment amount or a planned launch date. Billionaire investor Stanley Druckenmiller wrote on X, “I am excited to be an investor in trade(xyz),” adding that he looked forward to using its products. Elon Musk shared the post with the comment, “Interesting.”

The proposal follows increased attention from U.S. officials toward bringing Hyperliquid-related products into the country. President Donald Trump said Aug. 19 that Commodity Futures Trading Commission Chair Michael Selig was working to bring Hyperliquid into the United States in a “fully compliant and legal fashion.”

The CFTC approved a Bitcoin perpetual contract offered by Kalshi in May. The agency said perpetual contracts linked to other asset classes should be reviewed individually.

ICE invested in OKX at a $25 billion valuation in March. A separate ICE-OKX project involving tokenized stocks has drawn objections from 38 companies, including Walmart, Eli Lilly, Carnival, Arcos Dorados and Cigna. Those objections concern tokenized shares and do not apply to the proposed Trade[XYZ] perpetual futures, which remain subject to separate regulatory approvals.