Intercontinental Exchange (ICE) has announced a definitive agreement to bring Trade[XYZ]'s perpetual markets onshore in the U.S. Trade[XYZ] operates real-world-asset perpetual markets on Hyperliquid, a major decentralized derivatives trading platform. Based in Atlanta, Georgia, ICE is making a strategic investment in Trade[XYZ] and will serve as the exclusive operator of its regulated markets.
The two parties plan to seek regulatory approvals to establish a new market and clearing structure built on Hyperliquid. This structure will support perpetual futures markets for retail traders seeking short-duration, around-the-clock exposure across various asset classes, including crypto, equities, commodities, and foreign exchange.
The new retail-focused business line will operate separately from ICE's institutional futures and clearing franchise. ICE CEO Jeffrey Sprecher highlighted the growing retail participation in markets, noting that traders are increasingly seeking global, short-duration exposure. He emphasized that the collaboration with Trade[XYZ] aims to bring these markets into a U.S. regulated framework, combining Trade[XYZ]'s retail market expertise with ICE's exchange, clearing, and regulatory capabilities.