Intercontinental Exchange and Trade XYZ signed a definitive agreement, subject to regulatory approvals, to bring Hyperliquid-based perpetual markets onshore in the United States. ICE would become the exclusive operator of Trade XYZ’s regulated markets and is making a strategic minority investment.
The product architecture separates the proposed retail venue and clearing structure from ICE’s institutional futures and clearing franchise. Hyperliquid supplies the underlying infrastructure for Trade XYZ’s existing markets; Trade XYZ designs and implements the products; ICE would add the regulated operating layer. Eligible non-US users already have round-the-clock access to perpetual contracts referencing equities, indices, commodities and currencies, but that existing service is not a launched US market.
The expected US route runs through futures commission merchants that become platform members, with customer KYC and anti-money-laundering checks. Distribution through the ICE–OKX joint venture is also contemplated, but that venture still needs US broker-dealer and FCM approvals. ICE says its institutional customers would bear no exposure to the proposed retail venue’s trading or counterparty risk. The announcement does not disclose the clearing, collateral or settlement mechanics required to test that separation, and it gives no launch date.
Source: ICE