Trade[XYZ] × ICE: Bringing Hyperliquid Perps Onshore

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Today, Intercontinental Exchange (ICE) announced a strategic partnership with trade[XYZ] to bring 24/7 perpetual markets to the US through HIP-3*. ICE will also take a minority stake in trade[XYZ] and is likely the buyer behind the 3.75M HYPE OTC purchase.

We view this as the strongest validation yet of Hyperliquid’s exchange thesis. The world’s second-largest exchange operator has chosen to build on Hyperliquid rather than offer 24/7 perpetuals through traditional infrastructure, as CME attempted. Pending regulatory approval, distribution through futures commission merchants (FCMs), could make Hyperliquid perpetuals available to retail giants that opt in, such as Schwab, Interactive Brokers, and Robinhood, with ICE handling DCM/DCO clearance and settlement.

TradeXYZ and Intercontinental Exchange

Intercontinental Exchange (ICE) announced a strategic investment in trade[XYZ] and plans to serve as the sole operator of its regulated US markets. Pending regulatory approval, the firms will build a new market and clearing structure on Hyperliquid to offer KYC/AML-compliant leveraged perpetual futures on crypto, equities, commodities, FX, and other RWAs. This marks ICE’s third crypto investment since 2025, following its investment of up to $2B in Polymarket and its stake in OKX at a $25B valuation.

ICE operates marketplaces for stocks, futures, and options, including the New York Stock Exchange. It currently runs 13 exchanges and six clearinghouses across multiple geographies, spanning both futures and spot markets. As an exchange operator, ICE lists products and safeguards the security and integrity of its markets. This involves four core functions:

• Listing: ICE determines which products can trade, sets futures contract terms such as size, expiry, and settlement, and approves companies for listing on the NYSE.