HYPE teases all-time high as NYSE owner ICE eyes US Hyperliquid perps

Hyperliquid’s native token HYPE surged about 20% Thursday after New York Stock Exchange owner Intercontinental Exchange (ICE) announced plans for US perpetual futures with Trade[XYZ], whose investors include billionaire Wall Street investor Stanley Druckenmiller.

HYPE traded above $96 at the time of writing, up by around 20% in the past 24 hours, according to CoinGecko, flirting with September’s all-time record of $97.96.

Perpetual futures allow traders to take positions on asset prices without an expiration date. Hyperliquid is the largest decentralized exchange in the world to trade such instruments, DefiLlama data shows.

The companies said Thursday they would seek regulatory approval for markets covering cryptocurrencies, stocks, indexes, commodities and currencies. The proposed market would target retail traders. ICE said it would operate separately from its institutional futures business, with a dedicated clearing structure.

More than 99% of participation in its markets is institutional, ICE said, with the separate clearing structure intended to shield existing customers from retail counterparty risks.

The proposal would give US retail traders a regulated route to Hyperliquid-based perpetual futures, and ICE a new route into retail trading. President Donald Trump said on Aug. 19 that Commodity Futures Trading Commission (CFTC) Chair Michael Selig was working to bring Hyperliquid into the country in a “fully compliant and legal fashion.”