Written by Bryan O’Sheastaff editorEdited by Yohan Yunstaff editor

Written by Bryan O’Sheastaff editor

Edited by Yohan Yunstaff editor

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

MarketsPublishedOct 29, 2026

Hyperliquid’s token pumped following news of ICE and Trade[XYZ] unveiling plans for US perpetual futures.

Hyperliquid’s native token HYPE surged about 20% Thursday after New York Stock Exchange owner Intercontinental Exchange (ICE) revealed 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, as reported by 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 stated Thursday they would seek regulatory approval for markets covering cryptocurrencies, stocks, indexes, commodities and currencies. The proposed market would target retail traders. ICE stated 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 stated, 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 stated 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.” 

Related: Wall Street wealth creation model is unsustainable for most participants: Hyperliquid CEO

Druckenmiller investment draws Musk reaction

“I am excited to be an investor in trade(xyz),” Druckenmiller wrote on X, adding that he looked forward to using its products.

Elon Musk also drew attention to the agreement, sharing Druckenmiller’s post with the one-word comment “Interesting.”

ICE is taking a minority stake in Trade[XYZ], but disclosed neither the investment amount nor a launch date. Cointelegraph reached out to ICE and Trade[XYZ] for comment but had not received a response by publication.

Customers would undergo identity and Anti-Money-Laundering checks and trade through participating futures brokers.

Distribution is expected through ICE’s joint venture with OKX, pending separate approvals. ICE invested in OKX at a $25 billion valuation in March. 

Related: ICE, CME press US regulators to ‘rein in’ Hyperliquid energy trading: Report

OKX venture faces issuer objections

Meanwhile, ICE’s separate tokenized stock venture with OKX has disclosed objections from 38 companies, up from 26 reported by Cointelegraph on Oct. 27. 

Its Oct. 28 notice adds Walmart, Eli Lilly, Carnival, Arcos Dorados and Cigna. nevertheless, those objections concern tokenized shares, while the Trade[XYZ] proposal involves perpetual futures and remains subject to separate regulatory approvals.

The regulatory opening remains conditional. The CFTC approved Kalshi’s Bitcoin perpetual contract in May, but stated perpetuals referencing other asset classes should receive case-by-case review.

Magazine: HYPE price could suffer as Binance takes its revenue: Alice Liu

This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.

• Hyperliquid
• OKX
• Futures
• United States
• NYSE
• Altcoins

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This article references reporting from cointelegraph.com.