ICE and Trade[XYZ] plan U.S. Hyperliquid perps venue as Druckenmiller invests

Intercontinental Exchange (ICE), owner of the New York Stock Exchange, is teaming up with Trade[XYZ] — one of the largest builders of markets on decentralized exchange Hyperliquid — to bring perpetual futures to the U.S. The planned ICE[XYZ] venue, subject to CFTC approval, would offer 24/7 trading in crypto, stock, commodity and currency perps on dedicated exchange and clearing infrastructure, with ICE taking a minority stake in Trade[XYZ].

Billionaire investor Stanley Druckenmiller made cryptocurrency the subject of his first post on X, saying he is "excited to be an investor in trade[XYZ]" after his family office disclosed a $23 million indirect investment via shares in a HYPE-focused treasury company. Elon Musk replied "Interesting," and Trade[XYZ] founder Shoku floated integrating the platform's perps into X.

• Trade[XYZ]'s Hyperliquid markets have topped $650 billion in volume in just over a year and will keep running alongside the proposed U.S. venue.
• The move opens 24/7 perpetual trading — currently dominated by offshore venues U.S. investors can't use — to U.S. participants, pending regulatory approval.