Druckenmiller’s endorsement came as Intercontinental Exchange (ICE), the NYSE’s parent company, announced a partnership with Trade[XYZ] to establish a regulated U.S. venue for perpetual futures, contracts that allow traders to take leveraged positions without expiration dates.
The proposed ICE[XYZ] market would offer around-the-clock trading in contracts tied to cryptocurrencies, stocks, commodities and currencies, subject to approval from the Commodity Futures Trading Commission (CFTC). ICE will operate the dedicated U.S. exchange and clearing infrastructure and is also taking a minority stake in Trade[XYZ]. Financial terms weren’t disclosed.
The agreement follows discussions between ICE and Hyperliquid dating back at least a year. Hyperliquid co-founder Jeff Yan recalled on X that when he first spoke with ICE CEO Jeff Sprecher about a year ago, Sprecher asked what success would look like for Hyperliquid. Yan said he joked that it would mean seeing ICE build on the platform’s technology.
“I could never have predicted the progress that we’ve made as a community in a single year to make this come true,” Yan wrote.
Trade[XYZ], one of the largest developers of markets on decentralized exchange Hyperliquid, said its existing platforms have generated more than $650 billion in trading volume in just over a year. Those markets will continue operating alongside the proposed U.S. venue, for which no launch date has been announced.
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