HYPE, the token for Hyperliquid, rose 13% after ICE announced plans to introduce perpetual futures in the US, boosting its market cap to $22.4 billion.
Overview
- Intercontinental Exchange (ICE) will exclusively operate Trade[XYZ]'s regulated markets, pending regulatory approval.
- HYPE surged from a starting price of $80.69 to a peak of $92.10 on KuCoin, remaining approximately 7% below its September high.
- The Federal Reserve maintained interest rates between 3.75% and 4%, while WTI crude neared $100 and the 10-year Treasury yield hovered around 5%.
The HYPE token, associated with the Hyperliquid exchange, experienced a notable increase of 13% on Thursday, reaching around $91, following the announcement from Intercontinental Exchange (ICE) regarding plans to introduce Hyperliquid-based perpetual futures in the United States.
The token's price rose from an opening of $80.69 to a high of $92.10 on KuCoin, positioning it about 7% below its September peak near $98. Currently, HYPE boasts a market capitalization of approximately $22.4 billion.
ICE has entered into a definitive agreement with Trade[XYZ], which operates markets for real-world assets on Hyperliquid, making ICE the exclusive operator of Trade[XYZ]'s regulated markets while also acquiring a strategic stake in the company.
As part of this initiative, ICE is set to develop a dedicated retail market and clearing structure for the perpetual futures, although these plans await regulatory approvals and do not have a defined launch date.
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Perpetual futures are a type of derivative with no expiration, allowing traders to engage in leveraged positions. Trade[XYZ] currently offers perpetual trading on various assets to users outside the U.S., while Hyperliquid supplies the necessary infrastructure.
Stan Druckenmiller, a prominent macro investor and former manager of Duquesne Capital, has publicly endorsed this partnership, expressing excitement about the potential for 24/7 perpetual futures trading on Hyperliquid in the U.S. “I am looking forward to using their innovative product to enhance my investment process,” he stated on X.
For the U.S. market, compliance with know-your-customer and anti-money-laundering regulations will be essential, requiring identity verification for participants. ICE plans to facilitate this through futures commission merchants, who will manage customer accounts. Additionally, ICE intends to distribute the product via its joint venture with OKX, which is also seeking regulatory approvals. ICE previously invested in OKX, valuing it at $25 billion in March.
ICE Chair and CEO Jeffrey Sprecher emphasized that these perpetuals will complement, rather than replace, existing futures markets. Notably, over 99% of ICE's current market participation comes from institutional investors, making retail traders a new target audience for the firm, which will operate this segment separately from its institutional offerings.
In August, President Donald Trump remarked that the Commodity Futures Trading Commission (CFTC) was working towards enabling Hyperliquid to operate legally within the U.S., where the exchange is currently restricted.
