Jeffrey Sprecher, the CEO of Intercontinental Exchange (ICE), recently asserted that the decentralized derivatives platform Hyperliquid is currently outperforming NASDAQ in trading volumes, highlighting its 24/7 operations and innovative approach.

Sprecher praised Hyperliquid's founders, indicating a stronger connection between traditional finance and crypto trading platforms.

By Shaurya Malwa | Edited by Stephen Alpher Updated May 29, 2026, 12:21 p.m. Published May 29, 2026, 12:05 p.m. 2 min read

Key Details:

  • During a Bernstein conference, Sprecher stated that Hyperliquid has outpaced NASDAQ in trading activity and commended its small but talented team.
  • Despite Hyperliquid's HYPE token being valued significantly lower than NASDAQ's market cap, it commands over 70% of the decentralized perpetual futures market and has attracted traders by offering round-the-clock oil derivatives trading.
  • Sprecher noted that Hyperliquid's offshore status exposes a regulatory loophole, suggesting that upcoming policy decisions may either create a new regulatory framework for perpetual futures or integrate these platforms into existing U.S. and European regulations.

Sprecher, who is also the founder of ICE, made these comments about Hyperliquid during a Bernstein conference, revealing that he and his team have engaged with Hyperliquid's founders on several occasions, marking a shift in how traditional exchanges view crypto platforms.

"This Hyperliquid that we're talking, if you haven't heard about it, it's bigger than NASDAQ, okay? It's just 11 people. You look at it, you're like, wow, that's pretty something," Sprecher remarked during a May 27 conversation with Bernstein analyst Chinedu Bolu, referring to Hyperliquid's core team as "very, very smart people."

While Hyperliquid's HYPE token has a market cap of approximately $15.1 billion compared to NASDAQ's $50 billion, its trading volume in perpetual futures is impressive, with billions in daily turnover and a significant market share in decentralized perpetual exchanges.

The "11 people" mentioned refers to Hyperliquid Labs, the main development team, while the project also relies on contributions from open-source developers and a validator set supporting its Layer-1 blockchain.

Sprecher pointed out that Hyperliquid's ability to trade oil derivatives on weekends when ICE's markets are closed has garnered attention, especially amid recent geopolitical tensions in the Middle East. This 24/7 trading model has attracted interest from non-crypto traders looking for oil exposure outside regular trading hours. "There have been a lot of activity that happens, a lot of decisions and things happen on the weekend. So it's gotten a lot of interest," he said.

Under U.S. regulations, Hyperliquid's perpetual futures are classified as swaps and are subject to Title VII of the Dodd-Frank Act, which mandates reporting, margin requirements, and dealer registration. In contrast, Hyperliquid operates as an unregulated offshore entity.

"Why are you prohibiting us from doing this when it's already happening? And can't we have a level playing field? And by the way, this stuff is global," Sprecher questioned.

He anticipates that in the coming months, regulators will clarify whether a new category for regulated perpetual futures will be established or if existing frameworks like Dodd-Frank and EMIR will be applied to offshore platforms.