ICE and Trade[XYZ] to Build New Regulated Market and Clearing Structure on Hyperliquid

Intercontinental Exchange, Inc. (NYSE: ICE) and Trade[XYZ] have announced a definitive agreement to bring Trade[XYZ]’s perpetual markets onshore in the United States, subject to regulatory approvals. Trade[XYZ] is a deployer of real-world-asset perpetual futures markets on Hyperliquid, one of the largest decentralised derivatives trading platforms.

Under the agreement, ICE is the exclusive operator of Trade[XYZ]’s regulated markets and intends to establish a new, dedicated, regulated retail market and clearing structure for that purpose. ICE is also making a strategic investment in Trade[XYZ] to support the agreement.

Bringing Trade[XYZ] Onshore

Trade[XYZ] offers eligible users outside the United States 24/7 access to perpetual contracts referencing equities, equity indices, commodities and currencies. Hyperliquid provides the underlying infrastructure for these markets, while Trade[XYZ] designs and implements the products customers seek to trade.

The new market is intended to serve retail traders seeking short-duration, around-the-clock exposure across crypto, equities, commodities, foreign exchange and other real-world assets. ICE and Trade[XYZ] intend to seek regulatory approvals to operate Know Your Customer (KYC) and Anti Money Laundering (AML) compliant perpetual futures markets, including the approvals needed to support leveraged trading.

A Separate Retail Business

A perpetual contract never expires, so it does not lock in a price for a future date and instead provides short-term exposure to a market. Institutional participants manage risk over months and years, which is why ICE’s commercial hedgers rely on traditional futures, forward-curve price discovery, and centrally cleared physical and cash settlement.

ICE said the retail perpetuals business will operate through a separate, dedicated regulatory structure and clearing structure, apart from its institutional futures and clearing franchise. As a result, ICE’s commercial hedgers and existing institutional customer base bear no exposure to the trading or counterparty risk of retail traders on the new Trade[XYZ] platform. ICE’s participation today is more than 99% institutional, making retail a new and incremental market opportunity.

Jeffrey C. Sprecher, Chair and Chief Executive Officer, Intercontinental Exchange said:

“We’ve seen a clear increase in retail participation in markets, and that participation is becoming far more global, with retail traders increasingly seeking short-duration exposure, often around the clock. Together with Trade[XYZ], and subject to regulatory approvals, we intend to bring these markets into a U.S. regulated framework, combining Trade[XYZ]’s retail market expertise with ICE’s exchange, clearing and regulatory capabilities. We intend to find retail traders where they want to be, through the partners, brokers, and platforms they already use. We see these perp markets as additive to our futures markets, not a replacement for them.”

Dedicated Regulatory Structure

ICE intends to combine Trade[XYZ]’s Hyperliquid deployment expertise with its own exchange, clearing and regulatory capabilities within the new retail market structure. Once approvals are obtained, KYC and AML verified customers are expected to access the regulated perpetual markets through futures commission merchants (FCMs) that become members of the platform.

Distribution Through the ICE-OKX Joint Venture

ICE made a strategic investment in OKX earlier this year. The two companies’ joint venture is intended to connect OKX’s global retail customer base to ICE-operated markets, subject to approval of its FCM and broker-dealer subsidiaries. Trade[XYZ]’s regulated perpetual contracts are expected to be offered through the joint venture, which gives ICE an additional distribution channel.

OKX provides distribution and customer access, Trade[XYZ] brings expertise in retail perpetual markets, and ICE provides the regulated market and clearing infrastructure. Distribution through the joint venture remains subject to its own pending regulatory approvals as a U.S.-registered broker-dealer and FCM.

Trade[XYZ]'s Team said:

“Trade[XYZ] was built on a vision of bringing the world’s most important markets on-chain, available 24/7. A year later, that vision is real: a new venue for price discovery, open whenever the world moves. ICE brings the regulatory, technological and market expertise to help us realize that ambition in America. Jeff Sprecher and his team have spent decades proving that scale and innovation are not at odds. We’re honored to build the next generation of markets that traders deserve with ICE.”

Financial Impact

ICE’s minority position in Trade[XYZ] is not expected to have a material impact on ICE’s 2026 adjusted financial results, capital return or deleveraging plans.

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