ICE and trade.xyz plan US-regulated Hyperliquid perps, pending approval

This was announced, not launched. Nothing described as pending below is live yet.

What was announced

ICE says it will be the exclusive operator of trade.xyz’s regulated markets and plans a new, dedicated retail market and clearing structure built on Hyperliquid. The contracts would carry identity (KYC) and anti-money-laundering checks, and ICE says it will seek the approvals needed, including those for leveraged trading. Once approved, verified customers would reach the markets through futures commission merchants (FCMs, the regulated brokers that hold US futures accounts) that join the platform. ICE also expects to distribute the contracts through partners including its joint venture with OKX, which itself still needs approval for its US broker subsidiaries.

ICE is making a minority strategic investment in trade.xyz; neither side disclosed the amount. Investor Stanley Druckenmiller said the same day that he is also an investor in trade.xyz.

What is not live yet

Everything above depends on regulatory approval, and there is no timeline. Nothing changes today: trade.xyz’s own terms list residents of the United States, Canada and the United Kingdom as restricted persons, and Hyperliquid’s terms restrict the United States and Ontario (see is Hyperliquid available in the US). ICE says the retail business will run separately from its institutional futures and clearing franchise.

On 31 October several crypto outlets reported that ICE had removed and then reposted its X post about the deal; its press release stayed up and neither company has changed the terms.

What it means for traders

For people outside the restricted countries, trade.xyz’s markets (US stocks, indices, oil, gold and others, the largest HIP-3 venue by volume) keep running as before; see the market board. This is one of two announced routes to US-regulated perps built on Hyperliquid; the other is Kraken parent Payward’s plan. On 3 November the CFTC separately cleared stock perps on US-registered exchanges, which does not by itself approve this plan.