HYPE jumps 15.92% to $91.98 as ICE plans U.S. perpetual futures market

Key Facts

HYPE rose 15.92% in four hours to $91.98 at 13:25 UTC on Oct. 29, up from $79.35 at 09:25 UTC, according to a TokenPost report. Its 24-hour change was 14.52% at the same snapshot time, a separate measure from the four-hour gain. The move coincided with an announcement by Intercontinental Exchange, the parent company of the New York Stock Exchange, of an agreement with Trade[XYZ] to bring Hyperliquid-linked perpetual futures markets to the U.S. The agreement pairs a traditional market operator with a company working on products linked to a digital-asset platform. Establishing the market and clearing infrastructure requires regulatory approvals, including those needed to support leveraged trading, according to ICE.

EL7 daily data show HYPE closed at $91.1 on Oct. 29, compared with a close of $80.69 on Oct. 28. These two closes are separate daily observations from the TokenPost snapshot at 13:25 UTC, which recorded a price of $91.98. The 14.52% gain cited in the TokenPost report measures a 24-hour change, while the 15.92% figure measures the move between 09:25 and 13:25 UTC. These different periods help put the market figures in their time context: the spot price and daily close are not the same measure. The report did not cite a comparison with market expectations, while linking the timing of the move to the deal announcement.

In the derivatives market, one-hour totals across Binance, Bybit and OKX showed $860,000 in liquidated short positions, versus $30,000 in long positions, according to TokenPost. The figures cover the three platforms over the one-hour window cited in the report and do not measure the four-hour or full-day price change. The totals show a large gap between the value of positions liquidated on the two sides during that window. The data came alongside the token’s rise, but do not establish that short liquidations caused it. Liquidation monitoring remains a description of derivatives activity over one hour, separate from the price move the report measured between 09:25 and 13:25 UTC.

According to details reported by Bloomberg Law, the project includes a new perpetual futures market with its own clearing infrastructure, alongside know-your-customer and anti-money laundering systems. Trade[XYZ]’s products linked to the market include stocks, equity indices, commodities and currencies, and would remain subject to regulatory approvals. Bloomberg Law reported, citing company officials, that ICE is taking a stake in Trade[XYZ] as part of the agreement, without specifying its size. This places the investment within a collaboration between a traditional financial-market operator and a provider of products linked to Hyperliquid. The available information did not disclose the value of the stake or other financial details of the agreement.

ICE plans to build a dedicated market for retail users and a clearing structure on Hyperliquid, operating separately from ICE’s institutional futures and clearing businesses, according to the company’s announcement. Under the distribution plan announced by ICE, customers who have completed verification are expected to access the proposed markets through futures commission merchants that become members of the platform. This route puts participating brokers at the center of access to trading, rather than making the service available directly to every customer. Customer verification and anti-money laundering systems are part of the proposed market infrastructure. The design thus combines Hyperliquid’s infrastructure, Trade[XYZ]’s products and ICE’s operation of the regulated market and clearing.

ICE says the agreement is conditional on obtaining the regulatory approvals needed to establish the regulated market and clearing structure, including approvals to support leveraged trading. The company’s announcement does not include a market launch date, leaving the start of operations dependent on completing the approval process. The dedicated retail market will also operate separately from its institutional futures and clearing businesses, according to ICE’s description. The plan brings together round-the-clock trading in multiple assets with regulatory and operational requirements that include verification of customers and member brokers. The announcement therefore remains an agreement on proposed infrastructure and a proposed market, while the company has not set a trading start date.