Trade[XYZ] Markets Top $650 Billion as Firms Agree to Build U.S. Perpetual Futures Market

Key Facts

Intercontinental Exchange, owner of the New York Stock Exchange, and Trade[XYZ] announced an agreement to build a regulated U.S. market for perpetual futures using Hyperliquid’s infrastructure, according to a correction to the official announcement. The proposed market targets retail traders, but its launch requires regulatory approvals. Planned contracts include cryptocurrencies, stocks and their indexes, commodities, foreign exchange and other real-world assets. The proposed product range thus extends beyond cryptocurrencies. ICE said Trade[XYZ]’s current activity on Hyperliquid will continue alongside the proposed U.S. market. CoinDesk reported that cumulative trading volume on Trade[XYZ] markets on Hyperliquid exceeded $650 billion in a little more than a year.

The agreement separates Trade[XYZ]’s current activity on Hyperliquid from the U.S. market the two companies are seeking to build. ICE says the new market will use Hyperliquid’s infrastructure while being regulated in the United States. The plan targets retail traders, according to the correction clarifying the official announcement. The companies have not announced when the market will begin operating or the eligibility terms for traders, CoinDesk reported. The launch date and whether specific categories of clients can participate therefore remain undisclosed. The proposed activity is contingent on securing the necessary regulatory approvals.

Against the backdrop of round-the-clock trading, divisions of the U.S. Commodity Futures Trading Commission issued guidance on May 29, 2026, on continuous trading, clearing and settlement. The commission reminded derivatives platforms, clearinghouses and futures commission merchants of their obligations under the Commodity Exchange Act and its regulations. The divisions said derivatives linked to crypto assets may be suitable for round-the-clock trading. They noted, however, that other products, such as agricultural derivatives, may be less suitable because of the nature of their customers and hedging practices. The guidance sets out an existing regulatory framework relevant to the operation of continuous derivatives markets. The market ICE and Trade[XYZ] plan to launch remains subject to approvals before it can begin operating.

In the market, ICE shares closed at $155.96 on October 28, 2026, according to EL7 data. The bureau said investment, consumer spending and government spending contributed to the increase in the third quarter. A decline in exports offset part of that increase, while imports rose. The bureau is scheduled to release its second estimate of third-quarter gross domestic product on November 25, 2026, according to its calendar.