HYPE Token Rallies As NYSE Owner Brings Hyperliquid to America
Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, is partnering with trade[XYZ] to build a regulated US market for perpetual futures on Hyperliquid. The news sent the HYPE token up 7%.
trade[XYZ] runs perpetual futures on Hyperliquid, a trading platform built on its own blockchain. These contracts track stocks, indexes, commodities and crypto, and never expire. The firm said those markets passed $650 billion in volume in just over a year.
US residents cannot currently use them. 'Much of the world trades them. Until now, Americans could only watch,' the team stated. The planned venue would offer equities, indexes, commodities, currencies and crypto through brokers.
It needs approval from the Commodity Futures Trading Commission (CFTC), the US derivatives regulator. No launch date has been set. ICE picked the firm as its exclusive partner, a key figure behind trade[XYZ] shared.
Today, we are joining forces with ICE, parent company of the New York Stock Exchange, to bring perpetual futures on Hyperliquid to U.S. regulated markets.
Hedge fund veteran Stan Druckenmiller is also joining. HYPE rallied almost 7% on the news. The token’s last rally on US-access news faded within six weeks.
The last comparable headline offers a guide. On September 17, BeInCrypto reported that Kraken’s parent Payward planned Hyperliquid futures for Americans through Bitnomial, a CFTC-regulated exchange. HYPE climbed from about $78 that day to a record $97.96 on September 23.
By October 26, it traded near $76, below where the run began. Today’s price sits about 11% under that record. Trading volume reached about $1.26 billion over 24 hours, the most since late September.
The bigger test is whether US trading feeds the token. On today’s offshore markets, the link is written into Hyperliquid’s rules. Operators like trade[XYZ] must stake 500,000 HYPE, and trades pay a protocol fee, its documentation shows.
The US venue will have its own exchange and clearing setup. The announcement does not say whether those rules carry over. trade[XYZ] also has a recent incident on record. In July, a bad Seoul price print sank its SK Hynix futures market 17.9%, forcing $57 million in liquidations.
The firm said its systems worked as designed but agreed to cover losses. For now, offshore markets keep running. The fee terms, the CFTC decision and the first brokers will show whether this move outlasts September’s, as tracked on the live HYPE price chart.
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