ICE deal brings Hyperliquid perpetual futures closer to US market
ICE•NYSE owner ICE agreed to take a minority stake in Trade[XYZ] and run its US markets through ICE’s regulated exchange and clearing infrastructure, pending CFTC approval. Trade[XYZ] contracts have generated more than $650 billion in volume in just over a year, while Hyperliquid earns about $670 million annually at its current run rate.
1. Deal and trading figures
ICE agreed to take a minority stake in Trade[XYZ] to bring Hyperliquid-based perpetual futures to US customers. ICE will run Trade[XYZ]’s US markets through its regulated exchange and clearing infrastructure, with CFTC approval pending. The contracts have generated more than $650 billion in trading volume in just over a year. Hyperliquid earns about $670 million annually at its current run rate, and roughly 99% of trading fees fund HYPE token buybacks.
