Intercontinental Exchange, the parent company of the New York Stock Exchange, is launching Hyperliquid-based perpetual futures for U.S. retail traders via its new Trade[XYZ] platform. The move marks a sharp reversal: ICE previously lobbied regulators to clamp down on Hyperliquid and other decentralized derivatives protocols.

Hyperliquid has consistently posted daily volumes exceeding $1 billion and maintains deep liquidity across its order books. The protocol's on-chain architecture delivers high throughput and low latency, attracting sophisticated traders with transparent funding rates and efficient capital utilization.

ICE's pivot signals confidence that it can structure Trade[XYZ] within existing U.S. derivatives frameworks. The platform will likely implement specific onboarding requirements and trading limits for retail clients. Details on regulatory approvals and a go-live date remain pending.