Hyperliquid Draws ICE and Payward Into U.S. Perpetuals
Hyperliquid is moving closer to the U.S. regulated derivatives market as two major financial groups pursue different routes to offer on-chain perpetual contracts.
NYSE parent Intercontinental Exchange (ICE) has agreed to acquire a minority stake in Trade[XYZ] and work with Trade[XYZ] and Hyperliquid on a U.S.-based regulated trading and clearing venue. The planned products could cover stocks, indexes, commodities and foreign exchange. ICE is also partnering with OKX on retail distribution, but the necessary regulatory approvals are still pending. Trade[XYZ] has reported more than $650 billion in trading volume since launch and accounts for over 90% of open interest across HIP-3 markets, according to the article.
Payward, Kraken’s parent, plans to use its acquired CFTC-regulated entities, including Bitnomial and NinjaTrader Clearing, to deploy a permissioned Hyperliquid HIP-3* market. The framework would restrict access to approved, verified accounts. Its first version is still on testnet, and its final specifications have not been set.
The two approaches could extend Hyperliquid from an offshore DeFi venue into infrastructure for regulated derivatives, while keeping U.S. market liquidity separate from offshore markets. The announcement was accompanied by a reported HYPE rally of more than 20% over 24 hours, briefly taking the token back above $90. However, approvals, liquidity arrangements and revenue-sharing terms remain unresolved, so the deals do not yet guarantee greater value capture for HYPE.
Bullish
The news is bullish for Hyperliquid’s long-term adoption prospects and is a near-term positive catalyst for HYPE, but the market impact is not yet confirmed by operating results. ICE and Payward are exploring ways to bring Hyperliquid’s trading infrastructure into U.S. regulated markets. That adds institutional credibility and could create new demand for the network if the plans receive approval and attract users.
The article reports that HYPE rose more than 20% in 24 hours and briefly traded above $90 after the announcements. This suggests traders treated the news as a potential expansion of Hyperliquid’s addressable market. Similar announcements of major exchange or institutional partnerships have often triggered short-term token rallies, but those moves can fade when implementation takes longer than expected or when anticipated fees and token demand fail to materialize.
There are substantial uncertainties. ICE’s proposed venue and its retail distribution arrangements require regulatory approvals. Payward’s HIP-3* framework is still on testnet, and its specifications are not final. U.S. liquidity is expected to be isolated from offshore markets, while fee allocation, revenue sharing and the use of HYPE for regulated-market deployments remain unclear. The article notes that HIP-3 deployments require operators to stake at least 500,000 HYPE, which could support token demand if adopted by these businesses, but the deals’ terms are not settled.
In the short term, traders may focus on approval updates, HYPE price momentum, trading volume and open interest; rapid gains also raise the risk of profit-taking and volatility. Over the longer term, successful launches could strengthen Hyperliquid’s position as derivatives infrastructure and support ecosystem demand. If approvals stall, liquidity remains fragmented, or regulated venues do not generate meaningful activity or token value capture, the initial bullish reaction could reverse. The broader market-stability effect is likely limited unless these plans materially change trading volumes or liquidity across crypto markets.