ICE Urges Regulators to Approve 24/7 Onchain Perps, Backed by OKX Oil Futures
Intercontinental Exchange (ICE, parent of NYSE) says regulators should create a “level playing field” for 24/7 onchain perps—arguing that regulated exchanges are being blocked from launching products that already trade on crypto venues like Hyperliquid.
ICE CEO Jeffrey Sprecher said at a Bernstein conference that the company has held exploratory discussions with Hyperliquid to study how TradFi and onchain perpetuals could work together. The core request is regulatory clarity: either a dedicated onchain derivatives framework or clearer classification under existing rules (e.g., U.S. swaps regulation such as Dodd-Frank, or Europe’s EMIR).
The push comes alongside TradFi-to-crypto momentum. OKX announced it will launch perpetual futures referencing ICE’s Brent crude and WTI benchmarks—its first initiative under an expanded ICE–OKX partnership following ICE’s $25B valuation investment in March. Earlier in March, NYSE also partnered with tokenization platform Securitize for blockchain-based stock infrastructure aimed at 24/7 trading and settlement.
Sprecher highlighted Hyperliquid’s rapid growth and said continuous trading can improve efficiency and price discovery. He framed the issue as competitive pressure from always-on crypto markets. If regulators move toward approving 24/7 onchain perps, it could accelerate TradFi derivatives rollout and intensify competition in perpetuals markets.
(Keyword emphasis: 24/7 onchain perps, onchain perpetuals, regulatory approval.)
Bullish
ICE’s push for a “level playing field” directly targets the market structure of 24/7 onchain perps. Coupled with OKX launching ICE Brent/WTI perpetuals, the news signals rising TradFi-to-crypto product momentum and a potential regulatory path for always-on perpetual markets.
Short-term, traders may lean bullish on perpetual liquidity and new contract availability (more benchmarks, more participation). The Hyperliquid discussion also reinforces expectations that continuous trading venues will keep attracting flow, which can tighten spreads and increase volume.
Long-term, if regulators clarify or relax how 24/7 onchain perps are categorized, it could unlock more regulated issuers and deeper institutional participation—typically supportive for derivatives volumes and risk-transfer demand. The main counter-risk is regulatory delay or uncertainty, which could cap near-term follow-through. Overall, the direction of travel in product announcements and regulatory framing points to higher adoption and competitive intensity, which is bullish for the onchain perp ecosystem’s trading activity.