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At a glance

What changed
ICE and trade[XYZ] plan a regulated US perpetual futures market that runs on Hyperliquid's infrastructure.
Who it affects
US traders, once approved, plus anyone using trade[XYZ]'s existing HIP-3 markets on Hyperliquid, which do not change.
When
Announced on 29 October 2026; no launch date, as the plan still needs regulatory approval.

What was announced

Hyperliquid said on 29 October 2026 that Intercontinental Exchange (ICE) and trade[XYZ] plan to use it as the infrastructure layer for perpetual futures markets aimed at US traders. The planned markets would cover crypto, equities, commodities, foreign exchange and other real-world assets.

ICE brings traditional market weight to the plan: it operates the New York Stock Exchange and, in Hyperliquid's words, some of the largest exchanges and clearing houses in the world. The plan is subject to regulatory approvals, and Hyperliquid gave no launch date, so US traders cannot use these markets yet.

Who does what

Hyperliquid set out a three-way split. Hyperliquid provides the underlying technology through a structure it calls HIP-3*. trade[XYZ] designs and implements the markets. ICE operates the regulated market and its clearing.

Hyperliquid stresses that it stays a neutral infrastructure layer. As with ordinary HIP-3 markets, HIP-3* deployers are independent operators: they use Hyperliquid's onchain infrastructure but keep control of, and responsibility for, their own markets. trade[XYZ]'s existing HIP-3 markets on Hyperliquid stay unchanged.

Why trade[XYZ] and HIP-3 matter here

HIP-3 is the Hyperliquid upgrade that lets outside builders run their own perpetual markets. A deployer stakes 500,000 HYPE, defines the markets, oracles and contract terms, and can have that stake slashed by validators if it operates a market maliciously.

Hyperliquid's own HIP-3 update describes trade[XYZ] as the largest HIP-3 deployer, with more than 100 markets across equities, indices, commodities, FX and pre-IPO companies. That track record is what ICE is now building on for a US market.

Our take

This is a plan, not a product. Until regulators sign off, nothing changes for traders, and details such as fees, leverage, eligibility and which brokers will offer access have not been published by Hyperliquid. Treat any site offering early access to these US markets with suspicion.

For people already trading on Hyperliquid, the practical news is that existing trade[XYZ] markets carry on as before. The Hyperliquid code in the top box gives a fee discount on Hyperliquid itself and has nothing to do with the planned ICE market; the OKX code at the end is a general trading-fee offer.

OKXDiscount code

20% off eligible trading fees

Activate 20% discount

OKX referral code: TRADEOFF20. Sign up with this code to get 20% off eligible trading fees.

Affiliate link. We may earn a commission, at no extra cost to you.

Conditions

Offer eligibility varies by product and region. Do not assume it applies to EU stock perps, Pre-IPO products or card payments.

The code and partner link have no expiry. Campaign dates, benefits and eligibility are separate and may change. Check the provider’s current terms before signing up.

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