Trade[XYZ] has reported more than $650 billion in trading volume across its Hyperliquid markets, while its proposed U.S. futures platform would place regulated operations and clearing with Intercontinental Exchange (ICE).
The company gave the cumulative figure in an Oct. 29 post. It covers markets already operating on Hyperliquid, rather than activity at the proposed U.S. venue, which has not launched. Trade[XYZ] is among the teams using Hyperliquid’s HIP-3 system to develop derivatives markets linked to assets such as stocks, gold and crude oil.
In an Oct. 29 announcement, ICE laid out the companies’ plan for a U.S. perpetual futures venue. ICE would run the regulated market and establish a separate retail clearing structure. Trade[XYZ] would develop the contracts using Hyperliquid technology, and ICE plans to make a minority investment in the company.
ICE described the separate venue as an opportunity to expand its retail business. The arrangement would also keep the new market’s trading and counterparty risks apart from ICE’s existing institutional customers, the exchange group said.
Hyperliquid Labs co-founder and CEO Jeff Yan drew a distinction between the network and the businesses that operate markets on it in a Bloomberg interview published Oct. 15. He argued that firms controlling trading on the network must meet applicable U.S. regulatory requirements. Under the companies’ plan, ICE would handle market operations and clearing.
The proposed perpetual contracts would have no preset maturity. They would offer ongoing exposure to digital assets, equities, indexes, commodities and currencies.
The companies still need regulatory clearance, including for leveraged trading. ICE said customers who pass identity and anti-money laundering checks are expected to access the venue through futures commission merchants that join the platform after approvals are granted. No launch date has been announced.
