trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States. In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch. We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress. ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid. Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it. ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one. We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them. To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story. Anything. Anytime. On ICE[XYZ].

Intercontinental Exchange (ICE) and trade[XYZ] have announced their plan to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US traders across crypto, equities, commodities, foreign exchange, and other real-world assets, subject to regulatory approvals. ICE operates NYSE and some of the largest exchanges and clearing houses globally. In this structure: + Hyperliquid serves as the underlying technology infrastructure via HIP-3* + trade[XYZ] designs and implements the markets + ICE operates the regulated market and clearing structure Existing trade[XYZ] HIP-3 markets will remain unchanged. Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.

trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States. In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch. We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress. ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid. Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it. ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one. We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them. To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story. Anything. Anytime. On ICE[XYZ].

I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States. As a market participant, I am looking forward to to using their innovative product to enhance my investment process.

ICE, the parent company of the NYSE, partnering with Trade[XYZ] is one of the most important partnerships in blockchain history. ICE is the second-largest exchange operator in the world, running 13 regulated exchanges and 6 clearinghouses across commodities, FX, rates, and equities. Just one of its businesses, NYSE, averaged $202.5B in daily equity volume in January, 45x trade[XYZ]’s $4.5B in 24H perps volume. It’s the world’s second-largest stock exchange by listed market cap ($33.6T as of August). Compared to Kraken’s Bitnomial instance, which only routes through its own broker (NinjaTrader), this would offer Hyperliquid perps to all of ICE’s participating brokers (NYSE alone has 168 member firms serving the public), including potentially giants like Schwab and Interactive Brokers. The most influential exchange operator is building directly on Hyperliquid infra to bring these markets to its vast broker network. We are truly entering a new paradigm. Hyperliquid.

This is why I won’t trust anyone that claims they’re deploying spot equities on Hyperliquid. It will never work as intended until the company themselves agree to it.

trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States. In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch. We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress. ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid. Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it. ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one. We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them. To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story. Anything. Anytime. On ICE[XYZ].

trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States. In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch. We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress. ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid. Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it. ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one. We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them. To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story. Anything. Anytime. On ICE[XYZ].

soon no more tradfi or defi just hyperliquid

trade[XYZ] launched its first market on Hyperliquid 381 days ago. Today, we are joining forces with ICE, parent company of the New York Stock Exchange, to bring perpetual futures on Hyperliquid to U.S. regulated markets. I don’t usually write long posts, but today merits reflection. For years, builders across this industry have worked to show that open, onchain markets could support price discovery, manage risk, and withstand stress to the standards of traditional market infrastructure, all while staying open when and where those markets aren’t. Our achievements stand on the shoulders of those builders. And today, the company that owns the New York Stock Exchange has chosen to build upon the work of every developer, trader, market maker, and user who took a chance on us and our markets. We share this moment with all of you. Markets are shaped by their participants. A new generation of investors trades from their phones, across asset classes, at any hour of any day. Until Hyperliquid, the right infrastructure for those markets didn’t exist. Building these markets was hard. It took novel approaches to pricing, funding, and risk, refined with real capital at stake, in markets that don’t close. It also meant earning the trust of the people trading on them. We’re honored that the community recognized that effort and responded in kind. That trust is what allowed us to grow our volumes to a ~$1 trillion annualized run rate in just over a year, to help pioneer new instruments like pre-IPO perps, and to earn the confidence of storied institutions like S&P Dow Jones Indices. That’s why ICE has chosen trade[XYZ] as its exclusive partner to bring 24/7 perps to the U.S. Shifts in technology have pushed markets toward greater transparency, better price discovery, and broader access: from the coffee house to the curb exchange, ticker tape to the telephone, the trading floor to digital exchanges. ICE helped write that last chapter. In 1997, Jeff Sprecher bought a small power-trading technology business for $1. ICE launched as an electronic energy marketplace in 2000, helped digitize major commodity markets, and acquired the NYSE in 2013. It has grown exponentially because of this appetite for innovation. That’s the partner we wanted: a partner that looks forward and embraces progress. Americans deserve access to the most innovative markets in the world, and the protections of U.S. regulation. With trade[XYZ] and ICE, subject to regulatory approvals, they’ll have both. The difference isn’t just access. Perps don’t expire, so traders never have to roll positions, and liquidity concentrates in a single deep market for each asset. Cross-margining enhances capital efficiency by letting one pool of collateral back positions across stocks, commodities, and crypto. Underpinning it all are atomic clearing and settlement, real-time risk management that enables continuous markets, and universally applied rules that anyone can verify. This is the next chapter we’ll write together. My responsibility, our responsibility, is to now build markets worthy of the confidence our partners and our users have placed in us. Our commitments will not waver: to fair and transparent markets, to diverse markets, to low costs of execution, and above all, to market integrity. All of this in pursuit of one thing: A universal exchange, open around the clock, coming to the United States. We’re proud to have deployed more than 100 markets on trade[XYZ]. But measured against the opportunity ahead, we’ve barely started. There is an enormous universe of assets we haven’t reached, alongside things people want to trade that have no established market at all. Wherever there is demand to trade an asset, we want trade[XYZ] to be where its price is discovered. Global stocks, commodities, bonds, pre-IPO companies, compute, new indices, digital assets, interest rates, equity baskets, volatility products, alt assets… Anything. Anytime. Anywhere. Ultimately, everything you own should work with everything you trade. Picture a headline breaking on Saturday night. You should be able to post tokenized shares as collateral, hedge your portfolio with an index perp, add exposure to oil, and take a view on a company that has not yet gone public. All in one account, all on one risk engine, before any traditional market opens. trade[XYZ] and Hyperliquid were built for this. I hope someone opens their first investment account years from now to find that trivial, and to wonder why their predecessors needed so many separate financial relationships. Getting there will take liquidity, reliability, trust, and prices people have reason to believe. It will take years. I’m prepared to spend them. Finally, a few thank yous. First to the XYZ team: For the tireless nights and for committing to this vision before it was obvious. To Jeff Sprecher and ICE, with special thanks to Michael Blaugrund and Trabue Bland who championed us throughout: You’re a world-class, technology-embracing team that proves innovation and scale are in fact not at odds. To Stan Druckenmiller: For your partnership and helping us turn the next page. To Hyperliquid Labs: For being the best partners we could ask for. You set an impossible standard, one we continually strive to meet. @chameleon_jeff, @iliensinc, @xulian_hl And most importantly, to our users: You traded these markets when no one thought it mattered. Guess what? It did.