HYPE Token Rises as NYSE Owner Brings Hyperliquid to US

Intercontinental Exchange (ICE), which owns the New York Stock Exchange, is backing trade[XYZ] to establish a regulated US market for 24/7 futures on Hyperliquid. Hyperliquid (HYPE) gained 7% following the announcement.

The arrangement could grant access to trading options currently unavailable to US residents. However, neither party has disclosed whether the US platform will provide any benefits to HYPE. The token's previous rally on US-access news dissipated within six weeks.

What US Traders Would Get, and When

trade[XYZ] operates perpetual futures on Hyperliquid, a trading platform built on its own blockchain. These contracts track equities, indices, commodities and digital assets, and do not have an expiry date.

Those markets have surpassed $650 billion in volume in just over a year, according to the firm. US residents are not permitted to use them.

“Much of the world trades them. Until now, Americans could only watch,” the team stated.

The planned venue would provide equities, indices, commodities, currencies and crypto through brokerage firms. It requires approval from the Commodity Futures Trading Commission (CFTC), the US derivatives watchdog. No launch date has been given.

ICE selected trade[XYZ] as its exclusive partner, a key figure behind trade[XYZ] shared.

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… https://t.co/IHp4HwwIiz

— shoku (@sershokunin) October 29, 2026

Hedge fund veteran Stan Druckenmiller is also getting involved. HYPE rallied nearly 7% on the news.

What Decides Whether the HYPE Rally Lasts

The last comparable headline offers a guide. On September 17, BeInCrypto reported that Kraken’s parent Payward planned Hyperliquid futures for Americans through Bitnomial, a CFTC-regulated exchange.

HYPE rose from approximately $78 that day to an all-time high of $97.96 on September 23, according to CoinGecko data. By October 26, it was trading near $76, below where the run started.

Today’s price is roughly 11% below that record. Trading volume reached about $1.26 billion over 24 hours, the highest since late September.

The larger question is whether US trading benefits the token. On current offshore markets, the connection is embedded in Hyperliquid’s rules. Operators such as trade[XYZ] must stake 500,000 HYPE, and trades incur a protocol fee, its documentation shows.

The US venue will have its own exchange and clearing system. The announcement does not specify whether those rules apply.

trade[XYZ] also has a recent incident on record. In July, a faulty Seoul price print caused its SK Hynix futures market to drop 17.9%, leading to $57 million in liquidations. The firm stated its systems functioned as intended but agreed to cover losses.

For now, offshore markets continue operating. The fee terms, the CFTC decision and the initial brokers will determine whether this move lasts longer than September’s.