ICE to Launch US Hyperliquid Perps Exchange With Trade.xyz

The significance here is less about Hyperliquid itself than about who is validating perpetual-futures infrastructure: a major exchange group and a prominent macro investor lending credibility to a model that has largely lived offshore. That matters for U.S. market structure, where round-the-clock perps have lacked a regulated home, and for the clearing layer that would sit behind them. The open question is regulatory — CFTC approval is the gate, and how it treats a separate exchange and clearinghouse for these contracts will shape whether this becomes a template or an outlier.