ICE backs Trade[XYZ] venue for US perpetual futures, CFTC approval pending

Intercontinental Exchange is investing in Trade[XYZ] as part of plans for a venue that could bring Hyperliquid perpetual futures to the US, according to CoinDesk. The proposed venue would offer contracts trading 24 hours a day, seven days a week, across stocks, commodities and crypto, but the launch remains subject to approval from the Commodity Futures Trading Commission.

The move comes as perpetual futures, a crypto-native product without a conventional expiry date, are being positioned for a broader US market. The key change is the proposed combination of that product format with ICE’s exchange infrastructure and a CFTC-regulated venue, rather than a crypto-only platform.

ICE is the named corporate participant and is investing in Trade[XYZ], which is tied to the planned venue. The product scope would connect equity, commodity and crypto exposures on one platform, potentially extending the reach of perpetual contracts beyond their established crypto market use.

Regulatory approval is the central uncertainty. The proposal is not yet an operating US venue, and the timing and conditions of any CFTC decision are not established in the available reporting.

The next concrete markers are the investment’s completion, any formal venue or regulatory filings, and the CFTC’s decision. Details on contract design, collateral, customer access and launch timing would determine how closely the eventual product resembles existing perpetual-futures markets.