HYPE teases all-time high as NYSE owner ICE eyes US Hyperliquid perps

Hyperliquid’s native token HYPE surged about 20% Thursday after New York Stock Exchange owner Intercontinental Exchange (ICE) announced plans for US perpetual futures with Trade[XYZ], whose investors include billionaire Wall Street investor Stanley Druckenmiller.

HYPE traded above $96 at the time of writing, up by around 20% in the past 24 hours, according to CoinGecko, flirting with September’s all-time record of $97.96.

Perpetual futures allow traders to take positions on asset prices without an expiration date. Hyperliquid is the largest decentralized exchange in the world to trade such instruments, DefiLlama data shows.

The companies said Thursday they would seek regulatory approval for markets covering cryptocurrencies, stocks, indexes, commodities and currencies. The proposed market would target retail traders.