NYSE Parent ICE Seeks 24/7 Onchain Perpetual Futures

TLDR

• ICE urges regulators to clear 24/7 onchain perpetual futures trading.
• NYSE parent studies Hyperliquid as onchain perps gain market traction.
• ICE wants equal rules as crypto venues expand always-on derivatives.
• Hyperliquid’s growth pushes ICE toward blockchain-based perp markets.
• ICE and OKX move closer to oil perpetuals tied to major benchmarks.

ICE has urged regulators to allow regulated exchanges to offer 24/7 onchain perpetual futures trading. The NYSE parent wants clearer rules as crypto platforms expand always-on derivatives markets. The push places traditional exchanges inside a fast-changing debate on blockchain-based market access.

ICE Pushes For Level Playing Field

Intercontinental Exchange CEO Jeffrey Sprecher discussed the issue at a Bernstein conference on Wednesday. He said ICE wants regulators to explain why regulated firms face limits while offshore-style products grow. His remarks focused on perpetual futures, which trade without expiry dates.

ICE has explored possible business links with Hyperliquid, a decentralized exchange known for crypto perpetuals. Sprecher said the exchange operator held several meetings with the Hyperliquid team. Those talks centered on market structure, liquidity, and onchain trading demand.

ICE has not confirmed plans to launch an onchain perpetual futures platform with Hyperliquid. However, the talks show how major exchange groups now study decentralized derivatives markets. Moreover, the discussions follow wider Wall Street interest in blockchain settlement and 24/7 trading.

Hyperliquid Growth Adds Market Pressure

Hyperliquid has gained attention because its markets run continuously and support high-speed derivatives trading. Sprecher described its scale as remarkable, although Nasdaq remains much larger by traditional trading measures. Still, the comment reflected pressure on regulated venues.

CoinGecko ranks Hyperliquid as the seventh-largest decentralized exchange by daily trading volume. The platform holds a 3.7% market share and handles about $195 million in daily trades. DefiLlama data also places it among the top fee-generating crypto protocols.

The platform has expanded beyond perpetual futures and recently launched prediction markets for offchain events. Bitwise CIO Matt Hougan said the HYPE token remains tied to broader expectations for the platform. Therefore, Hyperliquid now attracts attention beyond its original perp DEX model.

Regulators Face New Perpetual Futures Test

ICE has already moved deeper into crypto-linked market infrastructure through several recent deals. It invested in OKX at a $25 billion valuation and gained a board seat. The partnership also covers oil perpetual futures tied to ICE Brent and WTI benchmarks.

NYSE has also worked with Securitize on blockchain-based stock trading infrastructure. That effort targets 24/7 trading and faster settlement for Wall Street assets. ICE has backed Polymarket as prediction markets gain broader institutional attention.

Regulators now face pressure to classify and supervise onchain perpetual futures markets. They could create a new regulated category or treat the products as swaps. ICE wants rules that let regulated exchanges compete with global onchain venues.

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