Hyperliquid HYPE Heads Towards $100 After ICE Deal

Decentralized perps exchange Hyperliquid saw its native token, HYPE, soar by 15% on Thursday. This follows the announcement by NYSE parent company Intercontinental Exchange (ICE) that it will offer Hyperliquid-based perps in the U.S.

ICE revealed the deal with TradeXYZ,  the company deploying real-world assets perps on Hyperliquid. The move will bring Hyperliquid perps onshore, subject to regulatory approval.

ICE Takes Stake in TradeXYZ; to Offer Hyperliquid Perps to Retail Traders

As part of the deal, ICE is also making a strategic investment in TradeXYZ, taking a stake in the company. While the financial details of the deal were not disclosed, the arrangement was sufficient to make ICE the exclusive operator of TradeXYZ’s regulated markets in the U.S.

According to the announcement, ICE will establish a new dedicated market for the perps with the clearing structure built on Hyperliquid. The market will focus on retail traders, which ICE has identified as a growth opportunity.

The company has mostly focused on institutional users before now, as they account for 99% of its participation. However, it sees the new deal as an opportunity to bring on retail, including those already transacting offshore.

“Retail participation in markets has grown significantly in recent years and is becoming far more global, with retail traders increasingly seeking short-duration exposure, often around the clock,” the post reads.

Meanwhile, the deal still requires regulatory approval before Hyperliquid perps can start trading on U.S.-regulated channels. The announcement noted that once approvals are obtained, eligible customers who must undergo KYC/AML verifications will gain access to the markets.

HYPE Marches to $100 as ICE Expands Crypto Exposure

The surge in HYPE prices today drove the token to a high of $96. While it has now fallen to $94, the token looks close to hitting $100.

HYPE is already one of the best-performing crypto assets this year, with a 270% rise in value fuelled by Hyperliquid growth. It now has a market cap of around $23 billion.

While its performance today is an outlier, with the rest of the crypto market falling, it is not entirely surprising. Talks of Hyperliquid making a U.S. entry have grown in recent months, with the CFTC even issuing a staff advisory on perps in May.

An X account attributed to Renowned macro investor Stanley Druckenmiller also posted on X about the deal, noting that he is an investor in TradeXYZ. It is the first tweet ever by the account.

Meanwhile, the deal also highlights how ICE continues to expand its exposure to the crypto industry. Earlier this year, it entered into a joint venture with OKX and took a minority stake in the crypto exchange to develop a tokenized stock venue.

It has also invested in prediction market platform Polymarket, committing $600 million recently. ICE had previously said it would invest up to $2 billion in the platform.