HYPE Token Jumps 13% as NYSE Owner ICE Agrees to Bring Hyperliquid Perpetual Futures to US

HYPE, the token behind the Hyperliquid exchange, jumped about 13% on Thursday to roughly $91 after Intercontinental Exchange announced a deal to bring Hyperliquid-based perpetual futures to the United States. The token climbed from a daily open of $80.69 to a high of $92.10 on KuCoin, leaving it about 7% below the record near $98 set in September, at a market capitalization of roughly $22.4 billion. ICE signed a definitive agreement with Trade[XYZ], which runs markets for real-world assets on Hyperliquid, making ICE the exclusive operator of Trade[XYZ]'s regulated markets; ICE is also taking a strategic stake. ICE will build a dedicated retail market and clearing structure, but the product still needs regulatory approvals and has no launch date. Perpetual futures are derivatives with no expiry date that allow leveraged positions. Stan Druckenmiller publicly backed the deal as a Trade[XYZ] investor. ICE Chair and CEO Jeffrey Sprecher said the perpetuals are "additive to our futures markets, not a replacement for them," adding that the unit will run separately from its institutional futures and clearing franchise. Verified customers would connect through futures commission merchants, with ICE planning distribution through its joint venture with OKX.