Market maker Cumberland raised four objections to ICE and Trade XYZ’s plan to introduce Hyperliquid perpetual futures in the United States. These include the value of on-chain trading compared with centralized platforms, position transparency, priority fees that could enable front-running, and the merging of the U.S. and global order books. Jito Labs legal chief Rebecca Rettig acknowledged that order-book integration is the central issue, while ARK Invest argued that such a structure would be ineffective. Hyperliquid’s monthly revenue doubled from about $60 million in July to nearly $120 million in September, and approval of HIP-3 markets by Kraken and ICE could increase it further. HYPE gained 20% following the ICE update on October 29 before erasing its gains and trading at $87 when the article was published.
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