Intercontinental Exchange, the owner of the New York Stock Exchange, is investing in startup Trade[XYZ] and plans to create a US market for perpetual contracts based on Hyperliquid, subject to regulatory approval. The proposed market would cover cryptocurrencies, equities, commodities and currencies with round-the-clock trading. Trade[XYZ] says its existing markets have handled more than $650 billion in cumulative trading volume in just over a year. ICE will operate the new platform and its clearing infrastructure, while Trade[XYZ] will design the products and Hyperliquid will supply the underlying technology. In the third quarter, these markets generated approximately $25 million in trading fees, with about $12 million allocated to Hyperliquid, but the exact revenue-sharing arrangements for the future US market have not been disclosed.
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