HYPE Price Jumps 8% as NYSE Owner ICE Backs Trade.xyz’s US Perpetuals Plan

• HYPE price rose more than 8% in an hour, reaching $85.62 as news of ICE’s reported investment in Trade.xyz circulated
• ICE and Trade.xyz plan a US perpetual futures market using Hyperliquid infrastructure, subject to regulatory approval
• Solidus flagged $170 million in unusual oil-perpetual orders, manipulative intent remains unproven

HYPE jumped after reports that the owner of the New York Stock Exchange was taking a stake in Trade.xyz, a business that deploys markets on Hyperliquid. The proposed partnership would bring perpetual futures into a regulated US venue, potentially opening another market for the technology. Traders responded quickly, sending the HYPE price sharply higher. Getting the planned exchange into operation, however, still depends on decisions beyond the companies’ control.

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ICE and Trade.xyz Plan a US Futures Market

Intercontinental Exchange, or ICE, is acquiring an equity stake in Trade.xyz as part of the agreement. Financial terms were not disclosed.

The companies plan to build a market using Hyperliquid infrastructure and Trade.xyz products referencing equities, stock indexes, commodities, and currencies. The venue would have its own clearing arrangements, customer verification and anti-money-laundering systems. Regulatory approval remains pending.

Trade.xyz already deploys perpetual markets through Hyperliquid’s HIP-3 framework. An August submission to the SEC describes its existing markets across equities, commodities, currencies, and exchange-traded funds.

The reported investment is in Trade.xyz. It does not amount to ICE buying Hyperliquid, nor does it mean the NYSE has begun listing these contracts.

HYPE Price Rallies Toward $86

HYPE, Hyperliquid’s native token, traded at $86.55 at press time. It should be noted that HYPE saw more than an 8% rise over the preceding hour, rather than over a full day.

The chart showed a rapid climb from around $79, with a wick extending above $86. That captured the initial reaction as the partnership news circulated. For the Hyperliquid token, the announcement gives traders a concrete development to follow. The proposed platform has not launched, however, and the available deal details do not establish how much additional activity or revenue it would generate.

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Oil Trading Report Puts Surveillance in Focus

The partnership report followed separate scrutiny of oil-linked perpetual trading on Hyperliquid. Reports revealed that surveillance firm Solidus Labs identified more than $170 million in unusual orders placed through two accounts during March 8–10.

Solidus described patterns resembling spoofing but acknowledged that manipulative intent remained unproven. Hyperliquid Labs said orders, cancellations, and trades are publicly recorded and can be independently examined.

Those questions give the proposed US venue’s controls added relevance. Investors now have two developments to watch, whether HYPE retains its initial gains, and whether ICE and Trade.xyz secure approval to turn their plan into an operating market.

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