![Trade[XYZ] × ICE: Bringing Hyperliquid to TradFi](https://pbs.twimg.com/media/HVzr9OsWIAAt9Qb.jpg)
JJ retweeted
Joining forces with @tradexyz
Welcome to our community.
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.
We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
JJ retweeted
Growing up in the United States, NYSE was synonymous with the story of American capitalism. I vividly remember learning about the Buttonwood agreement in 9th grade history class. 24 stockbrokers met under a tree on Wall Street and formed the beginning of what would become the world's financial center. From pits to computers to now onchain markets, America has always led the way in innovating markets to improve price discovery and capital formation. Today the next chapter begins with ICE, trade[XYZ], and Hyperliquid.
ICE started as an electricity-trading platform in 2000, growing to acquire NYSE itself in only 13 years. It is a key infrastructure provider of America’s energy, bond, and mortgage markets. ICE is a rare story of exponential growth of a financial giant over decades, continually embracing innovation and technology.
trade[XYZ] was the first HIP-3 deployer and responsible for spearheading the flourishing global RWA perpetual market today. Only a year ago, trade[XYZ] launched its first RWA perpetual markets. They took a bet on HIP-3, which had just launched after months of tireless development. Having followed their journey from day 1, I cannot overstate how much Shoku and the team have poured into growing these markets to a genuine source of price discovery for the most important assets in the world.
Over the past three years, Hyperliquid has pioneered onchain infrastructure to house all of finance. Hyperliquid is nothing without its world-class builders. I am honored that trade[XYZ] and ICE have chosen to build on Hyperliquid to bring perpetual contracts to America.
When I first spoke to Jeff Sprecher around a year ago, he asked what success looks like to me. I thought for some time and joked that it would be seeing ICE building on Hyperliquid's technology. I could never have predicted the progress that we've made as a community in a single year to make this come true. Excited to see what we can build together next.
Intercontinental Exchange (ICE) and trade[XYZ] have announced their plan to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US traders across crypto, equities, commodities, foreign exchange, and other real-world assets, subject to regulatory approvals. ICE operates NYSE and some of the largest exchanges and clearing houses globally.
In this structure:
+ Hyperliquid serves as the underlying technology infrastructure via HIP-3*
+ trade[XYZ] designs and implements the markets
+ ICE operates the regulated market and clearing structure
Existing trade[XYZ] HIP-3 markets will remain unchanged.
Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.
JJ retweeted
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.
We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
JJ retweeted
🆕The highly anticipated Anthropic ($ANT) pre-IPO perpetual from @tradexyz on @HyperliquidX is now live on WSL HYPE <GO>:
JJ retweeted
Last month, we demonstrated high-rate alchemy: turning mercury into real, stable gold, beating CERN’s record by a factor of 10.
Last week, we enriched isotopes in the world’s most powerful plasma centrifuge, beating the Soviet record that stood for 40 years.
Now, we’re building a fusion reactor in San Francisco to achieve record power density.
JJ retweeted
The new issue of Works in Progress, arriving with subscribers this week, is our best ever and packed with must-read pieces.
Our lead essay is @RobinRivaton and @bswud on how China's cities, and the competition between them, have driven its rise to techno-industrial preeminence.
It also includes:
- @danwwang on Chinese and American second-tier cities,
- @tylercowen on the food of Brazil,
- @vpostrel on the invention of supermarkets,
- @CharlesCMann on the discovery of porcelain,
- @salonium on the myth of accidental scientific discovery,
- Stephen Kotkin on Leninism's fatal flaw,
- @owl_posting on biomedical hedge funds,
- @PMArslanagic on the formula for lovable cities,
- @pietergaricano on Ukraine as the future of war,
- @PatRubenFitz on the Bronze Age Collapse, and
- @SCP_Hughes on the social lives of hard-partying Victorian elites.
Plus: love and shame in Ancient Rome, making mosquitoes extinct, the return of 1930s dating norms, and why Pakistan is home to the world's best architect. And our new crossword, our cocktail column, classifieds, and more!
The new edition has had a massive design upgrade with beautiful, premium matte paper, a larger form factor, and bigger, clearer and more elegant typeography. It is a joy to read.
Copies arrive with subscribers this week: subscribe now or by October 16th to get yours.
worksinprogress.co/print/
JJ retweeted
Freckle is the first kids phone built for real-world adventure.
Shipping in December. Pre-order today: freckle.tech
JJ retweeted
It's never been more easy to track markets 24/7
If you have a Terminal, you can watch the prices on everything from S&P 500 perps to gold to Nvidia any day of the week
WSL HYPE <GO>
JJ retweeted
Hyperliquid's daily active users are up 51% since @tradexyz launched.
Part II of our report looks at who the 173,794 new users are, how they arrived and what they have traded since.
JJ retweeted
We took a closer look at the data behind all 356,886 xyz traders since launch in October 2025.
These markets are the primary funnel for mass adoption and user retention on Hyperliquid, across both retail and institutional cohorts.
Full report below.
JJ retweeted
Check out the SK hynix video: Few companies have swung so hard between crisis and success like SK hynix.
After years of losses, SK hynix was nearly written off. SK bought it anyway.
It made HBM. And it for years sat as this niche product few cared about until November 2022.
One of my favorite stories of the year: youtu.be/Cg5tAujp6Go
