trade[XYZ] is the team behind HIP-3 perpetual markets on Hyperliquid for stocks, indices and commodities, trading 24/7 with USDC settlement through trade.xyz.

trade[XYZ] is the team behind HIP-3 perpetual markets on Hyperliquid for stocks, indices and commodities, trading 24/7 with USDC settlement through trade.xyz.

It says its markets passed $650 billion in volume in just over a year and are used for continuous price discovery when traditional markets are closed, in its Oct. 29 announcement.

The reported deal is that ICE, owner of the New York Stock Exchange, is making a strategic investment in trade[XYZ], with the amount undisclosed, and will jointly build a new dedicated U.S. perpetuals market on Hyperliquid, as trade[XYZ] posted and Bloomberg reported.

That U.S. market would have its own exchange and clearing infrastructure, offer equities, indices, commodities, FX and crypto perps through participating brokers and platforms, and needs CFTC approval with no launch date or eligibility details yet.

trade[XYZ] says ICE brings regulated markets and clearing experience while it brings the Hyperliquid product and market design, plus Stan Druckenmiller joins as the first named co-investor.

It says existing HIP-3 markets keep running and expanding in parallel; U.S. users remain excluded from them for now.