Intercontinental Exchange has agreed with Trade XYZ, a deployer of perpetual futures on the Hyperliquid blockchain, to bring perpetual futures onshore in the United States through a new market and clearing setup. Under the planned structure, ICE would serve as the exclusive operator, while KYC-verified customers would access the venue through futures commission merchants.
The proposed contracts would cover crypto, equities, indices, commodities and foreign exchange. ICE is also taking a minority stake in Trade XYZ, extending a broader pattern in which the exchange operator has paired infrastructure and regulatory rails with minority investments in newer market models.
A dedicated US structure for perpetuals
The agreement centers on creating a dedicated market and clearing framework for perpetual futures in the US. Perpetuals are already widely used offshore, but the ICE-Trade XYZ plan is aimed at establishing an onshore version that would operate within a regulated access model.
According to the announced structure, customers would not connect directly as anonymous users. Access would be limited to KYC-verified participants using futures commission merchants, with ICE positioned as the sole operator of the venue.
Part of a wider ICE strategy
The Trade XYZ deal is one of several moves ICE has made this year into emerging market structures. The company invested in OKX at a reported $25 billion valuation and formed a joint venture with the exchange that notified the US Securities and Exchange Commission in October of its intention to launch a tokenized securities venue using the innovation exemption.
ICE also licensed its Brent crude and WTI benchmark prices to OKX for offshore oil perpetuals. Earlier in the year, in March, it completed a $1.6 billion investment in prediction market Polymarket. Across these initiatives, the recurring model has been similar: ICE takes a minority position while supplying regulated market infrastructure.
CME’s lawsuit creates a major point of tension
The US launch effort comes as CME Group is arguing in court that perpetual futures should not be treated as futures at all. In June, CME sued the Commodity Futures Trading Commission, contending that perpetual futures are swaps under the Dodd-Frank Act. The case challenges the CFTC’s approval of bitcoin perpetuals for Kalshi.
That legal dispute matters directly for ICE’s planned Trade XYZ structure, because the arrangement depends on the CFTC’s current position remaining intact. If the court rejects that view, the basis for how these contracts are handled in the US could change significantly.
Why the classification matters
Whether perpetuals are classified as futures or swaps affects margin, clearing and tax treatment. Swap treatment would mean five-day margin periods rather than one day, along with different clearing requirements.
Speaking this week at the Ripple Swell conference, outgoing CME Chief Executive Terry Duffy said he would accept a court ruling that perpetuals are futures if that is the outcome, but added that he does not see how the court could reach that conclusion. Duffy also argued that futures receive Section 1256 tax treatment, with 60% taxed as long-term and 40% as short-term capital gains, while swaps are taxed as ordinary income.
If CME’s interpretation proves correct, the consequences could extend beyond market structure. The source article notes that retail traders who file perpetuals under the wrong classification could face reclassification tax bills. For now, the next confirmed step is the continuation of the CME-CFTC court fight, which is likely to shape whether ICE’s proposed US perpetual futures model can proceed on the basis currently envisioned.
Source: www.ledgerinsights.com