17% Surge in HYPE as ICE and Druckenmiller Back tradeXYZ’s US Expansion

• 24/7 trading in Hyperliquid perpetual futures is planned for a dedicated US venue. ICE and trade[XYZ] intend to launch the platform, subject to CFTC approval.
• Following the partnership, billionaire investor Stan Druckenmiller disclosed on X that he has invested in trade[XYZ].
• A 17% rally puts a fresh all-time high in HYPE’s sights.

Hyperliquid (HYPE) is up 17% on Thursday. The gain follows Intercontinental Exchange (ICE)’s announcement of a partnership with trade[XYZ] to introduce Hyperliquid-based perpetual futures markets in the US. The agreement broadens efforts to bring on-chain derivatives trading into a regulated framework. Billionaire investor Stan Druckenmiller will also become an investor in trade[XYZ].

24/7 Hyperliquid perpetuals planned for US under ICE deal

Subject to approval from the Commodity Futures Trading Commission (CFTC), ICE has signed a definitive agreement to offer trade[XYZ]’s perpetual markets to US customers, according to its announcement on Thursday.

The deal gives ICE exclusive responsibility for operating trade[XYZ]’s regulated markets and includes a strategic investment in the company. Retail traders would gain 24/7 access to perpetual contracts covering crypto, equities, stock indices, commodities and foreign exchange through the proposed venue.

Separate operations would be maintained for the new business and ICE’s existing institutional futures and clearing activities, the company said. This structure aims to grow retail trading without exposing institutional clients to the new venue’s trading or counterparty risks.

Existing brokers and trading platforms would distribute the products under the companies’ plans. These include ICE’s joint venture with crypto exchange OKX, although access via that partnership requires separate regulatory approvals.

ICE Chairman and CEO Jeffrey C. Sprecher said: “We intend to find retail traders where they want to be, through the partners, brokers, and platforms they already use. We see these perp markets as additive to our futures markets, not a replacement for them.”

Before the announcement, billionaire investor Stan Druckenmiller had disclosed his investment in trade[XYZ] in an X post.

By reposting Druckenmiller’s announcement, SpaceX and Tesla CEO Elon Musk also expressed interest in the development.

An earlier announcement by Payward, the parent company of crypto exchange Kraken, preceded the ICE agreement.

Using Hyperliquid’s HIP-3 infrastructure, Payward outlined plans to offer US customers perpetual futures markets. Regulatory approval is required for the proposed deployment.

Market creation and administration, along with clearing and settlement, would sit with Bitnomial, Payward’s regulated exchange and clearing organisation. Customer accounts would be carried by NinjaTrader Clearing.

HIP-3*, a proposed extension allowing market deployers to limit access through on-chain allowlists, is expected to underpin the initiative. According to Hyperliquid, the feature is optional, so existing HIP-3 markets would operate without changes.

Hyperliquid’s cumulative buybacks and burns, meanwhile, total roughly 49.87 million HYPE. This represents roughly 5% of the maximum supply of 1 billion tokens, with a value of about $3.89 billion at current prices.

Another 19,700 HYPE, worth approximately $1.59 million, was reportedly burned by the protocol in the past 24 hours. For that period, estimated protocol fees totalled $1.69 million. Cumulative protocol revenue was approximately $1.38 billion.

$97.9 in focus: Hyperliquid technical outlook points to potential HYPE record

A gain of more than 17% on Thursday has brought HYPE close to resistance at its $97.9 all-time high. If that barrier breaks, the token could advance to $100.9. That target projects the height of the descending triangle upwards from the breakout point.

Before this latest advance, HYPE broke above horizontal resistance at $85 and the 20-day and 50-day Exponential Moving Averages (EMAs) near $82. Should the token fall short of a fresh record, these levels would now provide support.

At 69 and 88 respectively, the Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) sit in overbought territory. These readings suggest the rally is increasingly stretched and could lose momentum.