HYPE jumps 17% as tradeXYZ secures investment from ICE and Druckenmiller for US expansion

• Subject to CFTC approval, 24/7 trading in Hyperliquid perpetual futures would be offered through a dedicated US venue planned by ICE and trade[XYZ].
• Following the partnership, billionaire investor Stan Druckenmiller disclosed on X that he had invested in trade[XYZ].
• A 17% rally puts HYPE within reach of a fresh all-time high.

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

ICE moves to introduce Hyperliquid perpetual futures in the US

US customers would gain access to trade[XYZ]’s perpetual markets under a definitive agreement reached with ICE, according to an announcement issued on Thursday. The agreement remains subject to approval from the Commodity Futures Trading Commission (CFTC).

Alongside a strategic investment in trade[XYZ], ICE will become the exclusive operator of the company’s regulated markets under the agreement. Retail traders would gain 24/7 access through the proposed venue to perpetual contracts covering crypto, equities, stock indices, commodities and foreign exchange.

Separate operations are planned for the new business and ICE’s existing institutional futures and clearing activities, the company said. This structure is designed to grow its retail trading business while shielding institutional customers from the new venue’s trading and 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 will require separate regulatory approvals.

Jeffrey C. Sprecher, Chairman and CEO of ICE, 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 in an X post that he had invested in trade[XYZ].

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.

Payward set out plans to introduce perpetual futures markets for US customers using Hyperliquid’s HIP-3 infrastructure. Regulatory approval would be required for the proposed deployment.

Responsibility for creating and administering the markets, as well as clearing and settlement, would fall to 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. Because the feature is optional, according to Hyperliquid, existing HIP-3 markets would remain unchanged.

Cumulative buybacks and burns by Hyperliquid now total roughly 49.87 million HYPE. At current prices, these tokens are worth about $3.89 billion and account for roughly 5% of the maximum supply of 1 billion tokens.

Over the past 24 hours, a further 19,700 HYPE, worth approximately $1.59 million, was reportedly burned by the protocol. For the same period, estimated protocol fees totalled $1.69 million, with cumulative protocol revenue at approximately $1.38 billion.

Hyperliquid technical outlook: HYPE approaches $97.9 as a fresh all-time high comes into view

Thursday’s gain of more than 17% has brought HYPE close to resistance at its all-time high of $97.9. If the token breaks above that barrier, it could advance to $100.9. That target is calculated by projecting the height of the descending triangle upwards from the breakout point.

Before this latest advance, the token had broken above horizontal resistance at $85 and the 20-day and 50-day Exponential Moving Averages (EMAs) near $82. Should HYPE fall short of a new record high, those levels will now act as support.

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