ICE — the corporation that owns the New York Stock Exchange (NYSE) — is believed to have had numerous direct discussions with the Hyperliquid team to assess the potential of the on-chain perpetual futures market, amidst the explosive growth of the decentralized crypto Derivative trading sector globally.
This information was revealed by ICE CEO and Chairman Jeffrey Sprecher during a discussion at the Bernstein conference on May 28th. According to Sprecher, ICE does not XEM Hyperliquid as a threat to be eliminated, but rather is actively exploring how on-chain platforms operate to XEM if this model can become part of the corporation's long-term strategy.
The ICE leader's statement comes just weeks after Bloomberg reported that ICE and CME Group had held discussions with Washington officials about the risks associated with Hyperliquid, particularly the impact of perpetual futures markets on global oil prices. However, Sprecher said these discussions were not intended to "attack" Hyperliquid, but rather to clarify whether traditional financial institutions like ICE should be allowed to become more deeply involved in the on-chain perpetual futures market.
According to the CEO of ICE, what the corporation wants from regulators is a "level playing field" between traditional finance and decentralized crypto platforms. Sprecher questioned why, if on-chain perpetual futures trading already exists and attracts massive volume globally, traditional exchanges are restricted while crypto platforms continue to expand.
He emphasized that ICE is trying to understand the legal framework surrounding this model before taking further steps. Sprecher even hinted that many traditional financial companies are struggling to deploy similar products due to regulatory pressure from US authorities, while offshore crypto platforms have significantly more room to operate.
Notably, ICE has not shown any aversion to the DeFi sector or decentralized perpetual futures. On the contrary, Sprecher stated that the ICE team has met directly with Hyperliquid on numerous occasions to exchange expertise. According to him, both sides are "learning from each other," with Hyperliquid studying how traditional exchanges manage commodity Derivative markets, and ICE researching how blockchain technology and on-chain trading operate in a 24/7 global environment.
Hyperliquid is currently the largest perpetual DEX in the crypto market by volume, distinguished by its high processing speed, low fees, and ability to provide an experience closely resembling traditional CEXs while maintaining a decentralized model. In recent months, the platform has seen a significant increase in users, particularly from non-crypto traders who want to trade oil and commodity price fluctuations outside of traditional market hours.
JPMorgan analysts previously noted that Hyperliquid is becoming a new destination for investors seeking to track oil price volatility during weekends or outside of official US market trading hours. This trend has further intensified amid escalating geopolitical tensions in the Middle East since late 2025, causing oil prices to frequently fluctuate sharply on weekends — a time when traditional exchanges are largely closed.
Jeffrey Sprecher also acknowledged this as the reason Hyperliquid has received so much attention recently. According to him, many important political and military decisions in the Middle East often take place on weekends, causing global investors to seek markets that operate 24/7 to react immediately to the news.
