Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), is intensifying its push for regulatory reform to allow regulated exchanges to offer 24/7 onchain perpetual futures trading, according to ICE CEO Jeffrey Sprecher. Speaking at a Bernstein conference on Wednesday, Sprecher urged regulators to create a 'level playing field' for launching such products, arguing that they are 'prohibiting us from doing this when it's already happening.'
The CEO’s comments reflect a growing frustration among traditional finance (TradFi) leaders who see cryptocurrency exchanges, particularly decentralized platforms like Hyperliquid, capturing market share in derivatives trading. Sprecher revealed that ICE has held multiple exploratory discussions with Hyperliquid to understand the synergies between crypto and TradFi. 'You have to go learn about it,' he said, referring to Hyperliquid's success. 'It's bigger than Nasdaq, okay? It's 11 people.'
Hyperliquid, a decentralized exchange (DEX) built on its own layer-1 blockchain, has become a dominant player in the crypto derivatives space. According to data from CoinGecko, Hyperliquid ranks as the seventh-largest DEX by trading volume, with a 3.7% market share and $195 million in daily trading volume. It also generates substantial fees – $15.6 million per week in the past seven days, placing it fourth among all crypto protocols by fee generation, according to DefiLlama. The platform recently expanded beyond perpetual futures into prediction markets, further positioning itself as what Bitwise CIO Matt Hougan calls 'one of the most mispriced assets in crypto today.'
Sprecher’s remarks come at a time when the line between traditional and decentralized finance is blurring. On May 22, Cointelegraph reported that OKX would introduce perpetual futures based on ICE’s Brent crude and West Texas Intermediate (WTI) crude benchmarks – two of the world’s most used oil price indicators. This is the first initiative under a broader partnership between ICE and OKX, after ICE invested in the cryptocurrency exchange at a $25 billion valuation in March. Earlier in March, the NYSE also partnered with tokenization platform Securitize to develop blockchain-based stock trading infrastructure enabling 24/7 trading and settlement for Wall Street.
The push for 24/7 trading is not limited to the US. The UK has also proposed near-24/7 settlement to prepare markets for tokenization, as reported in related news. ICE’s advocacy for a level playing field underscores a pivotal moment: regulators worldwide are grappling with how to integrate onchain trading into existing frameworks without stifling innovation or exposing investors to undue risk.
Hyperliquid’s rapid rise has caught the attention of traditional exchange operators. Sprecher noted that Hyperliquid has facilitated the creation of multiple new billionaires, highlighting the immense wealth generation possible in crypto derivatives. However, its scale is still dwarfed by Nasdaq and NYSE in conventional volume terms. Yet the pressure is undeniable. Hyperliquid’s market share may be small, but its growth trajectory and efficiency (operating with just 11 people) pose a challenge to legacy exchanges burdened by regulatory overhead and legacy systems.
ICE’s strategy appears to be twofold: partner with crypto-native platforms like OKX and Hyperliquid to learn from their technology, while simultaneously lobbying regulators to allow regulated exchanges to offer similar products. This could involve launching onchain perps directly via Hyperliquid or other DEXs, or developing proprietary blockchain-based trading platforms. Cointelegraph has approached ICE for comment on whether it plans to launch a trading platform via Hyperliquid, but no response has been received at press time.
The crypto industry has long argued that 24/7 trading and instant settlement are key advantages over traditional markets, which are limited by business hours and T+2 settlement cycles. Perpetual futures, in particular, have become a cornerstone of crypto trading, offering leveraged exposure without an expiry date. Traditional finance is now exploring how to replicate these features for stocks, commodities, and other assets using blockchain rails. If regulators grant ICE and others the ability to offer 24/7 onchain perps, it could fundamentally reshape global derivatives markets.
Hyperliquid’s expansion into prediction markets further demonstrates its ambition to become a 'super-app' for all onchain financial activities. The platform recently launched canonical prediction markets for offchain events, allowing users to trade on real-world outcomes like elections or economic data. This move extends Hyperliquid’s reach beyond crypto-native trading into a broader set of financial contracts, potentially attracting a wider audience of traders and speculators.
The potential impact on the Hyperliquid (HYPE) token cannot be overstated. Hougan’s assessment that HYPE is 'one of the most mispriced assets in crypto' reflects the belief that the market still views Hyperliquid as merely a perp DEX, overlooking its growing ecosystem and fee generation capacity. As ICE and other TradFi players engage with Hyperliquid, the token's valuation may evolve to better reflect its platform’s utility and revenue potential.
Beyond ICE, other traditional exchange operators are watching closely. The rise of 24/7 onchain trading poses an existential question: can legacy exchanges adapt quickly enough, or will they be disrupted by nimble, decentralized alternatives? ICE’s proactive approach – partnering with crypto exchanges and lobbying for regulatory parity – suggests a path forward that combines the trust and liquidity of TradFi with the innovation of DeFi.
Meanwhile, regulators face a delicate balancing act. On one hand, they want to protect investors and maintain market integrity. On the other, they risk losing business to offshore or unregulated platforms if they clamp down too hard on onchain trading. The 'level playing field' that Sprecher advocates implies that regulators should either allow regulated exchanges to offer the same products as unregulated DEXs or enforce stricter rules on DEXs to prevent regulatory arbitrage.
In practice, this could mean the creation of new regulatory frameworks for onchain perpetual futures, similar to how the CFTC oversees derivatives in the US. Such frameworks would likely require DEXs to implement know-your-customer (KYC) and anti-money laundering (AML) procedures, which many decentralized platforms currently lack. Hyperliquid, for example, remains accessible without identity verification, a feature that appeals to some users but alarms regulators.
ICE’s comments also highlight the growing role of tokenization in mainstream finance. The NYSE-Securitize partnership is exploring how to tokenize stocks for 24/7 trading, while ICE’s investment in OKX signals a bet on crypto exchange infrastructure. If these initiatives succeed, they could pave the way for a hybrid market where stocks, commodities, and crypto trade on the same blockchain rails around the clock.
The broader context includes the UK’s proposal for near-24/7 settlement, which aims to modernize the country's post-trade infrastructure. Tokenization is expected to reduce settlement times and costs, but it requires significant coordination among market participants. ICE’s push for onchain perps fits into this trend, as perpetual futures are essentially derivative contracts that settle continuously – a natural fit for blockchain-based systems.
As of May 2026, the crypto market continues to evolve rapidly. The total market capitalization of all cryptocurrencies stands at approximately $2.5 trillion, with Bitcoin (BTC) at $73,645 and Ethereum (ETH) at $2,013. Perpetual futures remain a popular instrument for traders seeking leverage, with daily trading volumes often exceeding $100 billion across centralized and decentralized exchanges. Hyperliquid’s share of that volume is growing, and if ICE can replicate its success under a regulated umbrella, the impact on global derivatives markets could be transformative.
In summary, ICE’s call for a 'level playing field' is not just a lobbying effort – it is a strategic move to harness the innovation of onchain trading while maintaining regulatory oversight. Whether regulators will respond favorably remains to be seen, but the momentum toward 24/7 onchain perps appears unstoppable. The coming months will likely see more partnerships between TradFi giants and crypto platforms, as well as regulatory proposals aimed at accommodating the new paradigm.
Source: Cointelegraph News