What did ICE CEO Jeffrey Sprecher say about Hyperliquid?

Jeffrey Sprecher said Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is actively learning from Hyperliquid's crypto derivatives model. He also said Hyperliquid is learning from traditional market infrastructure and regulatory practices.

Why is Hyperliquid attracting attention from Wall Street?

Hyperliquid has become one of the largest crypto perpetual futures trading platforms, operating around the clock with strong liquidity and high trading volumes. Its growth has demonstrated significant demand for crypto-native derivatives products that traditional exchanges currently cannot fully replicate.

What are crypto perpetual futures?

Perpetual futures, often called perps, are derivative contracts that allow traders to speculate on asset prices without an expiration date. They are widely used in crypto markets because they offer leverage and continuous trading.

Why does ICE want permission to offer perpetual futures?

Sprecher argues that crypto platforms already offer perpetual futures and that regulated exchanges should be allowed to compete under similar rules. ICE has reportedly asked regulators why traditional exchanges face restrictions while crypto venues operate these products.

How does Hyperliquid differ from traditional exchanges like the NYSE?

Hyperliquid operates on blockchain infrastructure and offers 24/7 trading, while traditional exchanges generally operate during fixed market hours. Hyperliquid also focuses heavily on perpetual futures and crypto-native products rather than stocks and conventional securities.

What does the recent CFTC approval of Coinbase and Kalshi mean?

The Commodity Futures Trading Commission recently allowed Coinbase to provide access to offshore crypto perpetual futures through Deribit and approved Bitcoin perpetual futures for Kalshi. These moves suggest regulators are becoming more open to regulated crypto derivatives products.

Why is SpaceX being discussed in relation to perpetual futures?

Sprecher highlighted SpaceX as a potential test case for whether crypto-based perpetual futures can create meaningful price discovery before a company goes public. Traders are already using SpaceX-linked contracts to speculate on the company's future valuation ahead of any IPO.

What is price discovery and why does it matter?

Price discovery is the process by which markets determine an asset's value through buying and selling activity. If crypto-based markets begin influencing valuations before IPOs, they could change how investors assess private companies.

Image for illustrative purposes only. Not a real photo.

ICE studies Hyperliquid as crypto perps grow

Written by Isaac FrancisPublished May. 30 2026

Intercontinental Exchange chief executive Jeffrey Sprecher said the operator of the New York Stock Exchange is working with and learning from Hyperliquid as crypto perpetual futures continue to gain traction among traders.

Speaking at Bernstein’s Strategic Decisions Conference, Sprecher said ICE is studying how crypto-native platforms operate while also helping firms such as Hyperliquid better understand traditional financial markets.

“We’re not freaked out about it,”

Said Intercontinental Exchange chief executive Jeffrey Sprecher.

“We’re actually talking to these people and learning about it.”

Sprecher added.

Sprecher questioned why regulated US exchanges are restricted from offering perpetual futures products similar to those already available on crypto platforms and said ICE has raised the issue with regulators in pursuit of a more level competitive environment.

The comments come as regulators appear increasingly willing to accommodate crypto derivatives, with the Commodity Futures Trading Commission recently allowing Kalshi to launch Bitcoin perpetual futures and approving Coinbase’s access to offshore crypto perpetual futures liquidity through Deribit.

Sprecher also pointed to growing interest in pre-IPO perpetual futures linked to companies such as SpaceX, suggesting these markets could become an important test of whether crypto-based price discovery influences future public listings.

Industry participants said the discussions reflect a broader shift as traditional financial institutions increasingly engage with on-chain derivatives markets, while regulators continue evaluating how such products can operate within established financial frameworks.

At the time of reporting, Hyperliquid price was $64.94.