ICE Takes a Stake in trade.xyz and Will Run Its Regulated US Perp Markets — Pending the CFTC; Druckenmiller Confirms He’s In

Intercontinental Exchange announced a minority strategic investment in trade.xyz, the builder running most of Hyperliquid’s real-world-asset perpetuals, and will be the exclusive operator of trade.xyz’s regulated US markets — run separately from ICE’s futures business, accessed through futures commission merchants after identity checks, and subject to CFTC approval, with no timeline given. Stanley Druckenmiller confirmed on X he is a trade.xyz investor and expects to use the product.