ICE met Hyperliquid to study 24/7 on-chain perpetuals

Intercontinental Exchange held multiple meetings with on-chain derivatives platform Hyperliquid to assess continuous 24/7 perpetual futures trading and whether ICE should enter that market, Jeffrey Sprecher, ICE chair and CEO, described at a Bernstein conference on Wednesday.

The meetings were part of ICE’s effort to map overlapping business areas and learn how continuous on-chain commodities derivatives trade outside standard hours. ICE has raised exploratory questions with regulators and lawmakers about the legal status of on-chain perpetuals and how existing rules would apply.

Sprecher asked whether regulators should create a new regulated category for perpetual futures or treat them as swaps under existing frameworks such as the U.S. Dodd-Frank Act, the EU’s EMIR rules and comparable regimes in Japan. He said ICE seeks consistent regulatory treatment for legacy exchanges and on-chain platforms.

ICE is working with crypto exchange OKX to list oil perpetual contracts that track ICE’s Brent and WTI benchmarks. The company took an ownership stake in OKX at about a $25 billion valuation and holds a board seat. ICE also backed prediction markets platform Polymarket with a $600 million investment announced in March.

“Can we do that? Why are you prohibiting us from doing this when it’s already happening? Can’t we have a level playing field?” Sprecher asked at the conference. He added, “How do we square that circle? We’d like to do more of it if you think it’s lawful.”

Interest in 24/7 on-chain markets has grown as traders seek oil and other exposures outside traditional market hours. Advocates connected to Hyperliquid say continuous trading reduces gaps between legacy trading sessions and can improve price discovery. Hyperliquid and related platforms have rolled out perpetual futures tied to assets that trade outside standard markets, including pre-IPO contracts tracking private company valuations.

Sprecher noted the expected SpaceX initial public offering around June 11 as a potential test of whether private-market perpetuals produce prices that affect public listings. He also questioned why regulators would not apply the same enforcement to platforms already operating those markets if the activity is judged unlawful.

Regulators face open questions about oversight, settlement, custody and market integrity for blockchain-based perpetuals. ICE is pressing for regulatory clarity so established exchanges and emerging on-chain venues operate under consistent rules.