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trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States. In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch. We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress. ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid. Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it. ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one. We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them. To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story. Anything. Anytime. On ICE[XYZ].

Hyperliquid's daily active users are up 51% since @tradexyz launched. Part II of our report looks at who the 173,794 new users are, how they arrived and what they have traded since.

Introducing Events by trade[XYZ]. With Events, we’re advancing our vision of Hyperliquid as the universal exchange—a single, composable system for trading financial assets and real-world outcomes. A user can deposit spot BTC, borrow USDC through portfolio margin, open a pre-ipo SpaceX perp position, hedge an upcoming SK Hynix earnings event with an events market, and pick the US Open winner—all from a single unified account on trade[XYZ]. Events will span sports, politics, economics, and financial markets, with an expanding range of categories and contract formats. Our initial Up/Down markets cover equities, commodities, and pre-IPOs, powered by the depth and liquidity of trade[XYZ] perpetuals on HIP-3. These perpetuals provide continuous price discovery and serve as the resolution source, so each contract is grounded in XYZ's liquid market prices rather than an external oracle.

We took a closer look at the data behind all 356,886 xyz traders since launch in October 2025. These markets are the primary funnel for mass adoption and user retention on Hyperliquid, across both retail and institutional cohorts. Full report below.

Our joint comment letter with @HyperliquidPC asks the @CFTC to open a regulated U.S. path for energy perpetuals and 24/7 trading. During this year’s oil shocks, our energy markets stayed open while benchmark markets were closed. They gave the world a live price as events unfolded. On many weekends, trade[XYZ] was the primary venue for price discovery. The events that shape our global economy rarely wait for markets to open. 24/7 markets are a natural evolution for a global economy in constant flux. The U.S. has an opportunity to lead by giving perpetuals a clear and credible regulatory home.

Capital markets thrive when price discovery is open and continuous. Hyperliquid was built for both. Our joint letter with @HyperliquidPC explains how pre-IPO perpetuals can complement the IPO process and support more informed capital formation.