ICE CEO Jeffrey Sprecher stated that the company does not view Hyperliquid as merely a threat, but is engaging with the crypto exchange to study its 24/7 operation and perpetual contract product design. This indicates that traditional exchanges are beginning to take the on-chain derivatives market more seriously.
ICE says it is communicating with them.
Sprecher said at Bernstein’s annual strategy conference that ICE and Hyperliquid are learning about each other’s operations. ICE wants to understand how crypto platforms support 24-hour trading and perpetual contracts with no expiration date, while also introducing each other to the operating framework of regulated markets.
Hyperliquid has been rapidly expanding in the crypto derivatives market recently. Its core product is perpetual contracts, which allow traders to continuously build positions based on asset price fluctuations without having to settle on a fixed date like traditional futures.
Compliant market for similar products
Sprecher stated that ICE has raised questions with regulators: given that similar products are already actively traded on crypto platforms, why can't regulated U.S. exchanges offer similar products under clearly defined rules? ICE wants the compliant market to be in a more competitive environment with existing crypto venues.
This shift progressed rapidly. Last Friday, the U.S. Commodity Futures Trading Commission (CFTC) approved prediction market platform Kalshi's launch of Bitcoin perpetual futures, signifying that regulated platforms in the U.S. are beginning to accept such products. On the same day, Coinbase also announced that it could connect U.S. institutional clients with global crypto options and perpetual contract liquidity through its CFTC-regulated futures business.
SpaceX contract serves as a case study.
Sprecher also mentioned that SpaceX's perpetual contracts could serve as a short-term case study. The market and regulators will be watching to see if the prices of derivatives formed before the company's official IPO will influence the subsequent listing pricing.
According to Bloomberg data, perpetual contracts betting on SpaceX's potential IPO price have seen an average daily turnover of nearly $18 million over the past two weeks. This indicates that some price discovery is occurring outside the traditional IPO process.
Some market participants believe that these transactions reflect a growing shift in valuation and risk hedging strategies surrounding unlisted companies towards crypto infrastructure. Previously, these opportunities were largely held by venture capitalists and institutional investors; now, on-chain derivatives platforms are opening some trading access to a wider range of market participants.
Additional information:The CFTC stated that, apart from Bitcoin perpetual futures, other similar products still need to be reviewed item by item.
