HYPE Rose 15% After ICE Plan to Bring Hyperliquid Perpetuals to U.S.

The proposal would make Hyperliquid perpetual contracts available to U.S. traders, extending access in a market where institutions make up more than 99% of ICE’s participants. HYPE rose 15% following the plan. ICE says the retail perpetuals would have a separate clearing structure intended to keep its hedgers clear of retail counterparty risk. ICE’s institutional share is the backdrop to the proposed change: its market participation is overwhelmingly institutional, while the planned Hyperliquid contracts would be aimed at retail traders in the United States.