NYSE Parent ICE Wants ‘Level Playing Field’ for 24/7 Onchain Perps
The Intercontinental Exchange, the parent company of the New York Stock Exchange (NYSE), has urged regulators to require regulated exchanges to offer 24/7 onchain perpetual futures trading, said ICE CEO Jeffrey Sprecher.
Speaking at the Bernstein Conference on Wednesday, Sprecher urged regulators to create a “level playing field” to launch 24/7 onchain perps contracts, arguing that regulators “will prevent us from doing it when that happens.”
According to the CEO, ICE has done a lot of exploring with HyperLiquid, a decentralized exchange, about the convergence between the crypto and traditional finance (TradFi) industries, where it wants to “learn” more about onchain purposes.
The comments are the latest evidence that following the success of HyperLiquid, more TradFi companies are looking for ways to enable 24/7 trading of stocks and commodities on the blockchain.
The comment comes a week after OKX said it would introduce perpetual futures based on ICE's Brent crude and West Texas Intermediate (WTI) crude benchmarks, which are among the world's most widely used oil price indicators, Cointelegraph reported on May 22.
The trading product is the first initiative announced in a broader partnership between ICE and OKX, after ICE invested $25 billion in the cryptocurrency exchange in March.
In early March, the NYSE partnered with tokenization platform Securities as part of a broader effort to develop a blockchain-based stock trading infrastructure with 24/7 trading and execution for Wall Street.
Cointelegraph has reached out to ICE for comment on whether the exchange operator is planning to launch an OnChain Perps trading platform through HyperLiquid.
Related: UK proposes near 24/7 settlement to prepare tokenization markets
HyperLiquid “is bigger than the Nasdaq,” says ICE's CEO.
Sprecher praised HyperLiquid's rapid growth as a trading platform, which has facilitated the creation of several new billionaires, the CEO added.
“If you haven't heard, it's bigger than the Nasdaq, okay? It's 11 people.”
HyperLiquid remains much smaller than the Nasdaq in terms of normal trading volume, but Sprecher's comments underscored the pressure on regulated exchanges to always have positions in crypto.
Hyperliquid ranks as the 7th largest decentralized exchange on CoinGecko with a market share of 3.7% and a daily trading volume of $195 million.
It has generated $15.6 million in weekly payouts over the past seven days, ranking it as the fourth largest payout protocol in the crypto industry, according to Defillama data.
Highly decentralized exchanges with trading volume and market share. Source: CoinGecko
HyperLiquid is expanding its functionality and has recently launched canonical prediction markets for events outside of China, Cointelegraph reported on Tuesday.
The growing functionalities of the platform are positioning Hyperliquid as the next “super-app” of the crypto industry, making the Hyperliquid (HYPE) token “one of today's most mispriced crypto assets” as investors are still evaluating it as a DEX, said Matt Hougan, chief investment officer at crypto asset manager Bitwise.
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