Overview
- ICE CEO Jeffrey Sprecher said at the Bernstein conference on May 27 that Hyperliquid is “bigger than Nasdaq” and is run by a team of about 11 people.
- Sprecher said ICE has held multiple talks with Hyperliquid and is asking regulators whether traditional exchanges may offer the same onchain perpetual products under existing rules.
- Market estimates reported in late May put Hyperliquid’s annualized protocol revenue near $650 million and show roughly $9.5 billion in open interest, with the HYPE token’s market value rising sharply.
- As a commercial response, ICE plans to narrow weekend gaps in oil trading by extending hours and is pursuing partnerships and investments with crypto firms including OKX and Polymarket.
- Observers say the June 11 SpaceX-linked derivative listed on Hyperliquid will be an early test of whether 24/7 onchain pricing affects traditional market listings and benchmark discovery.