HYPE token price surges as NYSE parent ICE explores Hyperliquid partnership

• HYPE up 38% in two weeks as ICE confirms talks with Hyperliquid.
• Hyperliquid’s daily trading volume has surpassed $1 billion.
• ICE’s CEO, Jeff Sprecher, said Hyperliquid is “bigger than Nasdaq.”

The price of Hyperliquid (HYPE) has continued its strong rally after fresh comments from Jeff Sprecher confirmed that Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), is in discussions with the Hyperliquid decentralised trading platform.

HYPE climbed to $62.62 on Friday, marking a 9.2% gain over the past 24 hours.

The token briefly traded as high as $63.25 during the session and remains close to its all-time high of $64.44 reached earlier this week on May 26.

Notably, the latest move extends a broader rally that has pushed HYPE up 38.3% over the past 14 days and 55.1% over the last month.

Over the past year, the token has surged more than 80%, making it one of the strongest-performing large-cap crypto assets in the derivatives sector.

ICE CEO acknowledges Hyperliquid’s rapid growth

The rally accelerated after Sprecher addressed Hyperliquid during the 42nd Annual Bernstein Strategic Decisions Conference held on May 27.

The ICE Founder, Chairman and CEO acknowledged the platform’s rapid growth and said the company is actively studying the market.

“This Hyperliquid we’re referencing—for those who haven’t heard of it yet, it’s already bigger than Nasdaq,” Sprecher said during the conference. “We’re not intimidated by it at all. In fact, we’re in talks with them now and working to get a clearer understanding of this space.”

The remarks marked one of the clearest signs yet that major traditional exchange operators are paying close attention to decentralised derivatives platforms.

ICE and CME increase focus on decentralised derivatives

Hyperliquid has become one of the fastest-growing crypto trading platforms over the past year, largely due to strong activity in perpetual futures markets.

The platform has attracted traders looking for on-chain leverage trading without relying on centralised exchanges.

Recent figures from DefiLlama show the protocol now holds approximately $5.524 billion in total value locked, while daily trading volume has crossed $1 billion.

Its native token’s fully diluted valuation has also climbed to nearly $60 billion as investor interest in decentralised trading infrastructure continues to grow.

At the same time, ICE and CME Group have reportedly increased discussions with regulators regarding oversight of decentralised derivatives platforms, including Hyperliquid.

The concerns centre on commodity-linked perpetual contracts, anonymous trading activity, and the possibility that offshore decentralised markets could influence traditional benchmark pricing systems.

One area receiving attention is Hyperliquid’s oil-linked perpetual products.

Traditional exchange operators are reportedly concerned that growing liquidity in decentralised commodity contracts could eventually affect price discovery mechanisms that have historically remained under-regulated futures exchanges.

Despite those concerns, ICE’s latest comments suggest the company is not treating Hyperliquid purely as a competitor.

Instead, the ICE operator appears to be evaluating how decentralised trading infrastructure could fit into broader financial markets as tokenised assets and blockchain-based settlement systems continue to expand.

Earlier this week, CME Group also announced plans to launch futures products tied to GPU compute pricing in partnership with Silicon Data.

CME CEO Terry Duffy described compute power as “the new oil of the 21st century,” highlighting how traditional exchanges are increasingly looking beyond conventional commodities.

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