Who Profits When Hyperliquid Hits the US?

Intercontinental Exchange (ICE), the company that owns the New York Stock Exchange, agreed on Thursday to run a regulated US market for perpetual futures, contracts that never expire, built on the crypto derivatives exchange Hyperliquid. Stan Druckenmiller said he is an investor in ICE’s partner, a startup called Trade[XYZ]. HYPE, Hyperliquid’s native token, has risen about 13% since the announcement, to near $90 on Friday afternoon. None of the announcements reveal how much revenue Hyperliquid will earn from U.S. trading. Much of HYPE’s value relies on a financial loop: Hyperliquid spends nearly all the trading fees it collects buying HYPE on the open market, so more trading has meant more buying.

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