Hyperliquid's HYPE Breaks $90 After Short-Term Gain Tops 13%

Hyperliquid’s HYPE token rose more than 13% in a short-term move and broke above $90 on Thursday, Oct. 29, as plans emerged for perpetual contract products to enter a U.S. regulated market.

Intercontinental Exchange, the parent company of the New York Stock Exchange, plans to work with Trade.xyz to bring the products into a regulated U.S. market. The plan would put a U.S. exchange group in a proposed partnership with a team from Hyperliquid’s ecosystem.

Trade.xyz is a deployment team in Hyperliquid’s HIP-3 ecosystem, which offers perpetual products tied to pre-IPO assets. Hyperliquid also operates a decentralized perpetual exchange. HYPE is the token associated with Hyperliquid, a network focused on derivatives trading.

The two developments are connected through Hyperliquid’s ecosystem but remain distinct: HYPE moved above $90, while ICE and Trade.xyz have outlined a plan for a U.S. market offering. The proposed effort concerns bringing perpetual contract products to that market; it is a plan, not a completed launch.