News linked to both this project and an event.
Don Wilson posted on X stating that after the New York Stock Exchange's parent company pushed to bring Hyperliquid into the U.S. market, he raised questions about the advantages of on-chain perpetual contracts, the transparency of positions and trades, whether the priority fee mechanism complies with CFTC core principles, and whether offshore and onshore order book liquidity can be merged. He noted that on-chain trading can reduce friction in an environment that requires no trust and identity verification, or receive purchased assets in real time through atomic transactions, but perpetual contracts themselves are not assets, so the latter advantage does not apply; he also asked whether Stan Druckenmiller regards real-time trackability of positions and trades as an advantage. Previously, ICE and trade[XYZ] announced plans to use Hyperliquid as infrastructure to deploy, after obtaining regulatory approval, a perpetual contract market covering crypto assets, equities, commodities, foreign exchange and other physical assets for U.S. traders, with ICE operating the regulated market and clearing architecture.
jeff.hl posted on X stating that ICE, trade[XYZ], and Hyperliquid are jointly opening a new chapter. According to the announcement he cited, Hyperliquid provides the underlying technical infrastructure through HIP-3, trade[XYZ] is responsible for designing and implementing the markets, and ICE operates the regulated market and clearing structure; the existing trade[XYZ] HIP-3 markets remain unchanged, and trading still requires regulatory approval. jeff.hl also said that about a year ago he spoke with ICE CEO Jeff Sprecher and joked that if he saw ICE building on Hyperliquid technology, it would mean success.
Hyperliquid co-founder iliensinc responded to the abnormal SK Hynix pricing incident on Trade.xyz this morning, stating that Hyperliquid is a permissionless blockchain, and different teams can deploy and operate markets based on its infrastructure. Among them, the xyz:SKHYNIX perpetual contract was deployed and is operated by the XYZ team. The XYZ team is currently investigating the situation and will release updates once a conclusion is reached.Iliensinc also explained that the HIP-3 market deployer is responsible for providing data such as the mark price, oracle, and external perpetual contract price. Taking the pricing mechanism of a BTC perpetual contract as an example, the protocol provides the median of the latest on-chain transaction price, the best bid price, and the best ask price as one of three price components. The other two prices are provided by the deployer, and together these three influence the final mark price.
According to the memorandum, on July 14, 2026, staff from the SEC Crypto Task Force held a meeting with representatives from the Hyperliquid Policy Center, Highland Labs Pte. Ltd. (Hyperliquid Labs), XYZ Ltd., and Sullivan & Cromwell LLP to conduct an in-depth discussion on topics such as regulatory approaches for crypto assets and the technical architecture and market ecosystem of the Hyperliquid Protocol.