Jeffrey Sprecher, CEO of Intercontinental Exchange (ICE), said Hyperliquid, a decentralized perpetual futures exchange, is "bigger than NASDAQ" during a fireside chat at a Bernstein conference on May 27. Sprecher called the team of 11 people "very, very smart."
Hyperliquid's HYPE token has a market cap of roughly $15.1 billion, compared to Nasdaq Inc.'s $50 billion. But in daily perpetual futures volume, Hyperliquid clears billions in notional turnover and holds over 70% of the decentralized perp-DEX market.
Sprecher noted that ICE took notice because Hyperliquid has been trading oil derivatives on weekends when ICE's energy markets are closed-activity that surged amid Middle East tensions. JPMorgan analysts have flagged the same pattern.
Under U.S. law, Hyperliquid's perpetual futures are swaps governed by the Dodd-Frank Act, but the venue operates outside those rules as an unregulated foreign-incorporated platform. Sprecher questioned the disparity, asking, "Why are you prohibiting us from doing this when it's already happening?" He expects clearer regulation in the coming months, either creating a new category for regulated perpetual futures or pulling offshore venues into U.S. and EU frameworks.