Anchorage Digital offers trading and margin capabilities, along with options and structured products, through its separate subsidiary Anchorage Hold, LLC

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New Market Trading CEO Frank Hepworth stated that bitcoin lending yields of 1% to 4% fail to justify derivative, counterparty, and smart contract risks.

Frank Hepworth warned that covered-call strategies on bitcoin during bull markets risk having assets sold at option strike prices, forfeiting upside potential.

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Anchorage Digital submitted an application to the National Futures Association to register Anchorage Digital Swap Dealer, LLC, as a CFTC swap dealer

Commodity Futures Trading Commission swap dealer registration requires an entity to meet regulatory obligations covering capital, risk management, reporting, and compliance frameworks, alongside a $15,000 non-refundable application fee

Anchorage Digital said Commodity Futures Trading Commission swap dealer requirements follow the same regulatory framework that the Dodd-Frank Act applied to banks for interest rate, credit, and foreign exchange markets

Anchorage Digital Swap Dealer, LLC expects to offer European-style options on bitcoin and ether with maturities up to one year if its Commodity Futures Trading Commission swap dealer registration is approved

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Hyperliquid Strategies Inc. filed an application with the CFTC to register a subsidiary as a Futures Commission Merchant

The proposed ICE-Trade[XYZ] venue will offer retail investors 24/7 leveraged trading across equities, stock market indices, commodities, foreign exchange, and cryptocurrencies

The planned ICE-Trade[XYZ] perpetual futures market requires regulatory approval from the Commodity Futures Trading Commission (CFTC), including authorization for leveraged trading, with no launch date set

Intercontinental Exchange (ICE) announced an agreement on October 29, 2026 with Trade[XYZ] to launch a regulated U.S. perpetual futures market with ICE as exclusive operator

Hyperliquid Strategies Inc. stated that its Futures Commission Merchant application remains subject to Commodity Futures Trading Commission approval with no assured timeline or outcome

The Futures Commission Merchant registration would allow Hyperliquid Strategies Inc. to carry U.S. client accounts for permissioned perpetual futures deployed under the HIP-3 framework

HIP-3 markets generated approximately 26.7% of the $64.7 billion total trading volume on Hyperliquid over the 30 days preceding November 5, 2026

Payward, the parent company of Kraken, announced plans in late October 2026 to deploy HIP-3* perpetual futures markets through its Bitnomial subsidiary using NinjaTrader Clearing as the Futures Commission Merchant

The HIP-3* expansion enables independent operators to run permissioned markets using allowlists while using Hyperliquid's neutral onchain infrastructure

Distribution of the ICE-Trade[XYZ] perpetual futures products is expected through participating brokers, including ICE's joint venture with OKX, which remains subject to pending broker-dealer and futures commission merchant approvals

Intercontinental Exchange stated that its goal for the ICE-Trade[XYZ] retail venue is to address unmet retail demand for shorter-duration assets

David Schamis, CEO of Hyperliquid Strategies Inc., stated the application aligns with capturing ecosystem value through HYPE token ownership while expanding trading infrastructure access

Intercontinental Exchange agreed in October 2026 to partner with TradeXYZ to bring Hyperliquid-based perpetual futures markets to U.S. traders

Intercontinental Exchange partnered with Trade XYZ to offer regulated equity and real-world perpetual contracts to United States audiences using Hyperliquid